MTL getting killed

Discussion in 'Stocks' started by Kicking, Jul 24, 2008.

  1. My position in this stock is getting annihilated, another bad call for me with individual stocks, bought the top, cut back earlier this month , then doubled down 3 days or so ago . Price wise it's sickening I guess that's what happens when you invest with crooks. I keep all my stock under 5 % of account and this one was 3% but this is the 4th or the 5th 30%+ hit I am taking in the past 18 months on a stock. Just not worth it anymore.

    Can MTL go to zero? What's the deal with Putin going after them for charging double in Russia vs rest of world.

    Disgusted with stocks and with Russia.
  2. You asked for trouble when you doubled down.
  3. sucks to hear that man. russia blows
  4. money management?

    You don't have max risk per trade I take it?
  5. don't feel alone.

    around 33.00 it looked like panic when the stock was going a point past LRPs I thought bidding low might be a good idea for a position to average down in. Hitting out near the bottom and on the way up from the first leg down to 29.01, cost me $1800.

    Lesson: don't forget to consider the possibility that a 500 share position on a $32 stock does not have to turn around just because it's 50 cents or a point against you and people are panicking wildly.
  6. I keep cutting down if it goes against me , get out if I see a topping pattern but in this case there wasn't much to alert you except for MA crossovers, it just rolled over from the top with no real warning signs like they often do now. Then I just wanted to get out even on a bounce . Bad, bad, bad.
    My position was too small for me to watch it carefully, but if it had been bigger dollar wise the result would have been about the same or worse .
  7. It was in an obvious H&S patterns. Unfortunately, I covered my short wayyyyy too soon. Oh well. I hope it catches a bid for you so you can run for the hills. Good luck.

    &disp=P]MTL Chart[/ur][s145071252]&disp=Pl

  8. bespoke



    I shorted this puppy 1000 shares at 36 and was enjoying a nice winner when a stepping buyer came in and kept returning with more shares every 10 cents up. Didn't know how long he would last cause he kept coming in with more so I had to punch out near the top before the big tank at 36.30. god im a newb some days

    I was scared out because a 2 days ago I was short at 38 when it had that big drop to 37 and I didn't get out and it went right back up and beyond where I entered. Didn't want it to happen again.
  9. JamesJ


    ouch, that hurts,
    did you trade the news, or just because of price action?

    BTW: went long, expecting a small reversal into the close.
    however only small initial position and looking to add on the way up and adjust stop regularly...
    maybe it works
  10. JamesJ


    took position at 25.14 and 25.42 just added.
    avg 25.26.
    stop 24.74.
    #10     Jul 24, 2008