My trade in NUE has finally completed after a prolonged wait of about an extra 2 months....
The Good:
I made about $617 profit on my 300 share trade. That's not much profit, but I'll gladly take it over a loss, which is what I had for several weeks while I was waiting it out.
The Bad:
If my timing was better, my profit "should" have been in the $4K - $5K range. I jumped the gun on this one, and it cost me.
The Ugly:
Another short of mine, Autozone (AZO), reported better than expected earnings today, and the stock jumped up over 11 points....ouch!
Luckily, I don't have a large amount of shares so the current loss isn't as bad as it could have been...but it is a good amount. What am I, King Midas...choosing stocks that like defy gravity even though the overall market is tanking?
Even worse is I KNEW the stock could move big either way and yet I didn't hedge my upside risk by buying some calls- I know better than that.
It certainly was a expensivegood wake up call to be more alert to the tools at my disposal.
Now my challenge will be to work this trade back into a profit or at the least minimize losses. It's going to be a good real-world exercise....
I know that if I get my timing and patience under control, there are enormous profits to make in this market even in this economy.
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