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Is It Time To Short This Soaring Solar Stock?

One of the things I learned early in my trading career was that in that business, admitting and acknowledging mistakes is a good thing. That is so ingrained in me now that I have continued to do that as a writer on markets and trading, even though in that field of work one is expected to do the opposite. Apparently, we are all supposed to pretend that every call we ever made was spot on, but that is neither realistic nor helpful. So, I have no problem saying that last time I wrote about First Solar (FSLR) things didn’t go my way, to say the least!

In mid-August last year, I wrote that having made good money on the way up by being long FSLR, I was taking my profit and reversing to a short position. Obviously, that wasn’t a great call, although if you read that piece, you may remember that part of the appeal for me of taking on a risky trade like that was the proximity of a logical level off which to set a stop loss order. I did that, lost a small percentage of what I made on the way up, and moved on.

There are a couple of lessons here for anybody new to the trading game. First, set and stick to stops. You will be wrong sometimes, and no one trade should ever do serious damage to your account. Second, don’t waste time once a decision is made and you have cut a position by saying to yourself, “I could have made so much more!” You are never wrong to take a profit, so just cut and look elsewhere. That said, though, I continued to…

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EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
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