The timing of $PRGN couldn't be better because I just started to take notes on video 6 of How to Make Millions, which is heavy on shorting. The supernova yesterday that saw 830% at one point yesterday made this a prime example of a penny stock that can not only make huge gains on the way up but just as big on the way down.
I started to scale shorts into this stock yesterday and took advantage of the momentum continuing to drive the stock higher today and was able to scale in a position of 500 shares at $2.38. If I were trading real money on this and not just paper trading I'm sure I'd be more scared because of the huge percentages up and down.
But that said, I know that this will dump, most likely in a day or two providing that the stock follows the history of prior spikes and drops... and if it does, I'm betting it dips well below the $1 mark.
This will not be the perfect short trade however. Because as I've dove more into video 6 I've found that I've done a couple things wrong here. First being that I entered shorts on the 1st green day instead of waiting for the first red day. As a result, my initial positions are currently hurting. The other think that I did wrong was with today's entry and that I placed a trade too close to a new high.
I mostly like could have waited and found a better entry point, but given the likely hood that this will dump soon I'm not worried.