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I totally screwed up today...

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What happens when you know what you're doing, but you doubt yourself? You make a stupid mistake.  If you don't stick with your convictions and strategies, and you overthink stuff, you WILL LOSE MONEY.  
 
Today was a bittersweet day.  I fully expected $CDII earnings to be terrible, and I was hoping for a bullish outlook.  What I didn't get from the call was actual number guidance -- and that put some doubts in my head.  As I said on Friday I still liked the company long term, and if I could scale out some or all of my position I at break even or better for now I would.   
 
The stock went up 60% today on some crazy short covering and it looks like some people are realizing that the MG business will do well in the future.  I had 38,400 shares with an average of $1.40 ish.  
 
Had I just waited a little longer I would have made over $15,000.  Not only did I put doubt in my head, but I put doubt in @kunal00's head and cost him $2000.
 
Instead I made $5000 because I doubted myself after surfing a few forums on the weekend.  Not that you should feel sorry for me, I don't expect your sympathy.  I made over $13,000 today in realized gains, and added to a number of positions.  
 
Stick to your convictions, and what you know best.  If you don't know then find the best people who do, drop the ego, and follow them.  Let this be a lesson to you, don't over research stuff on the weekend. Unplug. I should have listened to @hedgieguy when he hinted we should stay away from stocks this weekend.  
 
 
 
 
 


Comments

@DaleBeaver
Jan 4 2010 4:01PM
Man did I ever need to read this. I made the same mistake with GNVC and have been sick for days about it. Yes I made money on trading shares but I unloaded my core because I thought it would pull back hard at 1.20. This game will make you crazy it seems, but I can take it more in perspective as you continue to grow as well. Thanks for sharing your learning curve as well. Those of us back down the road a ways really appreciate it.
@Airelon
Jan 4 2010 4:01PM
Beautiful entry. This is how newcomers can see and follow a real trader, and a real investor, apart from those who like to talk about the markets, but have no skin in the game. Entries like this. Because trading? It's all about surviving while getting banged up on occassion. Real traders and real investors know this, and have no problem talking about their mistakes, because there's nothing to "prove" as it were.
@kunal00
Jan 4 2010 4:10PM
I THOUGHT WE WERE NEVER GOING TO TALK ABOUT THIS STOCK AGAIN. I first traded $cdii when it was CDS for gods sake. Bought some 5 months ago wiht u at 1.50 averaged down to 1.40. heeeeeeeeeeeeeeeeeeeeld the thing all these months 10k shares. I sold for a loss today premarket at 1.28-1.32 on initial spike.......I TOOK THE LOSS...jeez im a bozo. now i smile as it goes to 1.8 as my original DD was right, i just made an idiotic trading mistake due to bad managment
@Urbane_Gorilla
Jan 4 2010 4:17PM
Sometimes Kobe drops the ball.. Sometimes Stevie Vai blows a chord.. Big Deal! Love this tho' : "I THOUGHT WE WERE NEVER GOING TO TALK ABOUT THIS STOCK AGAIN." LOL!
@F_Beenz
Jan 4 2010 7:10PM
it happens to all .. no biggie .. next! ....trade, that is
@flyballoon
Jan 4 2010 7:19PM
You and Kunal are going to sound like an old married couple pretty soon... thanks for the insight. Leigh's motto ATAD helps me as I do this all the time! I am just so happy to have a profit. Love BULL$! Ya'll are awesome.
@brenthealy
Jan 4 2010 8:03PM
SG as you know I listened to the call with you and I thought they did offer revenue guidance for the next year. sounded promising but also the CEO seemed to underpromise - or be "cautiously optimistic." any who - i only sold half this morning and gained 20% on the trade which could have been 50%+ oh well! ATAD! Still paid for another Quarter of Black membership!
@Major_Sirius
Jan 4 2010 10:31PM
While I have not been following CDII I can say that I have sold prematurely when I could have held out for more. But as someone who has been on the wrong end of trades I cannot really complain since as we say in the BF "profit is profit". Since joining BOWS I have reduced my losses bigtime! Instead of being apprehensive about the next trading day I look forward to it. See you all in the Boom Factory.
@Ephemeris959
Jan 4 2010 10:59PM
Sold off my core GNVC too early but we are right back in trading it. I like CDII. I did some balance sheet analysis and it looks strong. Looks like a very low risk trading stock. I had a short-term price target of 1.30 but it has totally shattered that today. Let's see if it continues it's run as with GNVC...Thanks for the post SG, I needed that as well.
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