If it bounced I dumped it that day. If it didn't bounce I looked at the others in the industry and made the play from there. I typically cut the losses and move on but 50% of the time I'll ride it one more day if I'm not getting killed.
I make a good bit on flipping subs for 20%-30% though so I can withstand a bounce not happening every now and then.
Slow and steady is the way to go All statements are my opinion and should not be considered an indication to buy or sell a security. Do your own DD.
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