Tough break, then again it wasn't a very well thought out trade. No hedge, no RR, just a plunge. People who do that don't last long. $10?
I hope Charley got out of his position OK. This was one of the biggest non-events I've seen in a while. One of the news services had a story this morning about ABK, saying that a stock nobody followed a year ago, trading below $10, is now one of the pivotal stocks to move the market higher. Just when you think you've seen it all... kny 3
What kind of pussy company asks for a trading halt to announce....a RIGHTS ISSUE??? Jesus H Christ, that is such a non event. Halts should be for critical news that is totally unexpected, not any time a basket case company run by donkeys puts its cap out and asks for more money. Cowards.
Every trade of consequence I do, but what I do is besides the point, this wasn't a trade it was a gamble. I don't have a lot of sympathy for gambling losses. The best thing that Traderrich can do for himself is to recognize that and either not do it again if it was a temporary lapse in discipline or seriously rethink his approach. Was it really such a surprise that it was halted? Its an NYSE stock after all and specialists are notorious for halting for any little thing.
Sorry to disappoint you Mvic, but I sold the long position and shorted as it continued the slide downward. I recovered most of the loss on the long position. Trust me, I have learned not to fight the tape. I was hoping the stock would go up on the news, but if I could have shown you my PC, I had the orders set up before the stock re-opened. I was long when it was halted and had another order to buy if it went up on the news, but I also had an order to sell if it went down, which it did. My only mistake is I missed it re-open by, I think 30 seconds. My order to sell was filled at 10.00 at 1:38:30. I think it opened at 1:38. I knew I had to have my finger on the mouse at all times, but I looked away for a minute to watch CNBC! darn it! oh well, if anything that is what I learned from the lesson, not that I needed to hedge all my trades. Trust me when I say I have no problems AT ALL to recognize I am wrong and switch my position instantly from long to short or vice versa. I have done it many many times sir. peace.