long FAZ

bought 64.12, 61.52
sold 61.515, 61.87, 60.18

tough tough loss. finally got burnt by this 3x ultra stock. but lessons well learned.


reason for buying:
trying to catch a bounce on prospect of a market pull back


reason for selling:
position went against me right away
market upsurge too strong


Lesson violated:
never short a strong market
never catch a falling knife
never try to catch a bottom, especially with an ultra 3x stock!

Update:
FAZ fell another $6 after i sold it. Could have been alot worse if I hadn't managed losses.