So close to 100K in profits I can taste it.
After a rough month in June, July is starting off much better. As you can see by my profit chart I am so close to 100K in profits I can taste it. I am however in two trades that are at a loss right now so I don’t expect to break 100K tomorrow.
This week I was better about setting my stops, but I can always improve. Two of the Three stocks that I’m in at the moment have tanked hard this week a liable to have a nice short squeeze up tomorrow.
XBIT from a very unfortunate entry of 18.15. I saw a huge buyer of 180K shares at 18 and thought that was a good support. I should have cut the loss when it dropped down to 17’s but I let it run against me. I will watch and see what happens before lunch and close it out before the weekend not to be a bag holder any longer.
It is always tough to admit that I’m in a bad trade and I let it go waaaay too far. The other one that got away from me is FSLR from today. I re entered at 46.05 and it went up to 46.20 while I was in a meeting with the lawyers. I didnt put my stop in and then we went onto further meetings and it ran against me. Same thing. I will close it out tomorrow before lunch.
My third long is LEDS which had a crazy day up almost 225% from 3.30 close on Wednesday. The run happened with a small float of 1.5 million. It traded 9 times the float today and I imagine that some shorts will squeeze it up tomorrow. My entry is 10.66 so I will watch the premarket action. With all the positive news as a giant gainer it has a good chance of having strong buyers at open based on the chart.
More on watch for tomorrow will be the 52 week low club members this week
7/5 DB, CS, CVRR, VLO FCAU, DAN, UBS, PAG
7/6 LYG, RBS, DB, VLO
7/7 VLO, DB, DHT, TNK
I am so happy to be feeling more concentrated. Of course I know better than trading today while at meetings. My lesson is always put the stops even if it ends with a loss. A small loss is better than the two big ones I have on my hands at the moment.
As Tim Sykes says cut the losers early and it it true. It is important to try to keep the losses small. I have two on my hands unfortunately that I did not follow that rule. When you break the rules it does cause errors resulting in losses.
When you examine your trades you see your faults as a trader. My husband is learning to trade now and always asks me why I did something when I have a loss. The truth is I’m imperfect and I need to try to protect myself all the time. I am not good at mental stops so I need to set those hard stops.
This week I also booked my space at the Trader & Investor Summit in Orlando September 10th-12th for a deal right now of $297. When you think of Tim’s DVD’s for the past seminars are roughly $800 it is a great deal for 3 days of experienced traders giving you their knowledge and being able to ask questions. Investing in your knowledge is always great.
I know of a bunch of Twitter, Profitly and Instagram followers that have reached out and are going as well. I am really looking forward to networking with everyone and comparing stories. This is a chance to all learn together and bring the online community together in person.
As always I love hearing feedback from you. It makes my trading more personal and I like to hear how I can help you. If you have questions or comments you can contact me here or on Profitly, Twitter, Instagram, LinkedIn and Facebook.
This blog is for information purposes I am not a registered securities broker-dealer or an investment advisor. The information here is not intended as securities brokerage, investment or as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund.