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ISNS: This stock was trading over 180% pre-market and I was looking to go long but I needed a break above the pre-market highs.
As the stock opened, it was already fading and I was looking to short at this point.
Emotional State: I wasn’t too comfortable getting in this trade short as the trading ranges were huge. This would have certainly been a good return. So instead I chickened out and covered my short for a tiny 0.20/per share profit as shown in the picture.
Initial thoughts: I was thinking this can be one that can drop all day long which it did but I didn’t want to be holding that long and in hind sight i didn’t know it would drop 40% or so.
What could I have done?
Reduce my share size expecting the stock to drop over the course of the day. I thought about that but it seem that every time I have done this the stock either moved sideways or up for a small loss. I just don’t know how to deal with these trades. If I am in front of the computer all day I would be obsessed with it. I can put an alert that notifies my cell phone when it goes into profit or when the stock has when against me and revise to possibly get out. I think I just need more experience with these types of trades.