Welcome to my blog. A lot has changed since I started this thing. I'm now trading live after about a year of paper trading and studying. Originally I had planned on starting part time and slowly growing my account but life has a funny way of changing your plans. I found myself at a crossroads of sorts and quickly realized that I was being given a once in a lifetime opportunity to pursue my goals. I took the leap and I'm not looking back. Follow me here and see the triumphs and the losses.

Updated (08-10-16)

I tend to look for momentum trades that I can hold for anywhere from a few hours to a few days. I usually take positions of $5k to $10k in size to allow larger gains on smaller percentages (it's easier to hit a 1% to 5% gain vs a 10% to 20%+ gainer) and I like to use a trailing stop.

This blog is a way for me to log my progress and to aid me in learning, I hope that you find it useful. Financial freedom isn't given, it is earned. So plant the seeds of education and grow your pennies!

Friday, April 29, 2016

$PRGN Scaling In: Good Idea or Bad???

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.

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