Gee, Think.

Today I got into a QQQQs option trade. I bought .QQQSM for 1.30. This
was after it already moved up $0.30 on the day. I saw the market
dropping and io wanted to grab a piece of the action. I set exit points
at $1.15 and $1.45 with a stop limit order which automatically triggered
when my $1.30 order was filled. The option closed at $1.20. I changed
my stop limit order to a good till cancelled $1.45 becuase I’m fairly
confident that the QQQQ’s will be down by July 2nd or so. I actually
think that they will be down even more because of the continuing signs
of inflation. There’s the FOMC meeting on June 10th that should wreak
havoc with the QQQQs. We will see though.
When it comes down to it I acted impulsively today. I also removed the
1.15 exit point that I placed on the trade. After my experience with
CAT I think that I should be careful and quickly cut my losses when they
occur, but that’s proving to be a hard policy to put into practice.

This entry was posted on Monday, May 22nd, 2006 at 5:46 pm and is filed under trade journal. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.