Mike's Place

How’d I do?

Not that it really matters, but I like to go back and see how the stocks I researched went. I only played two of them on my list for real . You can see my actual trades on http://profit.ly (don’t laugh too hard.. I am still building my accounts, and still take tiny positions since I have no confidence in my abilities yet:) I did play a couple of others as well. Actually had a pretty decent week (For my lousy trading skills anyway
Enough of my rambling: Here’s how they went.

PRXI – Did absolutely nothing. Sat around the same price all week, never filled the gap. I didn’t play it.

INTX – Gapped up nicely monday morning, and still had more strength in it. I was at work when it gapped, and I have no internet connection a lot of the time. I hate it when I miss easy plays, but then again the job is why I can play sometimes, so it’s a gift and a curse!

BSX – Tried to anticipate this one breaking down. So I shorted it before it broke below the support level. I did get out the next day for an .11 cent loss. Which I thought was horrible at the time. They eventually sent out a fluffy PR that really spiked the stock up to the 6.00 range. I should have bought once I covered my short.

PDLI – Never made it below 5, so I didn’t play it.

ELON – Never went below 7 (although it tried a couple of times), so I didn’t play it.

HRZ – Never went below 3.68, so I didn’t play it

AZK – Was a beautiful breakout. Bought it at 5.90, and sold it 2 days later at 6.24. It did make it all the way up to 6.48 the day that I sold, but there was a huge seller at 6.30, and I didn’t think it would go any higher. I was tempted to re-buy this one today (friday) when it successfully held 6 ish… Of course work got in the way and I was at 41000 feet screaming towards New Jersey, and unable to watch it.

Will start my watchlist for the next trading week on sunday night. Be on the lookout.

Read my disclaimer page.

Currently I have no positions. All of my day / swing trading accounts are 100% cash

I have been trading like crap lately, not sure why, but literally everything I do is wrong. I am taking a few days break from trading to get my mind right, and watch Tim Sykes Pennystocking part deux, and TimFundamentals part Deux. Glad I am out at work.
I still have my AMEL short, and lost quite a bit (percentage wise) on NEXMD. Went long the other day at 3.83 anticipating a morning spike, and of course it did the opposite, then I followed a timalert, and got in short at a bad price in 2 different accounts, then covered for another loss.
I re-shorted NEXMD when it spiked due to all of the covering when the morning panic didn’t play out. I waited for it to make it back down under the 3.25 resistance and got executed at 3.21. I think it goes down, but what do I know

Positions
AMEL – Short 500 shares at around .81 cents.
NEXMD – Short 300 shares at 3.21
JAG – Short 200 shares at 8.25

Watchlist
NEXMD – See above
AMEL – Nothing to write about. I can hold this small position until it’s a sub-penny
JAG – Nice looking head and shoulders pattern. Risk is like 5-10 cents so I took a small short position.
PWER – This one never gives up. Trying to break above 8.80, but I doubt it will. Still a potential quick breakout trade if it can.
SKH – Nice bounce play. The verdict against these guys will probably bankrupt them, so this is a definite potential short, but watch out for spikes.
GMTI – Broke out nicely. Looks like a sketchy company, and a sketchy press release, and promoters riding the momentum. Potential short eventually.

If you have been reading this blog lately (I think that might be 2 people including me You will have figured out that I have been on a bit of a losing streak… not big losses, I opened my IB account up with 10K about a month ago, and it is now down to 9461.00 The reason? I am cutting losses quickly when I think I am wrong. I lost another 85.00 on STAA today, then it came back to where I entered it. I would have made money if I would have stuck to my theory. I lost recently on ESPH as well. I was scaling into the trade (short) and had the fundamental research on my side, and a plan. Shares were hard to get at the higher level, so I gave up and covered. Today it tanked, and I would have made some money on my 500 shares I had short at an average of 1.53. I am at least still short 500 AMEL. I would love it if the promoters could get it up to 1.10 or so, but I don’t see it happening. I will hold on to these shares for as long as I can. I have a plan, the research on my side, and already have a small short position. I also know how I will deal with a spike above 1.10 (I will box it in a different account.) Small positions are the key for me right now since everything I do seems to be wrong. Eventually the coin flips will come out in my favor, and I will make money again, for now I am playing small and defensive. 1 good trade will overcome my small losses. Not exactly the way I would like it to happen, but I don’t get to choose the path like that. I hope this post helps someone (and helps me too) stick to my trading plans, and accept the small losses when they come, and have the discipline to let the winners run when they happen.
I did buy another 300 shares of STAA when it held 3.85 today, and set a stop 10 cents lower. I think I will probably lose on it, but I am thinking there is a chance of this spiking up again.
Good trading.

Please read my disclaimer page. I am currently short 500 AMEL, and long 300 STAA.