NEW YORK (TheStreet) -- On Thursday I woke up, turned on my computer, logged into my trading account and shorted NetSuite (N) for $92.62. I was feeling super confident in this trade because I was using the same indicator I used on my double-digit return.
A few hours later, I checked the trade and saw N had dropped to the $88 dollar range. Normally I would have bought to cover at this point but because of my newly found indicator I've been using, I continued to hold it and move my stop closer to current price, locking in profits.
Friday morning, I woke up and saw the stock continuing to flutter in the $88 range. I closed my computer and went out for a run, still feeling confident in holding my short position. At around 8:30 a.m. PDT, I came back from my run through the canyons. Instead of feeling fanatical and nervous about the trade, I had 100% confidence in the trade, remembering the one impeccable indicator that told me this stock was going to continue tumbling for a little while longer.
At around 9 a.m. PDT, I took a shower, read a script made a few phone calls and checked back at around 10 a.m. To my delight, the stock had dropped all the way down to the mid $84 range. Happy with the profits, I bought to cover at $84.48.
That trade brought me a total of $8.14 per share in profit.
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