I jumped out of my long position in SCO which was a UltraShort ETF on Crude Oil. Made an okay gain on it, but I just didn’t like how oil was reacting to the rally we were seeing in the broader markets.
My only other trade this morning was Savient Pharmaceuticals (SVNT) which I got in at $10.24 with a stop-loss at $9.92. It has a beautiful double bottom, and looks prime for a pop in its share price in the near term.
Here’s the Chart on SVNT.
Welcome to Swing Trading the Stock Market Podcast!
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Refusing to take a loss when the trade has turned, and the reason for getting into the trade in the first place is no longer valid, is one of the biggest problems traders face.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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