Tuesday, October 03, 2006

Follow up on BRCD

Crap, got too scared and shaken out of my position in BRCD this morning, sold @7.42.
It was quite a dilemma (at least while I was watching this morning plunge) - protect profits, or keep stops loose ?
I wish I could claim ignorance but I've read about this before on other blogs and trading articles - tinkering with your stops just leads to weeping and gnashing of teeth. This is a variation on my rule about patience - set your stops and let the market decide whether to take out your stops or not !
I would have been better off not watching my positions after I made an entry and set my stops.
Anyways, that's something I need to work on for sure - learning when is the right time to sell !!

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