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You got in late, leastprime. Don't be discouraged. It may take a while but you'll get out with a little green in your account ... if you don't get impatient. Good luck
Location: Was Midvalley Oregon; Now Eastside Seattle area
13,059 posts, read 7,493,946 times
Reputation: 9787
Quote:
Originally Posted by JGC97
Maybe those others were thinking the same way as me. I looked at the options calendar yesterday and didn't see any calls for today over $1,000 and the puts were coming in at the low to mid $800s so I figured it was going to drop. I like the stop-loss tool. It gives me a little piece of mind to know I won't lose everything. It worked jim dandy this morning.
Were you able sell at the SL or did your sell hit below the SL number?
Were you able sell at the SL or did your sell hit below the SL number?
It triggered at my stop loss of $1020. The price was higher than that during after hours yesterday and today's pre-market it peaked at $1080 or around there but I had already set the SL price before close yesterday and it opened at 6:30 am near $1066. Within 15 minutes it hit my price. Like I said earlier, I was still sleeping so I didn't see it until I logged on to the account. When I saw the in the $800s, I was very glad I did that SL.
Stop loss orders are terrible tools when tens or hundreds of thousands of traders are using them. Once they start to trigger they can result in an avalanche, which is what I think we saw today. It’s yet another risk in a feeding frenzy like this.
So you're suggesting that someone with thousands in profit shouldn't use that when they feel the price is now at a point where the FOMO's are pushing it? Should I have waited? I can't help if others thought the same as me. Who, in their right mind, would pass up a profit like that? Especially on a stock that seemingly rose out of nowhere. It was climbing without fanfare from the end of '22 until the end of '23. Wasn't until the end of January where it took off like a rocket.
I'd have to disagree with a stop loss order being a terrible tool. If it was so terrible, it wouldn't be there for us to use when wanting to scale down or exit a position altogether.
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