{"id":4318,"date":"2010-03-25T21:29:40","date_gmt":"2010-03-26T01:29:40","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=4318"},"modified":"2010-04-06T10:57:43","modified_gmt":"2010-04-06T14:57:43","slug":"the-importance-of-not-relinquishing-gains","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/the-importance-of-not-relinquishing-gains","title":{"rendered":"The Importance Of Not Relinquishing Gains"},"content":{"rendered":"<p>This morning I came in long a small overnight position in <a href=\"http:\/\/finance.yahoo.com\/q?s=QCOM\">QCOM<\/a>.  Chop Spencer!  But based on several factors I was looking for another sizable up leg.  I bought additional shares right on the Open when a seller at 42.50 was lifted.  QCOM quickly traded up another point.  I took my profits when the buying pattern changed in the 43.70s.<\/p>\n<p>As QCOM began to pullback I was looking for spots to get long as I thought the initial opening drive was foreshadowing another large up move later that day.  I told ALJ that if QCOM got back to 43 I would reload.  Any large players who were interested in putting on long positions in QCOM would most likely look to buy on the first pullback to a whole number.  These old school traders still think in fractions so they typically buy at the whole, .75, .50, and .25.<\/p>\n<p>QCOM pulled back to 43 and stopped on a dime.  It then rallied back 43.57.  I was in the driver&#8217;s seat.  I had a very large position from an average price of 43.11 and was prepared to hold the entire position for another significant up move.  Oh, but the best laid plans&#8230;.<\/p>\n<p>QCOM began to reverse and I hit out of my position below 43.30.  As it traded lower I continued to look for spots to get long as I still believed it would trade significantly higher that day.  I made the mistake of putting on large size at unimportant prices and slowly but surely continued to give back my gains from the initial two trades I had made.<\/p>\n<p>Eventually QCOM breached 43 and I hit out of a large position.  At this point I had given back about 65% of the profits I had made in the first 30 minutes of the trading day.  This was far too much money to give back in a stock as liquid as QCOM. <\/p>\n<p>Note to self: If you are up a lot of money by 10:00AM do not give back more than 25% of your profits.  This will make a huge difference at the end of the month!<\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/03\/qcom-raises-guidance.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/03\/qcom-raises-guidance-300x186.png\" alt=\"\" title=\"qcom raises guidance\" width=\"300\" height=\"186\" class=\"alignnone size-medium wp-image-4322\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/03\/qcom-raises-guidance-300x186.png 300w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/03\/qcom-raises-guidance.png 580w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This morning I came in long a small overnight position in QCOM. Chop Spencer! But based on several factors I was looking for another sizable up leg. I bought additional shares right on the Open when a seller at 42.50 was lifted. QCOM quickly traded up another point. I took my profits when the buying pattern changed in the 43.70s. &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/the-importance-of-not-relinquishing-gains\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":143,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,8],"tags":[825,823,755,526,824,471],"class_list":["post-4318","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","category-steven_spencer_steves_blogs","tag-gains","tag-importance","tag-not","tag-of","tag-relinquishing","tag-the","no-post-thumbnail"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Importance Of Not Relinquishing Gains | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/the-importance-of-not-relinquishing-gains\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Importance Of Not Relinquishing Gains | SMB Training\" \/>\n<meta property=\"og:description\" content=\"This morning I came in long a small overnight position in QCOM. Chop Spencer! But based on several factors I was looking for another sizable up leg. I bought additional shares right on the Open when a seller at 42.50 was lifted. QCOM quickly traded up another point. I took my profits when the buying pattern changed in the 43.70s. ... Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.smbtraining.com\/blog\/the-importance-of-not-relinquishing-gains\" \/>\n<meta property=\"og:site_name\" content=\"SMB Training Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/smbcap\/\" \/>\n<meta property=\"article:published_time\" content=\"2010-03-26T01:29:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2010-04-06T14:57:43+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/03\/qcom-raises-guidance-300x186.png\" \/>\n<meta name=\"author\" content=\"sspencer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@smbcapital\" \/>\n<meta name=\"twitter:site\" content=\"@smbcapital\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"sspencer\" \/>\n\t<meta name=\"twitter:label2\" 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