Shared by
jj_BOWS
I took another short position for another 100 shares after the bounce started to fail and covered for a small loss when it didn't continue. In hindsight this was a gamble trade for me as it was already down quite a bit but I wanted to see if it could break the prior lows. I had to leave for the rest of the trading day and I was also trying to get my profits to be over $500 for the day. I think this is where I went wrong as my focus change to the money and not about the setup.
Q. for review - what is your giveback rule? How much of your gains will you allow yourself to give back before you call it a day?
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-01-27 10:54:14 | JAZZ | sell | $140.501 | short |
| 2014-01-27 10:58:49 | JAZZ | buy | $140.785 | 0 |
Comments
markmandy54_BOWS
I have difficulty not micromanaging so learned from this one, thanks for posting.
jj_BOWS
The part that irritates me with this trade is I was actually up about $80 from where I shorted but I didn't cover soon enough -thinking it would fail again and the momentum was just a short term correction. (My greed taking over) I should have covered right at even or a little sooner to protect some of the profits but I got too greedy in my head & with the earlier wins. I guess I need to figure out what my giveback amount should be.
The better question - what's your give back rule? I'm guessing that will also change with experience and bank roll?
Thanks again!!
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This was perfect setup but was micromanaged.Even if u covered, it needed to be reshorted once finally broke the bear flag. There is no set of give back rule, varies from traders to traders . U need to find your comfort zone.