So covered my first swing trade position of CIT at 4 today, that was my target, shorted it at 4.60 on Oct 17, left about $170 on the table but can never pick a bottom. The reason I got out was coz I saw a support at that level.
That was the plus point for the day, now comes the stuff you probably are more interested in reading. Since the market open I had been wanting to short BRCM when it continued to rise, don't ask me why, I always seem to want to pick the wrong side of the obvious trend. However resisted my tempatation and took my son to the pumkin patch. Came back about half and before close and sucummbed to my irrational urge and shorted 500 BRCM at 14.53 and to make matters worse that was about $0.08 off the low of the day.
You can guess what happened next, it started to rise $14.63, $14.71, back down to $14.58 and then market closed with me still in the positions, it traded after hours at $14.89. I wanted to kick myself. I was now looking to exit with a loss but decided against it.
When I went to do some research on the stock, the company had been upgraded, earnings were better then expected and the forecast was also better than expected and I go and short it just above the low of the day. Right now I am sweating, trying not to get emotional but at the same time asking myself "why".
I was looking for quick buck and basically gave into my urge to do a trade. Should never have taken that position. I am anxious about tomorrow's open. Had a look at the charts and this stock has a $1.50-$2.00, so I am not sure what to expect tomorrow morning. I probably will get out if it starts to climb and take the loss.
Shall keep you posted what happened....
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