Humbling to start off my first trading day in over a year and a half with a loss, but alas, such is life as a trader when you’re a bottomfeeder. I realize that might sound “doom n gloom”, but quite the contrary. In fact, I’ve got an endorphin rush of excitement as I write this! Why you ask? Keep reading and I’ll explain…
Monday morning (May 23rd), 5:00 AM (PST), my first day back in the saddle; I’m anxious, excited, & scared. After spending the last few weeks boning up on trading knowledge (ie: watching, reading, & reviewing the material’s I was sent for the Tim Sykes Challenge), I spent my first hour following random chatter in both chat rooms I use (Investorsunderground.com & Timothysykes.com), plus doing some (amateurish) tech analysis on plays that I was stalking from the previous night’s DD.
Honestly, I found myself a bit lost… kind of like when you were 10 and it was your first day at a new school and you didn’t know anyone.
The experience was emotionally and psychologically very familiar, but I didn’t really know where to start - what’s in play? Will people still talk to me? Do I even know anyone in these chat rooms anymore?
6:30 AM (PST) rolls around… ding, ding, ding, ding!! Oh shit, what do I do now?? 5 window’s open on my 24 in. screen, two of them different chat rooms, my watch list, a chart screen, and my ThinkorSwim software.
Far too much stimulation this early in the morning, without anything to eat or drink… and of course not having any idea what’s in play or hot. 5 minutes later I see an alert for WAMUQ, it’s breaking out… but I can’t pull the trigger because I’m playing with a small account, I have to be perfect; can’t make any mistakes either because of the charts to the right of this blog post. NOTE: The night before I re-read a chapter on Bernard Baruch (will give context at the end)
I watch WAMUQ go from .08 to .15 in like an hour… yeah, I’m choked because I wanted to buy 5,000 shares, grab my .05 cents a share and make $250, but opportunity missed…
Anyhow, enough of my fantasizing…
Since Monday I’ve traded two stocks. Below I’ve listed my entry and exit points, profit +/- (in both cases minus… this time!) and a chart to give a visual of what I was looking at.
Trade #1: PERVASIP CORP (PVSP)
Entry: $ .099
Shares: Buy (5,000)
Exit: $.090
Total Commissions: $19.90
Profit +/-: ($64.90)
Trade #2: PERVASIP CORP (PVSP)
Entry: $ .098
Shares: Buy (5,000)
Exit: $.0.75
Total Commissions: $19.90
Profit +/-: ($134.90)
Potential Exit: $.118
Potential $ LoT (Left on Table):$100.00
TOTAL (trades 1 & 2): ($199.80)
NOTE: These trades were literally minutes apart. I was apprehensive to enter (should have listened to my SUB-conscious), but then once I was in, I was like this is a technical breakout… (Mental conversation with self) “uh, yes it was… but you were a little late to the party pal!”
To anyone new traders (newer than me), let me stress a few points from the bottom of my heart…
DO NOT BUY A BREAKOUT… AFTER IT’S ALREADY BROKEN OUT!
DO NOT TRY AND BUY THE BOTTOM AND SELL THE TOP... WISHFUL THINKING!
DO NOT BEAT YOURSELF UP (Mentally) IF YOU MAKE THIS MISTAKE! SHIT HAPPENS!
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Trade #3: OPTIONS MEDIA GROUP (OPMG)
Entry 1: $ .0465
Shares: Buy (500)
(Commission: $7.50)
Entry 2: $.049
Shares: Buy (4,500)
(Commission: $9.95)
Average Price: $.0485
Exit: $.04
(Commission: $9.95)
Total Commissions: $27.40
Profit +/-: ($71.15)
Potential Exit: $.0561
Potential $ LoT (Left on Table):$38.00
NOTE: OPMG is the Bieber play, which might still be a play… BUTTTTTT, considering I left a steak dinner on the table for what I actually ended up spending to play this PoS, means I shouldn’t have played this PoS. Hind-sight is always 20/20, and I don’t live in the past. Again, I bought the breakout, but it was a failed breakout. Pick yourself up off the ground, dust yourself off and keep going. At least I had the sense to cut my losses quickly. J
1 comment:
I know the feeling about PVSP. :-) But this company and stock could go alot higher because using live video for calls will be the next hottest trend in communications. Look at Face-time for iPhones! Even through PVSP uses VoIP, this trend can be used in business with co-workers video conferencing.
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