BMY Practice Trade Update (07-10-13)

BMY continues to move counter to my original position.  I haven't even looked at what the option price is, I only know that I SHOULD have exited the trade late July 3rd or early July 5th after I was already up 21%.

It looks to me like BMY is still going to go down, as is most of the market.  Currently I think the market is topping out and getting prepped for a down move, it just isn't happening RIGHT NOW.  But that's what's so critical about trading options - since they have a time decay element, I have to be right RIGHT NOW.

Anywho here's the daily chart...

Basically BMY is on a definite down trend for the near term, but it does have a fat pitch headed up indicating a sniper trade.  I would expect this up move to last anywhere from 1 to 5 trading days, then dissipate and continue heading down.  Even if this comes to pass, I STILL should have exited the trade with the 21% gain, because then I could have waited this up move out and re-entered the trade to go down AGAIN when it heads back down.

Just remember - this is what practice trades are for.  You can take your lumps and kick yourself without actually loosing money.  Just remember to treat it as though it were real so you can get your own emotions involved - fear, greed, etc.