At around 9:30 bought some SSO feb $21 puts and got stopped out before lunch for a loss.
Still holding CECO puts which I still believe have a way to fall. This rally today, the size of it anyway, caught me completely by surprise. I couldn't make since of it, or figure out why so I just didn't trade anything. Had to sit on my hands.
I really don't like, even hate this 3 limit day trade within 5 days rule. The rule states you are allowed only 3 day trades within 5 business days if you have less than 25k in the account you are trading on. It has the potential to cost someone inexperienced as myself to lose serious money. Reason? I do very well by researching fundamentals some, mostly reading charts and getting into small enough positions to manage in case of a crisis. Normally I set a stop 1/3 of the difference in my entry and target, depending of course on what the chart says. So if my price is $50, and the chart tells me the stock could run to 59, I may set a stop at 47. Some times a little more, but I always keep them pretty tight. I end up hitting about 2 out of 3 for something. Last week I had a lousy day and got stopped out 3 times in 2 days. So if I make a trade that goes really bad in the next 3 days, no way to get out. See!
