Man it really feels good to start posting on this blog again. I know it has only been a couple of weeks or so since I began to focus on my business launch... but it sure seems longer.
I'll start with my trade updates. If you take a look at the Profit.ly app on the side of the blog you'll see that I closed two trades today.
$NTN with a loss and while it looks small it was actually a pretty big bag to hold for my E-Trade account which now sits at $54 in capital. It was a pretty simple rookie mistake and poor risk management on my part. I entered the trade with a plan to ride a bump after earnings. That didn't happen and instead of cutting losses quickly I held for the news and let the loss get bigger. I will say that I played the exit pretty good and took advantage of a close at the EOD order. The no emotion of it helped. I'm not sure what I'm going to do with the E-Trade account at this point. I may add funds or continue to trade small with it.
My $VALE swing closed with a nice percent gain today. On the technical side it was a well executed trade and my 10%+ momo plan worked. I was even able to control the exit and almost hit the HOD. But with all that said it wasn't a money making trade since it was only a 10 share position. I knew this going in and already accepted the heavy commission slippage that came with the trade.
|$VALE Swing Momo 04-23 to 04-24|
Honestly it was more of a moral booster for me after the $NTN loss and the larger... more embarrassing baggage that is $BRWC, which is currently -$200ish and basically cutting my Sharebuilder account in half.
The crazy thing about $BRWC is that I still feel that I should hold it. I'm not sure if the PR is complete BS or if the company actually has the potential to bounce of the 52 wk low and hit my target price of $0.0025. Currently this turd is sitting at $0.0006 and has done a little bouncing to $0.0009 and back for gains that read 50% or so. I think by the end of next week I will have a better idea of what to do with it.
Probably the two biggest mistakes with this one is holding and not sticking to my trade plan and using my Sharebuilder account to make the trade. The commissions and fees raped me haha.
I just opened an account with TD Ameritrade and I will be focusing on options and mini options. Most like only 4 options $AAPL, $GOOG, $BP, and $GPRO. The more I study trading and options I keep seeing two constants... Risk management and focus on a small collection of stocks.
Pennies are exciting and I still may trade momo plays on occasion, but I've found that it is difficult to find a shiny penny without risking following someone else, and that opens me to greater risks.
So stay tuned.