Monday, October 11, 2010

Bookkeeping: Stopped Out of OpenTable (OPEN) Short

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Again, shorting right now is only for those who enjoy kamikazee - which apparently I do.  I have been stopped out of a short of OpenTable (OPEN) for a 2.8% loss.



One might ask - why do you not have conviction in your trades... why don't you stick with them longer if they don't work out in the beginning.  Sometimes that works - but I'd rather take many small losses than start taking big ones.  For example - here is a company I was shorting 4 weeks ago - if I had "stuck with my conviction" I'd be in extreme pain.  



Making up a host of 2-3-4% losses is much more doable than making up a host of 8-20% losses.  Right now I am simply living to fight another day as the environment is toxic for anyone who believes in outright shorting or even hedging.  Sometimes the market is favorable to your strategy, sometimes it is not - right now "definitely not" would be the answer.

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