...is capital preservation. Protect your money, motherfuckers. This means there are going to be a million times you sell a stock for a loss. Get used to it. Check your ego at the door and accept the fact that a good percentage of your trades are gonna be losers. However, its a million times better to sell for a small loss than to hold on to a stock while its in a downtrend hoping that it'll reverse its drop.
Unfortunately, there are also going to be times when a stock will reverse its downtrend right after you sell. Dont worry about it. Save the self pity and buy back in if you like or look for another flip. From this daytrader's perspective, its a million times better to minimize losses and live to trade another day, than to hold on, once positive momentum is broken, and risk losing everything. Most daytraders have more losing trades than winning ones. This can fuck with a lot of trader's self confidence. The trick is to hit'em outta the park on a few of the trades you connect on. Most traders like to sell on strength. Thats fucking crazy, I think. If a stock is running let that bitch run. Take your profits off the table once the uptrend is broken. By employing this technique, you're essentially substituting the chance of selling at the high for a chance to let your stock run as high as it wants to go.
My only current position, presently, is 500 shares of Kinross. I'm in 2 days ago at $19.55. Yesterday it closed at 20.68 Even if gold has another good day today Kinross is likely to sell off a little before any additional significant gains. I'll keep a watch at the open and will sell at the first sign of weakness.
From now on, going forward, I'll try and post real time as I buy and sell shit.
Everyone from CNBC sucks my balls
I gets money, yo.
-------------------------------------------------------------------------------------------------
9:34ish am.
Took a small position (3000 shares) in ENG at 1.81. I think I may get burned here as the rise in price today is all smoke and mirrors. I'll set my stop/loss at 1.75 and hope I'm wrong
Sold Kinross at $20.40. The stock will continue to rise if gold continues to perform well, but I wanted to take my profit off the table as the commodity may pull back a bit before rising higher.
-------------------------------------------------------------------------------------------------
10:06ish
Sold 2000 of the ENG shares at 1.90. Trading too erratically for me not to take a profit when given the opportunity. I'll keep the stop/loss at 1.75 for the other 1000 shares.
May have a look at Timminco as its bouncing off an intraday low.
-------------------------------------------------------------------------------------------------
10:17ish
Taking a shot a Timminco. Pretty familair with this stock's trading pattern as I've traded it at least 12 - 15 times. Bought 500 shares at 18.82. Its bounced more than $1 off its low today. Ordinarily, I'd say it doesn't have any more legs for a move up, especially on a shit day like today, but TIM is a runner. Set my stop/loss at 18.50.
-------------------------------------------------------------------------------------------------
10:29ish
Moved up my stop/loss on both ENG and TIM to capitalize on their move up. Stop/loss for ENG is now set at 1.81 (my original purchase price; stock currently trading at 1.94 - 1.97). Stop/loss for TIM is now 18.80. Stock ran to 19.40 and now settled back to 19.10 - 19.11.
-------------------------------------------------------------------------------------------------
10:45ish
Moved up my stop/losses again. ENG stop/loss is not at 1.95. TIM stop/loss is now at 19.35
-------------------------------------------------------------------------------------------------
10:46ish
Stop/loss for TIM hit. Bought 500 shares at 18.82. Shares sold at 19.35.
-------------------------------------------------------------------------------------------------
11:00ish
Stop/loss hit for ENG at 1.95. Bought 3000 shares at 1.81. Sold 2000 at 1.90 and the other 1000 at 1.95. The stock hit an intraday high so far of 2.11. Would have been nice to buy more shares and sell at a higher price but you can never complain when you trade a winner. Up $585 on a bad for the markets. I got lucky. I'll try and resist the urge to jump back in ENG or TIM today as its Friday and I believe the closer the markets get to close the more these stocks will sell off their highs.
So, thats probably it for today.
Adios.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment