Coming off of a slow Thursday, we had some unusual price action and volume in IDXG, a stock that has taken off before. Unfortunately, the momentum died shortly after open, which left me with some losses but it's important to get out of a stock if its not moving like you expect it to. Always plan your trade and trade your plan. I stuck to my stop loss and minimized my losses. It could have been much worse.
Shortly afterwards, we played ETRM, moving up with increasing momentum after consolidating in a narrow range for the past two sessions. For this one, we were able to let it run a bit. When all was said and done, not only was the loss from IDXG was completely erased, we closed the day with a healthy profit.
The lesson here is that losses are part of the game. It's how we respond to them that separates profitable traders from the rest.