I couldn't watch BIHC this morning, and I was concerned about the fading trade volume, so I put in an order to sell my position at the open. I got filled at 5 cents, for a measly $40 profit after commissions. I paid $40 in commissions alone which took half of my profit since I only had 20,000 share position. I wish I had taken a bigger position in this yesterday to help offset the high commission.
BIHC dipped briefly but then ran up to 5.8 cents. It hovered in the mid 5's until selling took over and it went red. It was good that I got out, but I did leave over $100 on the table by selling at the open. Still, I had to play if safe.
After big volume yesterday, ALDN was pretty weak. I ended up selling at $10.16 for a measly $3.80 in profit.
Finally came OFI. OFI gapped up, but volume wasn't as strong as yesterday. It was hovering around $9.25 for a while, and I kept holding to see if it would go higher, but it never did. I ended up selling at $9.18 for a small $56 profit.
No other plays for me today. I am watching RDN, BKUNA, UAUA, and LCC as possible day trades tomorrow. These are all big day rangers that have the potential to move a lot in a day. I'm watching RDN and LCC in particular, as these are sitting just under even numbers. They may make good buys if they cross those even numbers on green, a la Mike_13th's trading style.
I'm also still watching EFFC for a breakout.
We'll see how tomorrow goes. It's the last day of the month, and I'd love to finish the month with my account back over $6000.
GUTTER ACCOUNT STATS:
Beginning of month: $4856.64
Yesterday: $5845.98
Today: $5867.87
Today's gain: $21.89, or 0.37%
Gain since beginning of month: $1011.23, or 20.8%
Positions traded for a gain:
BIHC ($40)
ALDN ($3.80)
OFI ($56.30)
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6 comments:
By PDT rule, aren't you not allowed to trade today since you had 3 trades yesterday? Idon't understand PDT rule , a buy and a sell on the same stock is considered a trade right? in that case since your account is less than 25K, aren't you done with?
No, the PDT rule only applies if you buy & sell the stock *in the same day*. My 3 trades here were all overnight trades.
Steve,
I have been following your bolg for last 2-3 days and most of your bets have gone wrong for me and I am down 2600 in 2 weeks by playing on Dow companies. Market and my luck have been very volatile lately. I would like to follow your trades from now on.
Hey longshort,
Did you mean that most of your bets have gone wrong for you, or most of my bets?
Two places that I highly recommend are timothysykes.com and Mike's chatroom at greenonthescreen.blogspot.com. These are where I've learned the most...but I'm still learning and have plenty to learn.
I was talking about my bets...
I have started following tim's blogs but the thing is all his recos are to short otcbb stock which scottrade doesnt allow me to. I am opening an account at TOS and hopefully should be start running from tomorrow.
I started trading with 5K and now I am almost 2600 in losses. I want to recover my money and have seen you made 25% profit in this month which is awesome.
longshort,
Yeah, being down $2600 is tough. But I also lost money my first few months and have since gained it all back.
The biggest things I would say are:
1. Don't try to make your $2600 all back at once. Just focus on good high probability trades and it will come back
2. Take your losses quickly. Don't allow yourself more than a 3-4% loss on any position. This is SO important. Even if you have 5 losing trades in a row, if you take your losses quickly, they won't hurt you very much.
3. Be picky about your trades. July has been by best month so far, yet I've traded less this month than I did during other months. And I'm 25% up *despite* still making mistakes and some bad trades. This is because I'm trying to be very picky about my trades and only focusing on what I think are high probability setups.
I'll post my month in review in the next day or so.
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