Alright... I'll keep this short, because my 15 hour days are catching up to me...
I'm still in MITI... I had a couple chances to get out today... as I was watching the chart, when ever I decided to give up a little profit (just to put this mofo to rest), the friggin stock kept going up... cent by cent! Kinda funny when I think about...
I watched this stupid chart all friggin day... what a waste of time and capital. Like Tim said in his TIMAlert this morning... MITI "tried bouncing and got knocked back down a 1 step... booooring now." He was right...
So basically the only action I saw today was when I sold 200 shares @ $6.17... right before the EOD "OJ" squeeze/spike. I wanted to add to my 800 share position by shorting into this spike again... re-shorting the 200 shares I sold earlier... problem was though, during the squeeze, my monkey-on-crack reaction got the better of me, once again... because I ended up BUYING 200 more shares aka as covering my short @ $6.47!!! WTF!? SLOW DOWN NOOB!!
AGAIN, I donated money to the TOS commission fund!! Your welcome...
Lesson of the day... remain calm when executing a trade... emotional trading, means mental mistakes... mental mistakes means a lot of wasted $$ on commissions... or even worse - entry and exit points.
My current position is 1,000 shares (short), avg. price is $6.64... tomorrow I'm dumping this mofo and I don't care if I make $500 or $200... time to move on...
2 comments:
MITI didn't have the probability of a multi-day breakdown because it's not a pump & dump. It was up on legitimate scientific news; Johnny Vento has more about this in his blog. The couple red days were most likely some shorting & normal profit taking, but now it's stabilized.
James,
Thanks for the heads up. I know the scientific news you speak of. I did DD on MITI and found out they had to put that "news" on the back burner because the "news" was "to soon" and they didn't have "absolute confidence" that their "scientific" news would hold up in the future.
Anyhow, I got your point... I know, I know... very risky. Live and learn... *sigh.
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