I believe that selling a stock is much more art than science. And how I go about selling any particular stock varies with the circumstances. In the case of GLGI, their quarterly results were far and away worse than I expected and I knew I wanted to be out of the stock ASAP.
I never use limit orders because I'm staring at real-time Level 2 and watching every trade. Also, in my opinion, putting up a significant-sized limit order (buy or sell) just gives your competitors (MMs and other investors) more info that they can trade against you on. Once again, in the case of GLGI, the bid was $.55 at the open and I was very happy to plug that guy. Then a bid for 50,000 @$.53 was posted and I was even happier to close out my position.
I feel very fortunate about how my GLGI bailout played out this morning. And, no doubt, the guy that bought my 50K feels the same...
As they say, that's what makes markets.
We make a living by what we get, we make a life by what we give.
--Winston Churchill
