One of the things you can count on within the market is that you can't count on it. It's fluid... almost a living breathing thing... and as such will be effected by the world around it. Today's airline crash acted as a catalylist for all of the major indexes to go red. Of course, my positions followed suit.
Both $WPCS and $GLUU ended without gains, but the tougher market session really brought out the true colors of both positions.
WPCS collapsed with a closing of $0.65 @ -15.57% but I took the lifting of the free ride rule and cut losses early @ $0.721 a share. I say early as in the day, but it wasn't not early in my position and the free ride rule caused another gouge in my capital.
First with $WTSL and now WPCS, I'm going to change the strategy a bit with my positions. I've been using all of the capital per trade and looking to swing past the free ride rule. The logic being that I can grab more shares and have better gains... I'm dealing with such a small amount of capital that I must take into account the effect of my trade fees and how they take away from profits. But doing so has caused me to not use the golden rule in trading "Cut Losses Quickly". So with that said, I'm going to only use 40% of my capital per trade with allows me 60% in reserve to cover my trailing stop.
Speaking of trailing stop, my TS of 8% that I've placed on my position in GLUU kept me in the position through today's volatility. Even with the down market today GLUU proved to be strong and ended the day without a loss or a gain. The bears just couldn't win today.
Providing the markets go green again I'm suspecting that we'll see high prices before the early ER.
On a side note. I'm watching $RIC as a possible momentum trade once the GLUU position closes.