After seeing how bad my swings are effecting the position sizes that I can take on other trades I decided to close out $AVP with a loss of 7%. A few reasons that I closed out $AVP vs $PRGN. First, even though I'm likely right and this stock with dip back down and continue on its downward track, I clearly entered the short at the wrong time and have spent the entire ride in the red. It was even a nasty 30% loss at one point. Stupid and it broke the most important rule of cutting losses quickly. The other issue is what the added costs would be. Given that the extra fees would need to be added on for a short swing... this trade would not be realistic in my opinion.
I think a 7% loss it acceptable for such a big mistake.
Now on the other side of the coin is $PRGN which also is a short swing. I probably would have taken profits at this point to limit the fee issue, but the gains are strong here and I think this will break the $1 level pretty soon.
I made two other trades today, $EBIO and $GSAT, one at a small loss and the other at a small gain. I'm happy with both because I stuck to my plans and did well with cutting losses. $GSAT was an attempt at a dip buy with the goal of catching afternoon momentum. The plan and entry was pretty good but the momentum never followed. Cut losses for under 4%.
$EBIO was a buy shortly after a small breakout. My target was 4% to 8% gains and I was able to get just shy of the 4% goal. The trade was a very small position though because of being over extended in $AVP and $PRGN... hence the exit in $AVP.