What It's Like To Sell The Low In One Of The Worst Performing Stock

Think you’ve hit rock bottom?

Dennis Dick, proprietary trader at Bright Trading LLC and co-host of Benzinga’s PreMarket Prep radio show, sold Snap Inc SNAP at its nadir this week.

Sensing the stock was “overdone” and expecting it to rebound from a then-low of $11.50, Dick bought the open. Snap quickly fell to $11.30.

“I thought, ‘You know what, I don’t like taking heat,’” he said Tuesday on PreMarket Prep. “You know how I play my opening strategy. I like the things to open near the low and not go down 20 cents right after I buy them. I’m all about discipline and all about cutting losers.”

So Dick bowed out at $11.28 ━ just ahead of the stock’s turnaround and subsequent rise to $13.06.

“I sold the absolute bottom in Snap, yes I did,” he said.

But he’s not discouraged.

“The best traders are going to have losing trades,” Dick said. “Does that bother me? It bothers me zero.”

A fan of the “two-day move,” Dick bought Snap a few hours after the loss at $12.46 and intended to make up Monday’s losses when the stock opened at $13.21 Tuesday.

You can listen to our full discussion starting at the 2:00 mark in the track below.

PreMarket Prep is a daily trading show that airs every morning from 8–9 a.m. ET here and on our YouTube Channel. You can also listen to the podcast on iTunes, SoundCloud and Stitcher.