Thursday, September 18, 2008

Amzn short - loss

Total loss I have got in shorting amazon is $950. I shorted amazon at 62 and 67 more than an year ago - only to see it climbing higher. I got an opportunity to cover my losses and even gain a small profit a couple of times but I was holding on amazon assuming(hoping) that it will easily hit 50. But, everytime I was wrong - and I was adamant in not accepting that I was wrong. This time, I am not going to be stubborn. I took my losses when amazon hit 72 by covering most of my position. I still have 25 stocks shorted on amazon and I will take them off as amazon slides further. This loss pretty much wipes out any profit I have made lately but I guess it was the tuition fee for learning investing.

No comments: