Today was the best i had lined up a great short webm short 1k at 11.23 then saw it break 11 so shorted 3k more watched it go down to 10.82 but no size on the offer for me to cover.I was waiting for another push down but it didn't happen.So i said i will cover at the close stock goes back to 11(creeps) so i cover the whole thing at 11 break even on 3k make .23 on 1 k @3.59 (bid and offer both at 11(over lapped and both printing i tested them both).soon as i cover the monster seller comes in at 3.59 .03 hits the stock with a 10 k market sell inca(that refreshed 4x) that drove stock to 10.75.I was right but i couldn't believe how good the market makers pulled that one off.At least 75k printed at 11 but didn't want to go out with position over the weekend.After this i was angry the whole way home .It was a catch 22 i felt good to that it sold and i saw the right thing but felt angry because i didn't wait 1 more minute(but who knew).Iam not new to this game its my 5th year but almost ready to pack it in .Making money every month but not enough.
there are more opportunities in other markets. FOREX , CRUDE , COCOA , GOLD , NAT GAS .... all are tempting ... now compared to equities ...
every think about hitting the 3K first (f you have a tight stop), then add the 1K on a move in your direction. you were right for .23 on the first lot and then you add a triple lot. man, the thing only has to jiggle back less than a dime and your underwater with commissions. if you go the other route your have a weighted average of $11.17 - dump two of the four lots at $10.85 for .32 per lot profit, move to break even or even $11 and you're probably still in for the dump. worst, your out at $11 for $.17 on the last two lots. almost $.25 average per lot before commissions. sure is easy critique'n someone elses trades after the fact but seriously, i go large first and then add. i dont go 1 lot and add 5, and then end up losing money on a jiggle lower than my initial entry. i dont do that. good trading to you
I under stand that you go large first but that is not my game if iam wrong right away with size not a good risk reward for me.My reason for going large @ 11 it is a critical point in that stock.But what pissed me off was that they did it so well at the end of the day last minute.with no war i hold that short and sit back but with this war looming has me spinning! But i do appreciate your insight.P.S with no size on the offer no place for me to cover i would have driven the stock up.I let the stock trade and ride their backs.But they were good today in that stock!
Dustin -- brainwashed by the McCreary twins from Vegas, were you?? The boys from the desert have certainly made an impression on the junior traders of the world. Gotta give'em credit for that!! dog
see your point. i just try and scale in proporation - i'd add a 1/2 before i'd add a triple lot. good trading
Agree with QQQBALL: it may not be easy but imo it's better to take as large an initial position as your risk tolerance&money management allow then add on on pullbacks/new entries when it moves in your direction. Start scaling out when you feel great about your position. If it doesn't move in your direction you can quickly liquidate half of it and feel less heat.