Just a quick post. I have ruined my day despite my positions being up across the board – aside from SLW. I have a core position with long out ITM calls in SLW and planned to trade around them with shorter term calls. I am furious with myself for not sticking to my trading plan. Yesterday I managed to buy the Feb 36 calls for .60 and could have sold at close for .95. Instead – in what i can only describe as a moment of greed and idiocy – I didn’t renew my stop for this morning only to promptly see them trade down t0 0.40 before rebounding slightly.
Now I am furious for being in such a retarded position of my own concoction, I have no intention of exercising the calls and so must sell them before friday. Because of this, I am considering holding them for another day despite knowing it would be prudent to cut my losses, learn a lesson and move on.
As it is, I will place a stop, leave my screen, and return in an hour when hopefully I will either be up or have stopped out.
The bottom line – this was a dumb mistake to make – remember why you initiated the trade, stick to your plan, and learn from the mistakes you make. I write this in the hope that at least one person reads this and is spared this frustration.