we all pretty much do that. To be honest many retail investors or traders when the tide goes out will be caught as we do not really know how to predict or deal with short term movements. Some skilled and often sophisticated institutions could perhaps devise a method of reacting to movements to consistently break profits but otherwise alot of us are punting on the day. Unlike casper i missed the 2.68 area on just a few minutes and next minute the more i deliberated the more it rose until $3. Id finally bought in around there, hit new highs on the day and suddenly we were jerked back to 2.91. Literally blink and you'd miss it. Unfortunately i refreshed at 2.91 and took myself out. Had i refreshed a minute or two later i would have not shook myself out and it then shot back to the mid 3.10s ...
case in point a few minutes cost me my weekend spending money but alas like yourself i am pretty certain you were also taking a punt on the poker machine of volatility that day. Otherwise you would have had a known reason for entering and known reason to exit. Have done this many times in earlier days so your story resonates with a much more inexperienced me back in the days. Now punting is generally barred but i will admit i do take the odd risk such as this. Got burnt in this case but i am fully aware that it is a risk. Had i been a minute later and not gotten out my loss would have been the exact amount in positive gains... so go figure.
the issue is using a broker to play with t+2 settlements. Hence i had to get out. Ive now sold my normal brokerage provider holdingd so my second entry was hard cash and hence i have had the luxury of riding the recovery. That second reentry is also alot higher than my first purchase as i chased the price to recover that first purchases loss.
pretty much a case scenario on what not to do. I did use it more as a trading assessment so i did learn alot more about my irrational side.
anyway let's see how we go the next weeek or two. I think with some cooler heads a recovery to mid $3s could be possible. Again the market can be unpredictably irrationale however.
OML Price at posting:
$3.01 Sentiment: Sell Disclosure: Held
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