Never go against the trend, the market is bigger than you. That's what happened to me to try against the market trend. I thought with the launch of Baidu Hi, the instant messaging offering from Baidu, it will push the stock price up a little bit which it did just on the next day on Friday, 2/29/08. I could get break even or get a little profit if I sell it on that day but again I'm really stubborn and emotions take place.
Anyway, I try to be clear headed today and when the chart showing the trend is downward, I close my $270 call options contract at $5.40, which represents 48.80% loss in merely 2 business days. Ouch..
On the other hand, I bought $230 March PUT options at $7.50 to follow the trend. We'll see how it goes in the next 2 business days, see if I can recoup my loss =)
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