Sold ARM @ $2.15
By admin on May 15, 2009 in sells
Ouch. Another bad pick. I had to get rid of ARM because it appears to be going straight down. I bought it at $2.48 earlier in the day so that’s a very quick loss of 13%. Sure it could turn around but I had to cut my losses. I probably should have cut them a little earlier.
Now the question is how long do I let CTIC go? It’s at $1.23 right now, I bought it at $1.28 - that’s a 4% loss. I don’t want to cut so quick that I’m cut out of potential gains, but at the same time this could get away from me very quickly.
I’ve really lost a lot of confidence in my whole approach. I think I need to go back to the drawing board. Something I’m doing just isn’t working.
I’ve held CTIC since .34 and took down half of my position when it first hit 1.20. I plan on holding the rest until they release their phase 3 trial results at the end of May for Pixantrone as I think it will retest it’s recent highs then. I will abandon it if it breaks support around $1 as I will let it retest support around .70 and possibly .35 where I would jump back in.
Douglas | May 15, 2009 | Reply