Last week, I mentioned I made a QQQQ purchase ("toe in the water"); I also suggested that "since its now almost in the money by a half point, I’ll move my stop loss to breakeven. I’ll average up if we rally, and hold the position until it starts misbehaving."
As it moved higher, I also moved the stop loss with it. When it broke
$38 today to the downside, I was stopped out for a very modest gain.
If you bought something for a trade on Thursday’s plummet, you may be
getting close to breakeven on it (depending upon what you purchased).
Your discipline should be to never let a winner turn into a loser, and
never let a Trade become an Investment. You can always repurchase
something back if it starts behaving better later.
For now, if you took something in for a quickie, and it ain’t working
out, you should be thinking in terms of capital preservation, not the
next turnaround or bounce.