goatrope - the thing about daytrading is that the secondary objective should be the presevation of capital.
As you saw today, it was easy to make money on some stocks - and rest assured, if you become over confident, fall in love with a share, over-expect (Greed), then sure as there are clouds in the sky, you will lose what you have made.
When you buy a stock like NEU, it's best to have a target plan if certain conditions are met. As soon as the conditions change, the probability of a winning trade changes and you need to get out quick smart. Sometimes is not possible. NEU fell very quickly today and I was trying to watch it myself - I bought at 4.8 and dumped at 5.0 when I saw that I wasn't going to get my 5.5 target.
I'm not sure of your qty (this is relavant), but what I do when I have totally mucked up a trade is leave that stock and trade a new parcel with a new plan. I'm doing this now with GDNO. A longer term view suggests that you should usually see a bounce quite quickly and often it is best to take the loss at this point - case in point FMS. Finally> longer term, you can hold with the view that you will surpass your buy price soon anyhow.
