You've already made several mistakes. OK, sh1t happens. But you can't fix a bad trading decision by making another bad trading decision. You are so fixated on "getting even" that you failed to realize the market was closing so now you are stuck. You are not thinking clearly at all. As of now here are the scenarios:
1) price gaps up and you get stopped out at a price that may remove the rest of the equity that you have. Nothing you can go about that.
2) price opens near where it closed, then moves up and stops you out. Here, you have an opportunity to get out with some money left if you just exit your position at open. How would you feel if you had that opportunity but instead ended up getting stopped out?
This is my plan. I will be waiting as soon as the market opens and I will manually close my positions immediately. I only placed the stops in case I am not fast enough.
If the price dips - bonus.
3) price opens near where it closed or gaps down. You can exit with some profits if you don't get greedy. Pure luck. The problem is this will scenario will give you confidence to try this again sometime.
I can understand what you are saying but I won't be doing this again. I will just be referring myself to this thread and the parts I typed in red. If I get lucky and get out...I will see it as luck.
I have played poker (successfully and profitably with discipline) before SB. This one incident just overwhelmed me.
You say you are now betting with the market. HOW do you know that? With 1 day trading how can you determine if there is a trend? Instead of sitting back and watching where pirce will go then making a rational decision you are reading or listening to people who have ZERO interest in what your finances are.
Fair point - but the fact that the price levelled at $38 due to the underwriters is what is leading me (and most analysts and mainstream media) to believe the price is not accurately priced and will drop. <<< Don't mistake me - this is a HOPE.
There were numerous issues and NASDAQ technical glitches that may have had an affect on how the price moved that had nothing to do with any fair valuation of Facebook. If these issues have been fixed how will that change traders' views?
In summary you cannot determine with any kind of reliability that you are now trading with the market.
Again, fair point. I should have said trading with a proportion of analysts views (if they are being honest).
Peter
