The stock had been trending down. Good earnings and the stock gapped up to $4.50. I thought there would be bag holders in this stock who would sell in this pop. The stock broke heavy support at 4.60. I thought it would be an easy short from 4.60 to 4.50 and then lower. The stock bounced and then it kept moving against me. I fought the stock instead of cutting my losers.
There was no risk on the trade. I just kept adding to my shorts, and I was hoping it would come lower. Terrible trade!
-Always have defined risk
-Get out when the stock was making lower highs
-Control your emotions
-Do not fight the trend after 11:30
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2018-01-18 10:17:00 | GNC | sell | $4.630 | short |
2018-01-18 10:20:00 | GNC | buy | $4.550 | short |
2018-01-18 10:33:00 | GNC | sell | $4.660 | short |
2018-01-18 11:00:00 | GNC | buy | $4.780 | 0 |
2018-01-18 11:04:00 | GNC | sell | $4.730 | short |
2018-01-18 12:35:00 | GNC | buy | $5.220 | 0 |
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