Execution question...
I've really been frustrated trying to get out of many of the positons that I've taken...especially when the market makers
don't have to fill you in order ?
I tried to sell some of my position in KING yesterday...
the LII was 40x45 a few trades went at 45 and then they dropped to 40 not wanting to "wack" the bid I put up an offer for sale
at 425...much to my frustration, several THOUSANDS of sales went
off after that at 44 and 45 and I never even got a partial fill
on those 42's ???
Is there anyway around this or does a guy just have to wack away when he wants to take some off the table ?
Thanks for any insight here...
catman...ISYA
PS...I'd like to thank you for something else that you do...or
should I say DO NOT DO...you NEVER make buy or sell recommendations. This obviously protects YOU but it ALSO may
not be so obvious at how much that helps your studens and newbee's here...it forces people to THINK for themselves and
take resposiblity for their own actions.
I won't mention the stock or the persons name, as I don't want
flame anyone for my bad judgement, HOWever, anyone new to this
might well benefit from an experience that recently cost me a
good deal of money.
I was trading a "cool-aid" stock resently and I don't mind saying
that I was playing it perfectly. I got in early, and got out in graduated sales on the first run, I bought back in and was
JUST about ready to take profits for the SECOND time as it was
obvious to me that the stock was going to retrace...that was
when I made my fatal error.
I listened to a PRIVATE MESSAGE from someone who was a respected
member of this community and someone who, at the time, I had a
great deal of respect for.
Just as I was taking profits the SECOND time I read..."I hope that
you are BUYING IN HERE. I see how hard you have been working at
this and really want to see you make some BIG MONEY HERE !"
Well...that really set me back...with all of his experience,
surely this person saw something that I did NOT ?
Instead of taking profits, I doubled down like a fool...bringing
my ocst basis WAY up...THEN...like a bigger fool, when I was ready to cut and run at even money I got another email..."I hope
you added on...it looks like this is support here and we should
be taking off on the news that is coming out" I decided to hold.
Well I'm still holding and despite a vein attempt to pick up a
few "cheap" shares and bring my average back down...we have seen
NO MORE NEWS, the stock continues to plumet and I've lost more
than half of my money. The very worse part now is that so much
of my cash is now tied up in this stock that I'm no longer able
to trade. ONE trade has just about taken me out of the game.
To rub salt into the wound, a few days ago I read another post
from this guy BRAGGING about ALL of his "FREE SHARES" ! I
couldn't help but wonder how many OTHER people he pm'ed to
GET those "free shares".
NOW...I'm NOT blaming this person for my stupidity. I saw what
was coming and I did NOT trust either my judgement or my charts
and it cost me dearly, I learned a lesson that I won't soon
forget.
I pass this on so that some of the OTHER new people here might
learn this lesson the EASY way...learning the "hard" way can
be QUITE costly.
It's YOUR money and once it's gone there will only be ONE person
to "blame". You are FAR better off listening to your own instincts
even if it means taking a small loss, it sure beats being where
I'm at today...sitting on the bench...waiting to get back into
the game.
Vana Catman fondles his mellons...
