Wednesday, April 28, 2010

I shorted 400 shares of SVN this morning after it broke below yesterday's low. I got a horrible fill. I wanted to get in at $10.58 but got filled at $10.48 instead; nasty bid-ask spread! It was my bad as I should have used a stop-limit order instead of a stop order. Anyways I am not complaining too much. I am already short and I placed my stop at $10.85.

If the markets bounce back quickly and look poised to move even higher I will take a quick profit or loss. However, if the markets follow through to the downside on the back of yesterday's sell off. Then I will try to hold onto SVN for as long as I believe the markets and SVN are in down trends.

I have no other open positions at this point.

It is easy to get confused and confounded by the
markets if you do not have a system or if you have one but do not stick to it.

Discipline and patience are what is required to make money consistently and to remain in this game for the long term!

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