I was getting impatient. My other stocks had been moving up with the market and PRTA was just sitting there. I was beginning to feel unconfortable holding it.
These kinds of experiences I like to take objectively. For instance, did u have a clear and concise trading plan? If so and if you followed, whatever happened afterwards is inconsequential. However, if the waiting time or erratic action got to your emotions and you decided to change the plan as the trade was developing then you have every reason to be sorry.
Then you got lucky you weren't caught being long something that could have become a penny stock overnight. Trade charts but smid cap Biotechs are really just roulette if you don't understand the underlying drug facts.
When I first started trading, a drug company dropped precipitously on some sort of news. I looked at the chart and saw a level that I believed it was very likely to rebound to, but I figured it would take quite a while to happen so I put on a significant option position 6 months out. My plan was to wait for that level to be hit and take a $120K profit on the trade. The position became immediately profitable and then price consolidated. After a week or two I closed out for $8K profit. There was no reason to close the position because it was April and the options expired in October. I just couldn't stand the stagnant price action. Less than top months later, the stock opened one morning 25% higher on a buyout offer. Then it opened the next day another 20% higher and that was the final offer, right about the price I had expected it to be at by October. I still have the email I'd sent my spouse the morning I put on the trade saying what a fantastic opportunity this was and how I expected to reap at least $120K on the trade. I did a fantastic job of planning that trade. So much for trading my plan.
You were not the only one to bail out too early. Volume doubled the day before the big spike from the previous day - lots of people sensed something was up. March 18 Volume: 202,881 March 19 Volume: 573,101 March 20 Volume: 6,630,243
Thanks for all the replies. I am feeling a whole lot better about it now. That I selected it purely based on the chart (and a little other secret sauce) and it goes on to move explosively (albiet without me) is kind of encouraging.
"waiters" what a double entendre ! i hope to make the right choice of waiters the next time i ask one for trading advice and dining suggestions,