Foul tip right in the nuts--no cup

While not an official blow-up, I did suffer a monster loss today. Partially due to monster bid/ask spreads and partially to not scaling out, I got killed and gave up much of my overall gains.

PPO:

Gross: -$48.32, net -$50.36

Today deserves some commentary: The problem with today's trade is that I worked so hard to gain a respectable 2-3% over the last few weeks and blew it in one shot. I partial out of winning trades at the first sign of trouble and at +1%, yet I let these losers drop with the steadfast notion they will eventually pop, and a day like today was inevitable. So, in the future I will have to start scaling out of losers, probably starting at -0.5%. Also, I do not like the way an NYSE stock trades. Lots of bid/ask movement with little buying/selling. Made it hard to sell at my stop loss without proof of buying/selling interest at that level. Call it a fakeout. In the end, I'll survive and learn from days like today.

For now,
Masterjaz out