Tesla gapped down at the opening last night, then bounced before seeming to start a downward trend. So I decided to open a new short position. During the first hour it seemed to be working out quite well, with an unrealised profit of about $50 at one stage. Unfortunately while I was asleep there was a change in direction and my position was closed out by my trailing stop loss close to the intraday peak. If I hadn't had a stop loss in place my trade would have remained open and I'd have ended the day with no significant gain or loss - but if the price had continued to rise I could have made a large loss. Overall the trailing stop loss is doing its job, letting the winning positions run and restricting losses. If about 50% of my trades are profitable, but the average size of 'wins' is substantially larger than the 'losers', my trading 'strategy' should work out OK.
I'll see what the market looks like at the opening tonight before deciding to place another sell order.
My updated Tesla trading record is:
17/2 Sold 4 TSLA @ 844.540 closed out by stop loss @ 818.295 profit: $134.74 (USD)
17/2 Sold 4 TSLA @ 806.190 closed out by stop loss @ 777.558 profit: $147.37 (USD)
18/2 Sold 4 TSLA @ 780.520 closed out by stop loss @ 787.860 loss: -$38.08 (USD)
19/2 Sold 4 TSLA @ 788.000 closed out by stop loss @ 793.980 loss: -$30.94 (USD)
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