It kills me to shut this position down but the market has continued to scream higher. As a result of the rally, XLK's is about the lowest it's been for the past 52 weeks with a 9.6 My is well over $600 (meaning very poor and my risk is pretty high after such an oversized move. XLK is also quite a bit larger than my normal preference at almost $80 per share and the position has basically never worked. With all that in mind, it is no longer worth the risk to hold this position so I am closing it for a $1.09 loss. It sucks to concede defeat, but at least this one is minor.
Knowing when to call it quits is, without a doubt, the hardest thing to learn and abide by for new and experienced traders alike. With a small account, it's even more important to have disciplined The trick is remembering that profitability is not about the individual trades, but the portfolio as a whole. Right now, while it's aggravating to exit with a loss, this move is what's best for my entire portfolio.