I’ve been busy this morning closing out a couple of positions, while monitoring a few other breakout plays (follow me on twitter to get them as I find them). So far no new positions, but I did close out my NFLX June 270 Calls at $4.10 from $2.44 resulting in a 68% gain on the premium and 9.1% gain on the underlying asset that I traded. Below are two very nice setups depending on which side of the trading aisle.
LONG: Take-Two Interactive Software (TTWO)
SHORT: Micron Technology (MU)
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Refusing to take a loss when the trade has turned, and the reason for getting into the trade in the first place is no longer valid, is one of the biggest problems traders face. In this video, Ryan Mallory discusses the pitfalls that comes with refusing to take the loss and instead opting to become a bagholder on one's trades.
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