Tough day for me toady. -$3,000 Too early on most trades caused me to stop out. SINO SRPT EXEL.
SINO really kicked my butt. I started short in the AM on the ramp back to VWAP with HOD as my risk. It found wings and I got stuck in a squeeze going way past my stop loss. I shorted again and same thing, got caught in a squeeze and stopped out. I finally nailed the third short but it never dropped below VWAP to where I could have made back all my losses. I exited when DRYS started to fly to a new HOD. I fully expected SINO to follow. It did ramp but never very much. I don’t regret the exit though because SINO could have ramped to new highs as well, causing me to stop out again. My biggest mistake though is starting in too big. I should have left room to add on each play, but instead I jumped in full size and this killed me. I felt like I had to use all the shares I borrowed to get my money’s worth and that was a mistake.
EXEL was well, EXEL. My two shorts into the ramps did not work. The second one though really ticked me off. It stopped me out by .01 and then finally cracked. Luckily on this one tough I never jumped in full size.
SRPT. What I pain in the butt today. What I did right here was start in really small, giving myself room to add. My adds were small. I did not get to full size on this trade until after what appeared to be the top. I was exactly right on where that morning top was, but this stock just never pulled back. My execution on entering the trade was spot on, but my planned exit never came. What I did wrong here was not take it off for brake even when it ramped back after the crack of VWAP. For some reason I held and I stopped out at my max stop loss at the end of the day. What was I thinking!? I just could not get less lucky today.
I’m feeling really discouraged today. Not only did every trade I take today turn out very poorly, but I found out today that my biggest win last Friday on EGLE for $8000, was cut almost in half by overnight hold fees and borrow fees. Those overnight hold fees are just crazy. How dose any swing short seller make money?