March 13, 2008

Net: -$157
LFT: $180

I was up $33 unrealized at most when C touched its low, I was banking on it trending down and the XLF to break, it was still consolidating. The financials started ripping from 20.10 to 20.20 where I cut, and it still went on for 30 more pennies.

es-031308.jpg

Got chopped on GE with just 600 shares, it went 40 pennies against me. I didn’t cut because I didn’t think it COULD do that, I wasn’t prepared for that event. It was unthinkable that a rip like that would be sustainable.. and yet it was.

xlf-031308.jpg

I have to be strict with my risk management to control the damage and maybe start thinking about tweaking my strategies.

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