Big mistake

[martymcc]

Hi everybody, I haven't been around the bulletin board or chatroom for a while because I have my finals starting on Tuesday and I am snowed under with work. I've been trying to keep up to date with the markets and liked the look of QXL a couple of weeks ago so bought in. Results came out on Friday and the share price soared. So what was my big mistake? I sold at 7p! I lost my nerve when the price started to reverse first thing and sold out, albeit for a nice little profit but it closed at 10.75p on Friday! Just shows how much I still have to learn. Has anyone got any helpful hints for when to exit a trade. Hopefully in 2 weeks time I will be able to devote more attention to learning TA and watching the market more closely. I'm looking forward to it! Thanks,

Marty

 

[titus-uk]

I don't follow QXL.

However, the principle of cutting losses short, and letting profits run, often eludes the most experienced trader on many an occassion. A profit is a profit is a profit - thats the most important. Results are fickle things - look at IQE this week. Record profits, though warned that as with the whole sector, there MIGHT be some reduced visability (so tell us something we did not know!) Price fell like a stone. So taking a profit before results is not the big mistake yooou seem to think!!

 

[martymcc]

The thing is I sold on Friday after the results had been announced. I couldn't watch the price as I had to study and panicked when it started to reverse and so sold. Very costly!

Marty

 

[ChartMan]

Marty,I'ts luck of the draw- I've seen fliers like this rise 20-30% in a day, and give most of it up later, so you could have come out on top.Only close intra-day traders would stand any chance under those circumstances.Console yourself with the fact that you did come out a a nice profit.