In my perusal of trading blogs today I see a familiar theme. Most of which I won't repeat here as this is a G rated blog. My results were the same.
IB went strange on me right out the gate, a sign perhaps, I should have shut it down right there. As soon as I entered the first order the April contract disappeared off my IB screen. Everything froze up and when it came back to life I was stopped out. Needless to say I had a conversation with IB, and of course the market took off while I was talking. When I got back to the trade I took the next signal and got smacked again.
The smartest thing I did all day was quit trading right there and then.
In case you're wondering on the first chart below yes I do see where I should have entered. Like I said it was one of those days.
1 Minute Crude Oil Charts
Not sure if you remember I purchased some stock back on March 3, 2009. I have placed sell on stop limit orders on all 3 stocks at the break even point. I'm up 9%, 5%, and 2% on the 3 stocks I purchased.
Certainly could get stopped on the intra day whip on that +2% one. We shall see.
I have never used stops on my stock portfolio as my investing has always been done on 100% fundamental analysis. My thought patterns on investing have always been if it was a good buy at $10.00 its a great buy at $8.00.
After this stock market meltdown, I've decided I don't want to own "new" stocks that are going the wrong way. So with this little rally under these three the break even stop limit order is in. The worst thing that can happen is I get my cash back.
I can live with that.