I closed the last trade for a $600 profit. All trades in total ended with a $300 loss. But, at its worst, I was at a $1500 loss. So through some frenetic trading I narrowed that loss to the $300.

The mistake was, obviously, underestimating the size of the move to a bad earnings report. I’d allowed for about 10% and at its worst, it was at 25%.

Some important lessons learned.