I was lucky to make a profitable scalp of PLA by closing my position before the close of Wednesday's trading session. First, I felt that I had a decent short position, but the stock wasn't fading like I had anticipated. It was also green for the day, yet still lower than my entry point at $2.43 from Tuesday. Technically speaking, I was still on the winning side of the trade and so I held and watched very closely. The stock did fade after lunchtime along with lower volume, so I planned on getting out at the end of the day and not holding into Thursday's earnings report. Always have an exit strategy or an escape contingency before or as soon as you enter a position. It's not a big deal to me if my current trade wasn't as profitable as I wished it could be, whether it be $50 or $500. If a trade's not going to what I had anticipated, I'll be glad to take my coins and move on or take a small loss. If it's a winner, I'll let it ride until the day the stock turns green. The beauty of Wall Street is that there's another opportunity to profit coming just around the corner.
Current account size: $13196
Account since start of October: $10000
My total gains: +$3196
11.4 gain short PLA:+$236
10.31 gain short DIN: +$306
10.22 gain short TOMO: +$1286
10.17 gain short RDA: +$196
10.9 gain short TMA: +$606
10.6 gain short RZ: +$566
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2 comments:
Fantastic gains Torello. You are simply great!
Unfortunately, I converted some of my winners in to losers. I wish I had taken the advice you left in my comment properly, I would still have my winners.
Anyway, where's the watch list for tomorrow?
Ramtajogi...brush it off and take notes on your losing trades. Losing trades are what will make you better. I'm going to try and see what plays are out there, but I've been little busy with my medical school paperwork. I'll check out your website later on and I'll probably be taking notes from your possible plays for Monday.
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