The fish that got away: March 17th, 2009
March 17, 2009 – 6:58 pmBuy point: .98-.987 cents
Sell point: 1.80
This post is in regard to the profit potential that got away. For those of you who follow me religiously, you recall that there was a two week span where almost every post I made during that period reiterated the use of the trailing stop. I fear I may have even lost some of my loyal readers due to the repetitiveness of some of the posts but….well….
Take Citi Group, the company I made a lotto type play on at .98-.987 cents a few days ago. I took a very small position ($1100) and I sold at $1.80. I sold off this position without a trailing stop and consequently, I lost out on a substantial amount, close to 800 dollars. It just goes to show the power of this selling option….
3 Responses to “The fish that got away: March 17th, 2009”
what % trailing stops do you typically use?
By tom on Mar 17, 2009
it depends on what company I am trading, but for citi, I entered the trade planning on setting atleast a 15% stop.
By jmoon on Mar 17, 2009
Citi went pass $3
By kevin on Mar 18, 2009