TIM $14,348 (up $153 on the day, pathetic week up $12)
My Trading Is Bush League
(NYSE: MWY) – another correctly called/poorly played Sykes Pattern…saw some resistance when it tried to take out $3 at the open so I covered my 1,000 shares at $3.06, for a profit of $230is
h. That resistance lasted about 3 seconds and then the stock dove to $2.75 within a few minutes. Idiot. It hung around there for a few hours—driving me mad with regret. While this was a solid profit for TIM (in fact my second largest to date (sad!)), but I left another $250ish in profits on the table. Sure, sure, the stock rebounded to the $2.90-$2.95 range for most of the day, so my exit wasn’t that bad, but the sad part is I expected the panic if it cracked $3—I just didn’t have the conviction to follow through—as usual. (hence me divulging all my strategies in my DVD—that’s right, the whole “I know exactly what to do, but I suck at doing it, you can do better than me” line is no marketing gimmick, it’s the truth!
Actually tried to buy 1,000 shares at $2.76 to go long the stock and scalp it for 20 cents or so, but I only got 300 shares executed and sold them at $2.85. Interesting lesson in that my partial fill made it a waste of a day trade since the commissions ate up most of my gains from this trade even though I was right (albeit slightly). Gotta make sure I get my whole position on in the future (usually I like to scale in and out, but due to the SEC’s reign of terror over accounts under $25k, that’s not possible)
(Nasdaq: AMPX) – same pattern as MWY, JMA, ASHW (and those are just in the last week), see why I get so down on myself for not making more than a lousy $3 million or so during my trading career?
(Nasdaq: JBLU), (Nasdaq: DNDN) – let them spike, both news related, much less predictable—good avoidance.
(Nasdaq: RIGL), (Nasdaq: SVNT) – both had morning spikes (RIGL $5+, SVNT $2+), RIGL would’ve been a good short, but it’s waaaay too scary to short into a stock up $5 by 10am and SVNT actually held onto its gains. Biotechs usually offer much less predictable patterns—good avoidance.
(Nasdaq: FRPT) – good spike after CEO’s comments this morning, but it was unpredictable news and the gap up was negligible—good avoidance.
(Nasdaq: CHINA) – perfect technical breakdown yesterday (but finished strong so it was risky), today a huge hole in the chart after poor earnings. Nice of the technicals to signal deterioration ahead of the fundamentals—take that people who ignore charts! Good avoidance.
And, if you’re liking my blog/book/DVD/purpose in life, here’s a few things you can do to help me out, so it’s worth it for me to devote my entire life to it (rather the current 75%):
Review my book on Amazon (honest reviews only—my one hater has created several fake negative reviews (the ones that have the facts wrong!)
Help me get more popular on Covestor by tracking my trades
Vote for my blog at the Blogger’s Choice Awards
Favorite my blog on Technorati
That’s about it for now, maybe it’s tacky of me to ask, but I don’t care—you guys know what I’m trying to do here, so if you’re with me, you’re with me.
Posted in Link Love