Thank ghod it's old news....not that it helped....my IRA portfolio took the second biggest one day hit today since I started tracking it's daily value, led by the 10.8% drop in GNK and helped by 9.7% drop in DSX...both of which stocks had been my biggest gainers, so it's not such a surprise.....but man, seeing that big overall one day 5 figure loss in plain view is tough to swallow....I went from being in the green in 14 out of 21 investments yesterday to being down to green in 7 out of 21 in one fell swoop today....ouch.
And to think just a couple days ago on the GMXR board I was discussing whether I should take some of my GNK/DSX gains off the table to buy some GMXR (I was up about 80% in both as of COB yesterday)....oops....too late, lost 20% of my gains on them today. Oh well, I'm still convinced that we'll bounce back, GNK is definitely one of the stronger shippers out there.
Better to save the trading fees and hold on for better times, unlike my brief flirtation with DRYS, where my gains suddenly went from 160% to 33% before I saw the light and bailed on the bombshell financing problems they announced two weeks ago. My greed/hesitation in taking some of my DRYS position of the table cost me a 5 figure gain, dammit....that bastard George is not to be trusted, expect more DRYS bombshells to be dropped in the near future. Still, it's a daytrader's dream if you got the balls for it.
Hang in there everyone, GNK is a keeper. This is just short term pain, as bad as it may feel right now (and it feels REAL bad!). Today's problems were mostly US bank related, I still feel that China is going to lead GNK and a lot of other commodity related stocks out of the woods within the next 6-12 months.
<Monty Python> Always look on the bright side of life, tada, tada tada tata ;-)
Well, after losing another pile of cash on GNK and DSX yesterday I've decided that I'm finally going to enter the before forbidden zone (for me), the land of swing trading around a core position. The volatility in the shipping stocks sucks, but if I had been swing trading the last couple months I would have made a ton of money and probably own double the amount of stock in both companies than I currently own from my "buy and hold" strategy.
I'll start in baby steps, I think, just so I don't get burned. Any helpful hints from you guys on what to do/not do with this trading style are welcome, as always!