What a poor morning this morning was. I tried to play $ISNS again, as I was expecting a morning spike on market open; The spike did happen, however I was both late and early when I took my positions: I noticed the up-trending movement pre-market and didn’t get in until the stock reached 9.10 ( I was following it since the high 7’s). Then the price dropped, I reached my threshold and was forced to exit taking a loss. Then, 15 minutes prior to open, the stock started up-trending again, and once more I entered at 9.10; I did not anticipate the 30c drop prior to the spiking, so on that panic, I exited my position and within seconds the price went up about $1.00.
What could have been a profit turned out to be a loss due to bad timing. I entered both too late and too early.
Entry price: B9.10 250s @ 8h42
Exit price: S8.814 250s @ 8h57
Total loss: $71.50
Stop Loss: My 2.7% mental stop loss was set at $8.88 for a $52.32 loss (+commissions). Couldn’t exit before and took higher losses
Entry price: B9.10 250s @ 9h16
Exit price: S8.90 250s @ 9h30
Total loss: $50.00
Stop Loss: My 3% mental stop loss was set at $8.88 for a $52.32 loss (+commissions). I actually managed to get out as the price was going back up @ $8.9.
Lessons Learned: pre-market, be early when the price starts going up. When the stock opens, watch for quick panic prior to the morning spike.