MITI finale...

I first started playing MITI on Monday of last week and I lost $200 on a squeeze the first time I played it (read HERE). NOTE: I cut my losses at 3% on this trade.

After losing $1,200, in two days, a couple weeks ago, and then losing again on the trade above... my confidence was a bit shot! However, I was bound and determined to redeem myself. So after doing my technical analysis on MITI and chatting with a couple of people in the GOTS chatroom who were also playing MITI, I came to the conclusion that if I was patient, I could make a couple pennies on this play...

One other thing I'd like to mention, other than QI, MITI is the only stock I played all week... and my patience paid off.

Fast forwarding through the week... I shorted MITI twice... and made money both times. What I learned from this experience was - as a daytrader, the objective is to make as much $$ in a single day as possible, jumping in and out of as many opportunities as you can... however playing only 1 or 2 plays at a time, can yield roughly the same outcome... solid profits! I know as I become a stronger trader, I will eventually be playing multiple stocks at the same time... however one must crawl before they can walk...

As it stands, I did leave a couple hundred dollars on the table, but as I've said before I don't do the woulda/coulda/shoulda thing...I recovered $1,000 of the $1,600 I lost over the past two weeks. More importantly, I regained my trading confidence, albeit a "wiser" trading confidence and of course I'm looking forward to a another educational week in the trenches.

My August stats are:

Total trades: 20 (long and short)
Starting account balance: $4,863.00 (Aug. 6th)
Gross Profit: 1,108.45
Commissions: 456.55
Current account balance: $5,525.65

Happy September trading...