Crewdog 2 Posted February 17, 2018 So while trading last friday, i got an emergency call from work and left early. I thought i hit my panic get out of everything button but i guess not. Im currently short 2000 shares of SNCR at 8.97 and im looking for your thoughts. I see resistance levels at about 9.40 and 9.75ish as potential stops (way more than i would risk losing normally). They gapped up the other day after closing a deal but the general trend has been down. Thoughts? Share this post Link to post Share on other sites
Robert H 450 Posted February 17, 2018 Speaking from experience: I recommend you get out of that trade ASAP. I know that sounds extreme, but please hear me out. I made the mistake of holding $10K worth of RAD overnight last summer. My limit was off by a few pennies at the closing bell and I didn't want to exit in after-hours. What was the worst that could happen, right? Next day it opened lower than my entry and closed even lower than that. I thought I'd hold it until break-even or some favourable price. The day after, it popped a bit, but I missed the exit. Finally, on June 29 I woke up to this: Being the stubborn fool I was, I continued holding it for weeks in hopes of some recovery. I searched everywhere for information that justified my long position. Finally, I bit the bullet and sold somewhere around $2.25 for a 45% loss. Definitely not rad, dude. I don't mean to spook you--especially over the long weekend--but never let a day trade turn into a swing trade. You will think of all sorts of reasons not to get out with a loss since you're now biased in one direction. I'm not saying that something like this will happen to you, but as day traders we aren't in the business of holding positions overnight. Our initial decisions are based on very short time frames; the longer you hold the more risk you are being exposed to. Best of luck. Share this post Link to post Share on other sites
Crewdog 2 Posted February 20, 2018 got out with a $96 profit in pre-market. worried about this one all weekend, your example was definitely a lesson. Share this post Link to post Share on other sites
Robert H 450 Posted February 20, 2018 Good call Crewdog. It's down 4.2% today, but you can never predict these things as a day trader. Swing traders, on the other hand... Share this post Link to post Share on other sites
