SOLD -31 SRS @22.45

I’ve finally had the courage to take my loss and close out my deep-underwater SRS position. I bought these shares back in April for $48.08 as SRS is testing a long term support. The next day, SRS tanked over 17%! Having been delusional to myself, I held on.

This is a failed trade right from the start. The biggest mistake is not setting a stop even though the price is sitting on a long term support. A support is only a support until it fails. And when a long term support fails, it usually does so spectacularly. A better trade should have been to establish a short instead when it breaks below the support, well, obvious to everyone now in hindsight.

The total loss from this position is about $800 on a $1500 principle. Horrible, and not just number-wise, to say the least.

Ultrashort Real Estate

Ultrashort Real Estate

Related posts:

1. SOLD -1 SRS 100 MAY 09 35 PUT @6.10
2. SRS is testing a long term support, still holding on, barely
3. SRS: stop order for the shorted puts at $11.90
4. BOUGHT +1 SRS 100 MAY 09 35 PUT @11.00
5. VNO: Short Entry Stop $49.70