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Wednesday, 9 January 2008
Universal Electronics (UEIC) "Trading Transparency"

Hello Friends!  Thanks so much for stopping by and visiting my blog, Stock Picks Bob's Advice!  As always, please remember that I am an amateur investor, so please remember to consult with your professional investment advisers prior to making any investment decisions based on information on this website.

In order to demonstrate what a total amateur investor I really am, and I am NOT kidding, I probably should explain to you the series of really amateur mistakes I made today with my Universal Electronics Stock (UEIC).  I am really getting ready to stick to my rules and stop all the short-term trades.  While the rest of the market moved higher today, my own account dipped.

Earlier today, I saw that my UEIC stock was taking a nosedive for no particular reason.   

Rule #1.  Don't try to figure out the reason.  Just respond to market action.

I didn't.

I tried.

And I lost.

I figured since the drop was outrageous and the stock was gorgeous, I was smarter than the market and ought to buy some shares.  And buy I did.  I purchased an additional 800 shares of UEIC at approximately $26.95/share early on.  In the face (!) of a declining stock. After all, I had the one position to 'trade' didn't I?

But the stock kept dropping.  Just like trying to catch that falling knife, I started to feel the pain.  And now with a really large position!  So I sold 455 of my shares at around $45.50 and then sold the rest of my shares with the stock still in the $25.50 range closing out my entire position.

I haven't calculated my loss, but it was well over $1,000.

Stupid, stupid, stupid.

But at least the rest of my account was moving higher dampening out the effect of my folly.

Have I learned my lesson?

I don't know.  I know I really burnt my fingers on this one.  There are totally different skills between trading the short moves and investing for the long run.  I am pretty darn good at the latter and a total hack at the former.

I apologize to myself and to all of you for acting so foolishly in public.

But learning to invest is a lifelong process.  I have been doing this a long time and have learned a thing or two, but trading is something totally different. 

If you would like to read about and learn more about 'trading' instead of investing, visit Timothy Sykes, a fellow Covestor fan and terrific trader.  Stick around here to learn more about investing.  Let me make a few of these dumb mistakes and maybe you won't do the same.

Meanwhile,

UNIVERSAL ELECTRONICS (UEIC) IS RATED A HOLD

down from a "buy".  

If you have any comments or questions, please feel free to leave them on the blog or email me at bobsadviceforstocks@lycos.com.

Bob 

 


Posted by bobsadviceforstocks at 9:50 PM CST | Post Comment | View Comments (2) | Permalink
Updated: Wednesday, 9 January 2008 9:51 PM CST

Wednesday, 9 January 2008 - 11:43 PM CST

Name: "Mike"
Home Page: http://rationalspeculation.com

C'mon Bob..

Don't be so hard on yourself. NO ONE can always be right... not even Warren Buffett.

Thursday, 10 January 2008 - 5:34 AM CST

Name: "Robert Freedland"
Home Page: https://bobsadviceforstocks.tripod.com/bobsadviceforstoc

Mike,

Thanks.  I was really disappointed in the whole trade.  I was reading Sykes book which he kindly sent to me and he talked something about trading 'with the market' or 'with your ego'.  The former is more often successful.  That is, I have also been successful when the market was moving higher and I bought a stock moving sharply up.  This was an 'ego trade', that is, I thought it was a mistake that the market was dumping the stock and I went against it.  I did it once before, however that time it worked out.

Anyhow, thanks for writing and commenting :).  I slept on this whole thing and I don't feel quite as bad.  Meanwhile, my VIVO quietly hit a sale point.  Of course if the market dips today.....:).

Bob

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