As my siggy line suggests, I am currently trying to come up from the ashes to rise above my losses. I've been getting a lot of help from many of you over in another thread.
Seems there are lots of others like me. I thought maybe this could be a thread where we encourage and support each other as we climb out of the red! It could be our Weight Watchers of trading where we can report our progress. Share only as much as you wish to share, you don't have to get too detailed if you do not want to.
I'll go up in front of the room first. I'm Jo and I'm a trade-aholic. It's been 2 days since my last trade.
Friday, my portfolio was down over $3100, due to unrealized losses of $7558.
Today, thanks to a jump in price in FRPT, FHAL and GSPG, my unrealized losses are $6904 and my total losses are now -$2486 or -9.82% of my total portfolio.
Total gain today: $654
I hope to gain at least another percentage point before the end of the month...small gains at a time.
My best plays today were FHAL 800 shares at .67 sold at .88 for a 31% gain
I also sold some FMLY for .008 taking a huge loss from where I bought it at .021, but I think this one is going to go even lower since they are diluting.
I made a risky move late today, by getting back into FHAL at $1.04, so we'll just have to see how that plays out.
The other gains are all unrealized, and mostly due to gains in my big board stocks EBAY, JLG, JSDA and GT.
Jo
Posted by Jo4321 on :
Not a good day:
Made some money (30%) selling FHAL and sold off a position in GSPG for only the loss of the commission. However, over in the big board stocks, my losses hurt my progress:
what are your remaining positions? forget about FRPT.. it will rebound back to 6.2's-6.4's.
Posted by Jo4321 on :
Oh my, kind of embarrassing to list all my positions. They list like a who's who of penny scams and bad choices. Thing is some of these COULD have been good (NDOL, STTK, WFGL) if I would have been playing then how I am playing now and getting out with profits.
So, if it will help any fellow losers, here is what I currently hold: Currently only two are green (JSDA, FRPT)
The important thing is that I am attempting to clean up my act. I'm holding way too many penny stocks at one time.
Jo
Posted by Jo4321 on :
WOO HOO! One of my stocks went up 300% today!
BOO HOO! It was one I was previously down 79%, so I pretty much just broke even and got the heck out of it. It was IMJX, that I previously bought for .0024, it sank to .0007 as of yesterday, but I got out at .0027. Made 20 bucks, but more importantly improved my portfolio a bit, since that loss is no longer in there.
Prior deficit: $2279 (-8.94%) Current deficit: 2010 (-7.89)
What will Monday bring?
Jo
Posted by Jo4321 on :
Today I am feeling that I can see a light at the end of the tunnel. My big board stocks were all in the green which helped my overall portfolio, FRPT was up .21 and since that is my biggest position, that also helped. I also flipped FHAL again for a $220.00 profit. Put some of those profits back in, but overall, things are looking up.
Here's the skinny:
Deficit as of Friday: $2010 (-7.89%) Deficit today: $1,091.13 (-4.28%) Improvement $919.99 and up 3% since Friday
Jo
Posted by Jo4321 on :
Continued improvement today, although I'm not sure how long some of these gains will hold so I'm not getting too excited yet.
Big gains in FRPT today, and a couple of my other big boards. I threw a hundred bucks in WWEN, which doubled, but I'm still in there. I have my FHAL profits riding and there was a bit of trouble with that today. Tommorrow could see those profits gone!
But for today a good report Yesterday: Down $1,091.13 (-4.28%) Today: Down $593.47 (-2.33%)
JO
Posted by insuranceman on :
My only position, as I started just recently, is CLBE. I sold PAIV before any real gain, so I am apt to try and hang onto CLBE, but I am down 300 dollars, which is small for you guys, but its a large enough loss in my ratio to become an issue. Hoping for the best.
Posted by Machiavelli on :
Here's some advice... cut down on your penny portfolio... way too big... concentrate more on the big board stocks... you will turn your portfolio around more likely that way... your holding 22 pennies and only 5 big boards... why not try it the other way around? ... 22 pennies is waaayyyy too much... cut your losses on the majority of them and start looking for big boards to swing/position trade....
Posted by plni on :
I would love to know about the penant charting
Posted by Jo4321 on :
Thanks, Machiavelli. I realize that having so many positions is a problem. The reason I have ended up with so many penny stocks is that, I began having losses and so I tried to grab "big runners" in order to make up for those losses, until I had way too many positions to keep track of. I was only throwing small amounts in them, but when you add them all together, it equaled big losses.
Now I am trying to consolidate and get out of some of them without too much of a loss. Since I've started this process about two weeks ago, I've already closed out PBLS, RMDG, GSPG,FMLY and IMJX. Many of the others are in so much red, it isn't worth closing them out at this time, so those are just sitting there for now and if they ever get past the break even point, I will sell them off.
Insuranceman, any loss is worth trying to get out of. I started out with small losses at first $100 here $300 there, and then, as I wrote above tried to dig myself out by throwing money into scams and I got further in the hole. You see my numbers up there and they don't look too bad now, but I was down over $3,000 just a couple of weeks ago. And I feel like you sometimes, that that loss is probably chump change to some folks. My unrealized losses right now are $6300!, but with my gains from things I've sold, I am only really down the $500 or so now.
Jo
Posted by Jo4321 on :
Oops forgot todays update (I don't know if anyone is actually reading this but at least it helps me to journal it and stay on track).
Today 1/2 of my FHAL profits were riding, but when I heard that Stock Le mon was featuring them on their site, I sold them off for a 25% loss. Not too bad, cause I still have most of my profits and all of my capital. However, I hope it doesn't end up being a bad decision to sell, if it goes way up. I'm still looking at another possible play in FHAL, but it would just be a gamble.
With a great day in FRPT which reached record highs, but not so great days in a whole lot of other stocks, my portfolio looks about the same as yesterday with a tiny improvement.
I'm hoping to gain some ground tommorrow by taking profits in WWEN. But, I hold VWMK which is going through a reverse split, so I'm pretty sure I'm going be down more than up tommorrow.
Anyone want to get in on the "date that Jo goes green poll"? LOL
Jo
Posted by Machiavelli on :
quote:Originally posted by Jo4321: Many of the others are in so much red, it isn't worth closing them out at this time, so those are just sitting there for now and if they ever get past the break even point, I will sell them off.
Precisely the point of cutting your losses. They are in the red and will probably never come out of it or go down even further. You need to admit you were wrong on those trades , sell them off to cut your losses and move on. Keeping such stock losers to make up some of your losses does not make any financial sense because you cannot predict with certainty they will go back up. It is better to just take your losses and move on and like i suggested trade in big board stocks in the $20 to $60 range. Don't make a bad situation worst. I'm certain other board members feel the same way as i do about your situation.
Posted by Jo4321 on :
Well, I guess what I mean is that since they have so little money left in them, it isn't even worth selling. Remember I said I put small amounts in them? Anywhere from $200-500. So now some of them have $50.00 - 100 left.
Your advice is sound, though. And, I HAVE been selling the losers for a loss that have reasonable cash in them. I sold FMLY for a 20% loss, but at least it had $200.00 in it.
And ya never know. I was down 79% in IMJX and it jumped up 300% last week. I was able to sell it and not only break even, but I made 20 bucks.LOL.
Jo
Posted by Jo4321 on :
Darn made some bad decisions on my "small gains at a time plan". I should have sold WWEN when it doubled, but did not. But for the most part today was uneventful, although several of my holdings went down causing me to be be down more overall
Have to remind myself again....small gains....small gains. It's when I get greedy that I lose money.
Jo
Posted by T e x on :
"It's when I get greedy that I lose money"
lol, will help
"It's when I get greedy that I lose money"
Jo, seriously?
you must distinguish...
you are not "up" some huge gazillion position...
therefore, you can't trade as though you are.
I have a story on here, somewhere, about a dog laying on nail that is stubbed up through the porch.
He wails...moans....whoaghewaoha BUT never moves off the nail
Why?
doesn't hurt enough, yet...
Posted by ruskin_muskin on :
Jo, WWEN very risky stock. i wish i had reloaded it at 0.05, the next time it gets there, I shall. The stock moves so fast that it is almost impossible to get out when it is being dumped. I was in it in last ride at 0.09, and rode it all the way to 0.4, never sold at right time, the stock ran all the way down to 0.28, when i got out and within the next week, it stood at a good 0.1. thats loss of almost 500% within a week?? ..
Posted by Jo4321 on :
quote:you are not "up" some huge gazillion position...
therefore, you can't trade as though you are.
Tex, Not sure what you meant by this.
I'm looking at percentages, not dollar amounts. I know I need to take smaller percentage gains, and for the most part I have been doing that over the past two weeks. It's just with WWEN yesterday that I did not. And that is what I meant when I said that is usually when I lose money.
And, Ruskin, thanks for the heads up on your past experience.
Jo
Jo
Posted by T e x on :
quote:Originally posted by Jo4321:
quote:you are not "up" some huge gazillion position...
therefore, you can't trade as though you are.
Tex, Not sure what you meant by this.
I'm looking at percentages, not dollar amounts. I know I need to take smaller percentage gains, and for the most part I have been doing that over the past two weeks. It's just with WWEN yesterday that I did not. And that is what I meant when I said that is usually when I lose money.
And, Ruskin, thanks for the heads up on your past experience.
Jo
Jo
JO,
If you're up a million $$$, you can trade one way...
If you're down? ya gotta be more careful. Simple as that...
Don't believe me?
lol, throw a grand at every play that "interests" you tomorrow...
Posted by Jo4321 on :
Agreed.
Posted by Jo4321 on :
Not a good week. My main holding, FRPT, has had some down days, coupled with a few other bad choices and I am having a major setback in meeting my goal.
Last week's deficit: 763.24 (-2.99%) This week: ($1,291.51) -5.06%
Jo
Posted by Machiavelli on :
dump all the losers and start from scratch... Posted by Billis on :
I'll join in Jo I am new with very little money to invest.
I started with $3300.00 Now have $1000.00 roughly lost most with RSHN bought in when everyone was getting out...
Positions I hold now PAIM FSHM JMCP SMMW WSHN
How do you guys find the winners is my biggest question...
Thanks Bill
Posted by Machiavelli on :
Learn technical analysis, limit your losses (admit when you are wrong on a particular trade, take your losses and move on to another stock), do not buy on tips or pumps on stock boards because those pumpers are looking to dump once you buy and drive the price up a little,do your own DD (if you don't then you have no one to blame but yourself) etc.
Also one rule you should follow is never put all your bankroll in pennystocks... spread it around between pennystocks and big board stocks... putting most in big boards... yes you can trade instead of invest in Big Board stocks... if you haven't really read any books on trading then start with these two books:
A Beginner's Guide to Short Term Trading by Toni Turner www.toniturner.com
How I made $2,000,000 in the Stock Market by Nicolas Darvas
Posted by Billis on :
Thanks for the info Machiavelli.
Do you any filters to help in your selection?
Posted by Machiavelli on :
Just wanted to say I like this thread. Similar to my rookie trading results. I to am working my way back but need to start taking profits. Have turned some winners into big time losers. I hate to say it but a healthy hurricane season will most likely change things. I am trying to transition to the big boards like many have suggested. I currently hold these pennies xkem bkmp fgfc adnl nlst ecci nmcx
I am learning a lot from the people on this board. Thanks
Posted by ruskin_muskin on :
Jo, FRPT has been displaying some behavior which I cannot fathom. do you understand the pattern? typically, after PR, the stock does great and moves up 15-20% within 3-4 days. It did close green today, but not as much as I had expected it to close at. too much of selling today at 6.25 unfortunately.. and I seriously hope it wasnt the institutional investors to whom FRPT gave shares at $5. I shall look for close above 6.3 tomorrow hopefully.
Posted by ruskin_muskin on :
Billis, cannot help with any suggestions on your holdings.. primarily because of 2 things. a) I dont think given a choice, I would hold any of those stocks, since it will become a little too difficult to get out of the stock when I want to sell. b) I am not sure if the companies are in for some legit business.
but I hope you have dopne your DD. hold them if you feel comfortable, and one day or the other, they have to run.. unless the management decides to do R/S.. you should not lose significant amount with your plays!
Posted by ruskin_muskin on :
32.. here is my take on your holdings FWIW..
xkem: might trade sideways for some time now.. or actually slowly start dropping.. unless some financial numbers are released.
bkmp: no clue about the stock. I thought it was a typical pump and dump by groups, but looks like the management has been following up with some decent PR's.
FGFC: back to 0.0125 .. well, it might just stay sideways for some time..
adnl: pump by groups and then sudden dump.. I think dragonfly of ihub was behind this.. see if he still holds this.. if he doesnt, then you might want to leave it alone and take loss to get out.. but thats just my opinion!
nlst: seasonal play.. shall go up with every hurricane IMO.. pick your entry and exit points cautionsly.
ecci: shakerz play. so be a little careful.. play it only if you like the company fundamentals.. charts look decent thoguh!
nmcx: chart looks decent with slight uptrend since mid july.. might be a decent hold.
the key is not to get into P&D players hands, but instead select companies based on their fundamentals.
Let me know if you have more questions!
Posted by 32counter on :
Ruskin, thanks for the reply. I have heard people talk about shakerzz, Who is that? I think you might be right on ADNL. Looks like some dilution is going on. They actually have a product and it makes sense but the stock is not performing well. Management has some experience in the industry.
To be honest other than a few plays I foumd most of these stocks by reading threads here, then chased them when they were running. Not a good idea. Thanks again
Posted by ruskin_muskin on :
Jo,
I took some profits off FRPT today.. cant comprehend why it is not performing strong... I am holding rest till financials.
Posted by Jo4321 on :
I thought about doing the same, Ruskin, but I did not. I have about 1/2 that I got in the 2.17 range, so that's still green, but I bought additional shares in the mid-five dollar range and the mid six-dollar range. So I decided to just ride it out.
I find it hard to believe that this would be the private placement shares being sold off. That wouldn't have been a very big gain.
My phoenix plan is doing worse each day. I haven't been able to take small profits in any of my holdings since last week, when I sold EPEA and made just $50.00! I haven't even checked my spreadsheet today to update my numbers cause I have a feeling with the FRPT decline I am probably right back where I started at the beginning of this thread.
Why oh why couldn't I JUST once stumble into a stock that has one of those crazy runs instead of immediately going down when I buy?
How are you doing 32Counter?
Jo
Posted by ruskin_muskin on :
I am not sure Joe, but the private placements thing is what concerned me.. well, can it be possible that institutions sell off $5 shares at $6 range for quick 15%? generally they wont.. but oh well. in OTC land.. they might.. very unfortunate.. meanwhile Joe, keep cpne under your radar, wait for it to drop for couple days more and get in if possible. easy 20% out there IMO..
Posted by ruskin_muskin on :
imo.. frpt might rise from here and test 7.5 in this run... i will buy more again after frpt crosses 6,25 range..
Posted by Machiavelli on :
quote:Originally posted by Jo4321: I thought about doing the same, Ruskin, but I did not. I have about 1/2 that I got in the 2.17 range, so that's still green, but I bought additional shares in the mid-five dollar range and the mid six-dollar range. So I decided to just ride it out.
I find it hard to believe that this would be the private placement shares being sold off. That wouldn't have been a very big gain.
My phoenix plan is doing worse each day. I haven't been able to take small profits in any of my holdings since last week, when I sold EPEA and made just $50.00! I haven't even checked my spreadsheet today to update my numbers cause I have a feeling with the FRPT decline I am probably right back where I started at the beginning of this thread.
Why oh why couldn't I JUST once stumble into a stock that has one of those crazy runs instead of immediately going down when I buy?
How are you doing 32Counter?
Jo
ahhh Jo.. never mind you know what I'm going to say lol as for FRPT ... whoever is losing on this one bought it on a pump/dump... they pumped it and you bought it and when it reached it's 52 week high of 7.05 you still held on to it even though it's on a obvious downtrend... remember the Trend is your Friend.. Don't go against the Trend... Below are two books that in my opinion will enlighten this boards eyes who have not read them yet... They both will give you a whole new look on the Stock Market and hopefully you will change your trading style for the better because of them... don't be stubborn and read one or both... especially the first one...
How I Made $2,000,000 in the Stock Market by Nicolas Darvas (a total classic... it's basically a education of a stock trader who was a total beginner from losing trades and what he learned from them to come up with a successful trading method that any of us can use; I'm currently rereading it because I learn something new when I do, things i forget or didn't think were important the first time around when I read it)
Trend Following by Michal Covel www.trendfollowing.com (can be bought used on amazon.com and other sites)
P.S.!!!! Don't be stubborn and CUT YOUR LOSSES. Admit you were wrong on the trade(s) and move on to another stock(s). The Market is always right not us contrary to belief.
Below is one more recommendation to this cutting losses and other trading philosophies that can help you but read the two books above first:
Reminisces of a Stock Operator by Edwin Lefevre (A book about Jesse Livermore's trading methods and Philosophies on trading. If you do not know who Jesse Livermore is you seriously need to read this book and cannot call yourself a trader if you do not)
Posted by Swing_trading101 on :
Jo, FRPT Free fall continues.. I sold out of my entire position today. you might want to call it panic selling.. but yes i panicked and sold. this whole private [placement thing.. glad i made some good money with that stock.. but am out for now!
Posted by Machiavelli on :
at least your listening Swing 101 ... some people just dont listen about cutting losses.... though I have to admit Support seems to be around 5.50 and could be a trend reversal now but like i said the trend is clearly a downtrend.... don't go against the trend...
Posted by 32counter on :
Machav, Thanks for the info on the books. I will be looking to read them.
Jo, I am not exactly rising from the ashes either. Started with 8600 and just dipped below 7000 on Thursday. Everything is red except NLST which seems to slowly tick up even without a named storm. I am hoping that ecci will shoot back as well as Bugs which I purchased with news which are both hurricane sensitive. Once again I could have taken a 15 % profit on both and got greedy.
Good luck to you and great thread. This is a lot of fun. I suppose it would be even more fun when I start taking profits and cutting losses.
Posted by Jo4321 on :
I admit, I was tempted to sell my FRPT, however, some if it I've been in since $2.17 and it seems that most of its dips end up coming back up. Today with news of a British Cougar order, it is back up over $6.00. Still not great, since it WAS up over $7.00 but not as scary as when it was in the low 5's. I will probably take some profits on FRPT today anyhow, cause I'm going on vacation and I don't like having such a big percentage of my holdings in that one stock.
32, I know what you mean about taking the 15% profit. With me, it seems everytime, I DO not take the 10-15% profit, I end up in the red. However, the opposite happens when I DO take the small profits. For example, I took a 25% profit on EPEA and made a lowly $50.00. I could have sold it today for 185% profit and a $650.00 gain.
The key is, I guess, to just take the small profits and never look back with the coulda, woulda, shoulda stuff.
Yes, it will be a lot more fun when we are in the green!
Jo
Posted by Machiavelli on :
guess i was right about my trend reversal.. on FRPT.. que cerar cerar Posted by Jo4321 on :
Yeah that was a good call.
I sold off at $6.45 in my IRA. I'll look at getting back in lower after my vacation.
I've still got some in my regular account, but can't decide whether to sell or not. I was hoping to hold on for a year for long-term tax advantage, but I don't know if that is worth the emotional rollercoaster! LOL
Maybe selling 1/2 might be the play.
Jo
Posted by 32counter on :
Hey jo, You back from vacation yet? Just curious to see how it has been going. I took a major hit on a 10q filing that dropped one of my stocks close to 50 percent in about 5 minutes last week. It has worked its way back up. Down just under 2 grand still. In for 8600, currently at a little over 6600. Funny thing is the two non penny stocks I was riding jdsu and dyn are both doing well. One of these days I am going to moderate the penny obsession. Hope things are going well for all you guys!
32
Posted by Jo4321 on :
Yep, back from vacation and things went from bad to worse. I sold off some more FRPT just before close the Friday I went on vacation. I made a mistake today and used some of my FRPT profits to buy ACTC today and promptly lost 20% of my money. Well, didn't lose it YET, cause I didn't sell, but I'm kind of worried about it now. Not looking too good.
What stock was it that you are talking about in your post? You are playing bigger amounts than me but the goal is the same! Let's get green.
I think my total portfolio is now down 9%. My saving grace is that my dh has been too busy at work to look at the accounts and see the mess I've made. Gonna have to change the password
Hope to have better news to report soon.
Jo
Posted by 32counter on :
Hey Jo,
Hang tough. Wish I was down only nine percent. The stock that dropped was formerly known as nlst and now nsmg. I am back in the green on that stock as of today. Three stocks went green today, nsmg, bkmp, and, bugs. I have hired a photographer to take a picture of the right side of my screen because that is the first green I have seen in a while. Up to 7229/8600 still down 16 %, but feeling better. I am no guy to take stock advice from but some of the hurricane stocks so far have moved fairly consistently with storm news. Good luck
Posted by 32counter on :
Oh, and good idea on the password change
Posted by Jo4321 on :
LOL, I was in NLST once, but I actually got out too soon. I got in a .21 and out at .37. Still at least I made some money, which is becoming a rarer and rarer occasion. But when it went up last week, I was kicking myself. I seem to have that kind of timing in every stock I own. When I sell they go up, when I hold them they go down.
I really was hoping to be back even by the end of the summer, but school starts on Monday. New goal, end of the year.
Jo
Posted by The Bigfoot on :
Jo.....The reason it is rarer and rarer is because you are beating yourself up for not holding out long enough every time a stock out performs your expectations.
1 in 10 stocks will do that (if even that). The others you will hold beyond when you should and end up right back in the red again thereby having payoffs become rarer and rarer.
Stop trying to sell at the top. Mythical in perportions to be able to do that with any accuracy.
Find a stock prime for a bounce or run. Don't plan on holding beyond two weeks. Get a rise and then sell at the first sign of weakness unless you are really damn sure about your hunch that it ain't done yet.
Maybe you will sell for 15% on a momentary dip before a 300% run but that really doesn't matter. What does matter is that you end green and have an extra bit to invest in the next one thereby increasing what the next "extra bit" will be.
Don't try to be Superman....be happy if you can reach Clark Kent levels!!!
The Bigfoot
Alright....I should give you this though...
In my opinion the penny market has been really sucky for the last three weeks and it has been very difficult to make money. I will give you that. The former still applies though!
BF
Posted by neona on :
WOW! This is a great forum. I'm a newbie as well. I've done trading before but my loses were bigger than my gain which made me quit the game for awile. I'm back. I did get burned again - this time big, but I'm recovering and trying my best to protect my assets and increase my capital. I got too exited with ACTC (by now you've probably heard about it - it's all over the news) and put all of my money on it as many experienced traders did. My negative balance is over $3000 but I'm hoping to turn my portfolio around with the remaining $4700. Some of the "old" traders are supportive and give me good advice, but there are some that just can't resist to talk down on you. Is it really necessary? Lesson learned though. I'm trying to come up with a strategy, although as we all know, sometimes is difficult to predict the market. For instance ACTC had a great respond, great PR, coverege all over the news, which is unusual for a penny stock, great conference call today, yet the stock keep going down like crazy... Anyway, I'm hoping Monday to be a good day to recover some of my loses. Hope I'll find support here, and If I know something that might be in help to anyone, I will post it here I wish a great Monday to all.
Posted by T e x on :
lol--neona?
nobody's *talking down* to you...if anybody? It was me...why? you posted "must have" recoveries
...simply put, you sounded "desperate"... no?
if you got $4700 to play with? first, this is news--in other posts, you made it sound as though the ACTC play was make-or-break
second? many here have started with much less than the balance you say is remaining...
third? You will find GREAT support here....many good traders, with various backgrounds and a variety of opinions...
Posted by neona on :
No, not you Tex. It was someone in the Penny Stocks under .10 or something like that.
Posted by neona on :
Tex, It was looking pretty bad on Thursday. I got it under control today. I think I know what to expect on Monday.
Posted by T e x on :
quote:Originally posted by neona: No, not you Tex. It was someone in the Penny Stocks under .10 or something like that.
cool...
if you have real problems on da board? lemme know...
and
a belated WELCOME...
we met during a *serious play*
so...my apologies for not extending warmest welcome before...
heat of battle, etc...
GLAD you are here!
best
-- tex
Posted by neona on :
Tex, Are you gonna be up all night...lol I've got tons of silly questions - hope you don't get TOO annoyed by them Can I ask you something? You don't have to answer if you think it's a stupid question. How do you guys find the companies that may be worth something? Where do you look for those companies? Is there a website that has all the listings of penny stocks? I only know of the PinkSheets and the OTC Board. Again, if this is an overly dumb question just ignore it....lol
Posted by T e x on :
quote:Originally posted by neona: Tex, Are you gonna be up all night...lol I've got tons of silly questions - hope you don't get TOO annoyed by them Can I ask you something? You don't have to answer if you think it's a stupid question. How do you guys find the companies that may be worth something? Where do you look for those companies? Is there a website that has all the listings of penny stocks? I only know of the PinkSheets and the OTC Board. Again, if this is an overly dumb question just ignore it....lol
basically, given a new day, "we" (as a community) watch news/PR releases (before the bell), monitor watchlists from the day(s) before, check in with favorite chatrooms, monitor various threads/posters, rub rabbit feet together, burn candles, constant eye on streamers, monitor PRs coming out during the day; run scans, rub rabbit foot again; run charts, IM other traders, go outside and yell; run back, grab a sandwich from the hands of a child, throwing quarters over our shoulder back to said child; run more scans; check back with chatrooms; re-boot, check home message board, check other likely boards; rebuild streamer; cuss at monitors, throw rabbit feet out the window...immediately regret doing so.... think about retrieving rabbit feet from dog... blow that off.... Repeat all, with new wrinkles, as opportunity presents....
After hours? start scans for next day...and rebuild watchlists...
prety simple, really..
beats having a steady paycheck, lol Posted by T e x on :
sorry...
guess I had to get that outta my system...
will answer seriously tomorrow...well--more seriously
Posted by neona on :
LOL...
Posted by The Bigfoot on :
Neona,
Finding out which companies are legit and which are full of crap can be really hard down here. Basic rule of thumb of mine is to trade like they are all crooked and not to stay into a stock long enough to get messed with.
Read the 10Q's and try to see if anything seems wonky or doesn't make sense. If they don't actually have a product...be concerned. You want a smaller O/S for good movement but you also want a fluid stock.
BKMP is fluid but it has 13 billion shares outstanding. That's requires a hell of a lot of momo to get off the ground. (Can happen and just might next week)
Other stocks might have 10 Mil shares outstanding. Good for quick price flux but gonna screw ya if nobody's buying.
Other than that...look at the hype...look for red flags(You'll find em)...discount the hype and find your own stock that looks ready for a bounce or bull trend.
Good Luck and welcome.
Oh...by the way...I started out with a hell of a lot less than you ($1500). Protect you capital and expect little increments rather than homeruns and you will do fine.
Posted by neona on :
Thank you Bigfoot, Much appreciated Posted by 10of13 on :
neona welcome to allstocks and welcome back to the "trading game"...I hope it will work well for you this time around...Lots of good people on here...and some grumpy ones...but that comes with any "work place"...most are more than happy to "help out"...but usually not until after the "trade day"...hope to see ya around...and good luck to you....
Posted by plni on :
Welcome to the best board in town.We work hard here everyday from 9:30 till 4:30.then we go to happy hour for our daily attitude adjustment.We sleep very poorly,and begin it all over the next day.We do get weekends off but most of us hate weekends as we can not buy or sell stocks that cause us to lose our money.Its a dirty business but someone has to do it.Like I said WELCOME
Posted by plni on :
origanally posted by MACHAVELLi Money Never Sleeps Pal.
neither does the one who lost it.
Posted by The Bigfoot on :
I gotta agree. I used to live for the weekends. Now they are just incomvient days when I have to do the laundry. But Fantasy Football is about to start up so I should have something to distract me at least.Oh...and the wife. (whoops! Glad she doesn't read these boards!!!)
BF
Posted by Machiavelli on :
quote:Originally posted by neona: Lesson learned though. I'm trying to come up with a strategy, although as we all know, sometimes is difficult to predict the market.
Don't try to predict it... go with the trend... the Trend is your Friend as they say... and remember the Market is always right not you... I suggest you get out of pennies if your losses are more then your gains... trade big board stocks in Nasdaq, NYSE and AMEX .... rebuild your bankroll... and perhaps later on try pennies again but not your whole bankroll.. perhaps 1/4 of your bankroll instead... below are book suggestions:
A Beginner's Guide to Short-Term Trading by Toni Turner www.toniturner.com
The Candlestick Course by Steve Nison www.candlecharts.com (this book ties into the Toni Turner book)
How I Made $2,000,000 in the Stock Market by Nicolas Darvas (IMO his techno-fundamentalist box theory/technique still works)
Trend Following by Michael Covel www.trendfollowing.com (one of the biggest trend following Traders owns the Boston Red Sox baseball team so obviously he is making $$ to be able to buy such a team)
All these books can be found on amazon.com and other sites cheap if you buy them used... but check out the author's websites .. might interest you...
Posted by Machiavelli on :
quote:Originally posted by plni: origanally posted by MACHAVELLi Money Never Sleeps Pal.
neither does the one who lost it.
That quote is from the movie Wall Street with Michael Douglas and Charlie Sheen ... if you haven't watched it.. Watch it!! a classic.. that and Boiler Room with Vin Diesel..
Posted by plni on :
Dont worry Bigfoot Its Sunday afternoon only a few hours till trade time.Please somebody help me I am so addicted to this.Its like setting a trap line when I was a kid,cant wait to check my traps tomorrow.
Posted by neona on :
MACHIAVELLY, Great reading. Thank you Posted by neona on :
plni,
And I thought that Civil Engineering is a dirty business... lol... Hope I could became so good at trading that I would quit my job and do trading for a living The work hours are awesome- 6:30am-1:00pm (Pacific Time)... I'll be done with trading till 1:00pm and have the rest of the day for myself (which would be spend in reserching companies)... It will make it possible for me to live anywhere in the World I want since the trading is done online... This is my dream. I hope it will come true.
Posted by Ace of Spades on :
quote:Originally posted by T e x:
quote:Originally posted by neona: Tex, Are you gonna be up all night...lol I've got tons of silly questions - hope you don't get TOO annoyed by them Can I ask you something? You don't have to answer if you think it's a stupid question. How do you guys find the companies that may be worth something? Where do you look for those companies? Is there a website that has all the listings of penny stocks? I only know of the PinkSheets and the OTC Board. Again, if this is an overly dumb question just ignore it....lol
basically, given a new day, "we" (as a community) watch news/PR releases (before the bell), monitor watchlists from the day(s) before, check in with favorite chatrooms, monitor various threads/posters, rub rabbit feet together, burn candles, constant eye on streamers, monitor PRs coming out during the day; run scans, rub rabbit foot again; run charts, IM other traders, go outside and yell; run back, grab a sandwich from the hands of a child, throwing quarters over our shoulder back to said child; run more scans; check back with chatrooms; re-boot, check home message board, check other likely boards; rebuild streamer; cuss at monitors, throw rabbit feet out the window...immediately regret doing so.... think about retrieving rabbit feet from dog... blow that off.... Repeat all, with new wrinkles, as opportunity presents....
After hours? start scans for next day...and rebuild watchlists...
prety simple, really..
beats having a steady paycheck, lol
Holy Sh*t that's the funniest post ever Posted by Jo4321 on :
quote: Stop trying to sell at the top. Mythical in perportions to be able to do that with any accuracy.
Find a stock prime for a bounce or run. Don't plan on holding beyond two weeks. Get a rise and then sell at the first sign of weakness unless you are really damn sure about your hunch that it ain't done yet.
This is what I have been trying to do since starting this thread. It is the reason I have my tag line stating "small gains at a time". However, lately, I haven't even been able to get small gains. I have the worst timing of anyone on these boards, I think! I've been setting my sells for a modest 10-20% gain, but the last few stocks I've entered don't even get past 2% before falling.
My saving grace has been FRPT. I'm considering selling off all my pennies and taking the losses (My unrealized losses are currently about 9,000) and putting the proceeds into FRPT. I have made some gains in some of my trading, so my actual losses right now are in the 2,500 range. I could still make that up with the right play.
Jo
Posted by Ace of Spades on :
Jo4321, a strategy that might work is just playing off the news. That's mainly what I do. I read the PR's before opening bell and watch news on microcaptrade all day. If there's a hot PR, it's easy to get in and out the same day with a nice gain. Sometimes in just 1 hr or less.
Posted by neona on :
Ace of Spades,
Where do you get the PS from? Aye you subscribed for any of the online financial newspapers or something like that? How does it work? Thanks.
Posted by T e x on :
quote:Originally posted by neona: Ace of Spades,
Where do you get the PS from? Aye you subscribed for any of the online financial newspapers or something like that? How does it work? Thanks.
popular PR sites:
businesswire.com (allows e-mail alerts, maybe others do also)
stockhouse.com
smallcapcenter.com (also has scans)
marketwatch.com (e-mail alerts, as I recall)
Posted by Machiavelli on :
quote:Originally posted by Jo4321:
quote: Stop trying to sell at the top. Mythical in perportions to be able to do that with any accuracy.
Find a stock prime for a bounce or run. Don't plan on holding beyond two weeks. Get a rise and then sell at the first sign of weakness unless you are really damn sure about your hunch that it ain't done yet.
This is what I have been trying to do since starting this thread. It is the reason I have my tag line stating "small gains at a time". However, lately, I haven't even been able to get small gains. I have the worst timing of anyone on these boards, I think! I've been setting my sells for a modest 10-20% gain, but the last few stocks I've entered don't even get past 2% before falling.
My saving grace has been FRPT. I'm considering selling off all my pennies and taking the losses (My unrealized losses are currently about 9,000) and putting the proceeds into FRPT. I have made some gains in some of my trading, so my actual losses right now are in the 2,500 range. I could still make that up with the right play.
Jo
ahhhh Jo... nevermind lol jk :::: shakes head :::: I'm sure you know what I was going to say... I wonder how much $$ you would of saved if you had taken my original advice...
Posted by Machiavelli on :
quote:Originally posted by neona: plni,
And I thought that Civil Engineering is a dirty business... lol... Hope I could became so good at trading that I would quit my job and do trading for a living The work hours are awesome- 6:30am-1:00pm (Pacific Time)... I'll be done with trading till 1:00pm and have the rest of the day for myself (which would be spend in reserching companies)... It will make it possible for me to live anywhere in the World I want since the trading is done online... This is my dream. I hope it will come true.
You can make more of a living trading big board stocks then penny stocks.... stocks in the $20 to $60 range on the NYSE, NASDAQ and AMEX... you can make $$ in stocks under $20 or over $60 but the most $$ is made in the 20-60 range...
Posted by Jo4321 on :
quote:Originally posted by Machiavelli: .. I wonder how much $$ you would of saved if you had taken my original advice...
I'm assuming you mean, this advice, Mach?
quote: Originally posted by Machiavelli
Here's some advice... cut down on your penny portfolio... way too big... concentrate more on the big board stocks... you will turn your portfolio around more likely that way... your holding 22 pennies and only 5 big boards... why not try it the other way around? ... 22 pennies is waaayyyy too much... cut your losses on the majority of them and start looking for big boards to swing/position trade....
I have been taking that advice. But it is a slow process. As I mentioned, some of my losses are at a point that they are not even worth selling for the losses, as they are down below $100.00. However, I have consolidated some postions. And I have purchased a few NASDAQ/NYSE stocks. Made a decent swing trade with NGAS (bought at 8.40 sold at 9.60). But I made big mistake purchasing CHCI, a housing stock (WHAT WAS I THINKING) and bought some more JLG hoping for a good swing trade on that one when the yearly earnings are announced September 25.
I do appreciate your advice, and I am trying to get out of the pennies. I almost feel trapped in them right now.
Jo
Posted by neona on :
Machiavelly, I'm afraid I cannot afford to trade big-bord stocks Posted by neona on :
Tex, Thank you! Very helpfull info.
Posted by Jo4321 on :
My update:
Thanks to a couple big board stocks (GT which went up over 3% today and EBAY which almost went up 2%), combined with a couple of OTC's and Pennies that went up in minute increments, plus the sale of NGAS while it was up at $9.60, I have gone from being down 8.9% Friday to being down 7.6% today. Finally a little progress in the right direction again.
Jo
Posted by The Bigfoot on :
Growling aside Jo...
It looks like you are heading in the right direction and I wish you luck.
Buy low, Sell high.
BF
Posted by Ace of Spades on :
quote:Originally posted by neona: Ace of Spades,
Where do you get the PS from? Aye you subscribed for any of the online financial newspapers or something like that? How does it work? Thanks.
Ace of Spades, Thank you! Is this program helpful for picking up winning stocks? Is this even possible? Just curious.
Posted by Ace of Spades on :
quote:Originally posted by neona: Ace of Spades, Thank you! Is this program helpful for picking up winning stocks? Is this even possible? Just curious.
This is the best platform for Penny Stocks and is used by almost all penny traders. The filter is awesome, and can quickly sort throught pennies with your own criteria, and they will be displayed in real-time. You should try the free trial.You can see from opening bell what stocks are gapping and running. Also when PR's come out, you can see how the stock is responding to the news. L2's are Great.
Posted by T e x on :
neona, read about the platform--we have an entire forum--then read some of Dardadog's posts about the software.
Posted by Ace of Spades on :
quote:Originally posted by T e x: neona, read about the platform--we have an entire forum--then read some of Dardadog's posts about the software.
I've almost subscribed for the free trial this morning prior to the bell, but then I've changed my mind because there are many programs out there that claim to be picking the winning Level II stocks which made it sound doubtful. On the other hand, It won't cost me if I try it, right... So, I'll go ahead and give it a try. Thanks a lot, guys!
Posted by Ace of Spades on :
quote:Originally posted by neona: Ace of Spades & Tex,
I've almost subscribed for the free trial this morning prior to the bell, but then I've changed my mind because there are many programs out there that claim to be picking the winning Level II stocks which made it sound doubtful. On the other hand, It won't cost me if I try it, right... So, I'll go ahead and give it a try. Thanks a lot, guys!
That's true, You can get L2's anywhere. The main reason for Microcaptrade platform is for the realtime PR's, and the filter to track only penny stocks in real-time. If you had this platform you could have seen ACTC's PR come out in real time, and could have gotten in at the begging.
[ August 28, 2006, 22:05: Message edited by: Ace of Spades ]
Posted by T e x on :
well, it's *not* free, and it *is* a pro-grade tool...can be overwhelming...
also? when you say "picking the winning Level II stocks" ? it's clear you have sumpin confused...
suggest a deep breath, a day or two away to collect your thoughts...lol, I been there--most of us have...
Microcaptrader is really designed for daytraders...look at da Dog's filters, and you'll see...
Posted by neona on :
Tex, That's what the advertisement say. And that's why I said I doubt it Posted by Ace of Spades on :
quote:Originally posted by neona: Tex, That's what the advertisement say. And that's why I said I doubt it
If you're looking for more confidence in microcaptrade's platform, MM's use their professional version, the [Highly-specialized application built for the "Bullys and Pinks" trading desks of Institutional Market Maker firms. Provides the essential algorithms they need to meet their stock list management requirements, enabling them to be more efficient, profitable and responsive to their market making needs.]
Lots of other losers, so I am hovering at nearly the same percentage of deficit: -7.37%
Still a tiny improvement over yesterday.
Jo
Posted by 32counter on :
way to go jo. I really would like to start playing some big boards especially since it is work time again and I do not have time to monitor right now. Looks like you are making some steady progress. Dropped about 600 today. started with 8600 and am at about 6850. Everything was red today ather than nmcx. good luck everyone
Posted by Jo4321 on :
32counter,
Were you able to take profits on NSMG or ECCI the past couple of days?
What are your best hopes for some gains over the next few days?
Jo
Posted by Machiavelli on :
quote:Originally posted by neona: Machiavelly, I'm afraid I cannot afford to trade big-bord stocks
What's your bankroll Neona?
Posted by Jo4321 on :
Update:
Deficit back up to 7.87%
It'd be nice if just one day the majority of my holdings would go up.
As it is now, when one or two of my holdings do well, there's always a slew of others that counteract this.
My four biggest holdings (dollarwise) are EBAY, GT, FRPT and JLG. I had good gains again with EBAY and Goodyear, but FRPT and JLG went down. Most of my pennies were also down, especially ACTC. But for the most part, not a bad day overall.
The best thing I did today was to avoid buying anything new in an attempt to "make up my losses". That is kind of how I got into ACTC, and see how THAT worked out.
Jo
Posted by 32counter on :
Jo thanks for the update. Keep them coming. I know what you mean about the half up and half down. I am looking int some of your big board holdings as I am looking to shift some after I am out of bugs and nsmg (nlst). I sold ecci for a gain that is not worth mentioning and got into bugs. I am unable to flip these storm stocks easily because I am busy teaching highschool kids about the ills of drinking and gambling. Got to admit I can't wait to get home and crack a brew and see how xkem did. I know pennyland is full of BS but I have heard from what I believe to be a reliable source that the audit on nmcx will be out in the next week for what that may be worth. It is up again today. good luck
Posted by Machiavelli on :
Don't count on Ebay too much Jo.. they recently hiked their fee's to sellers who run stores on Ebay and thousands of Powersellers and non Powersellers have jumped ship to rival sites... which will mean less sales for ebay and my guess their 3rd Quarter earnings report in Oct will not be pretty... also a prominent analyst recently downgraded Ebay's stock... If you made profits on Ebay so far perhaps you should sell half your holdings or all of them and seek a more stable stock/company... but thats just my advice... you can check on Ebay's Store forums about the 1,000's that are closing up shop and setting up elsewhere... or find articles on the internet about it... just giving you a head's up... Ebay is going down...
Posted by Jo4321 on :
Thanks, Mach.
Unfortunately, I know that stuff about Ebay. Not only that, but their partnership with Google ads has the potential to take buyers to off-ebay sites for purchasing and that is making their powersellers even more perturbed! Can't say that I blame 'em.
It's a gloomy outlook for EBAY, I know. But, EBAY is one that bought when I first started trading and watched it fall like a stone. I am considering cutting my losses with it at the levels it is now, (I bought at *GASP* $37.29) But since it is one of my larger holdings, it's gonna hurt.
I haven't done much better with big board stocks than with pennies really. The only truly good big board play I had was when I bought Apple at $60 and sold at $70.00. I made a couple hundred on Great Wolf Lodge (WOLF) and it has gone up since then and also some profits with Jones Soda, which I rebought and it is now down again. I took a $200.00 loss on PETCO and then days later is was bought out and went up $8.00 or so! When I bought my first JLG stock it was at a 52-week high. Now it is nearly at its 52 week low. I truly have the reverse midas touch!!
BTW, JLG is probably the only stock I hold that I'd recommend someone get into at these levels. Their yearly earnings report is due out 9/25 and I'm fairly certain it will be a good one.
32, can't you set GTC sells for your stocks before you go to school? I've taken folks' suggestion to set sells for 10-20% immediately after buying. I substitute in the schools and so I also am not always home in the day. (and they block sites like these). At least this way, if they go up, I get a small profit, and I don't even have to be home to do it. (Unfortunately, I have only had one stock hit my sell point in 2 weeks and that was NGAS).
How's Neona doing? The first one of us who gets on the green side needs to buy the other two a drink! Preferably a RSHN Ginsing cola, LOL (yes, I'm in that POS, too!)
Jo
Posted by Machiavelli on :
cut your losses with Ebay... it's not going to be pretty with them after that fee hike... as for big boards... You bought Ebay on a downtrend... it went from $59 to about $29 a share in the last two years. when you bought it at $39 it was going downhill... I think the problem with your trading style is you try go buy the stocks in dips and trying to predict their turnarounds.. when you should just go with the Trend and buy it on the way up... Perhaps you should look at charts that are longer then what you normally look at.. 1 year or longer to get a idea of what the trend is for any particular stock... i'll give you some advice of what industries to research stocks (check out their Dow Jones indexes for these industries for the last 2 or 3 months to see what a uptrend looks like):
1.Telecommunications
2. Tobacco
3. Automobiles
4. Non Durable Household products
5. Oil & Gas
6. Health care providers
7. Toys
8. Pharmaceuticals
9. Drug Retailers
10. Software
Posted by Jo4321 on :
Understood about buying on the uptrend. However, how do you determine whether the uptrend will continue? Look at the chart for JLG http://finance.yahoo.com/q/bc?s=JLG&t=2y&l=on&z=m&q=l&c= I purchased in what I THOUGHT was an uptrend. It had gone up for the entire year prior to my purchasing it. I guess the forward split that happenned about a month after I first purchased it may have caused some of the downturn. Cause otherwise, I don't know what the heck happenned with this stock. Their third quarter earnings were higher than they've ever had. They have contracts with the army. I couldn't find anything to warrant such a huge drop in price.
Newbie question: How do I looke up the charts for industries you mentioned?
Jo
Posted by Machiavelli on :
When did you buy JLG? .. I hope you didn't decide to buy it around Mid May... because that is when the 20 Day moving average started it's downtrend and crossed below the 40 day MA... as for Q3 earnings... try not to emphasis too much on FA and concentrate more on TA... did you put a stop/loss order as soon as you entered the trade? something tells me you didnt... one little trick that MM's do is to buy on rumor 2 weeks before earnings.. sometimes 3 weeks.. then they sell just before the earnings reports come out and then they sell short when the earnings come out even if the news is very positive... making the price drop... seen it a few times when a company is strong and getting stronger but the MM's play their games... also another explanation is that insiders knew something you didn't... but anyways Moving averages are always a good indicator for me.... when the 20 day starts to go down and cross under the 40 and 60 day that is a indication of a beginning downtrend and you should of been cautious... but you also should of put a stop/loss as soon as you entered the trade just in case these little surprises sprung up ... don't get married to a stock... and don't let your emotions (Fear & Greed) make your decisions.... Plan your trade, and trade your plan... let your stop/loss orders make the decision for you because a stop/loss order is emotionless...
Newbie answer to Newbie question: go to www.bigcharts.com and click on "Industries" on top...
Posted by Jo4321 on :
thank you.
Yep, I bought at late April and again in mid-May. Didn't do a stop loss. I see now that that would have been a good idea in this case. Other times, I've done stop-losses (in other stocks), it seems they dip down to hit my stop loss point and then go back up. I've had that happen with Xide and Great Wolf Lodge. But with those, at least my stop-loss hit on the Green side, anyhow. I just didn't get as much profit because of the large difference in PPS in one day.
Do you know of any visual that can help me learn more about Moving averages? Would this kind of stuff be in the books you recommended earlier in this thread.
quote:one little trick that MM's do is to buy on rumor 2 weeks before earnings.. sometimes 3 weeks.. then they sell just before the earnings reports come out and then they sell short when the earnings come out even if the news is very positive... making the price drop... seen it a few times when a company is strong and getting stronger but the MM's play their games...
That seems to be exactly what happenned. I guess I'm in for another drop then in September? I do have a love/hate relationship with this stock, as my dh did quite well with it in his 401K over the last year, so I thought it would be good to get into.
Thanks for all your help. I'm going to need to take some time to learn all this the right way. I know now that I jumped in without really knowing what I am doing. So much to learn.
Jo
Posted by Jo4321 on :
Okay, I'm trying to see what you mean here. I took FPRS in the automotive industry and overlayed the 20 day MA on a 1-year chart.
So, what you are saying is when the line representing the PPS goes over the line representing the 20-day MA and stays there for a few days, it is an uptrend. So in this case the uptrend started in late July.
Is that correct?
Jo
Posted by Machiavelli on :
it's difficult to explain without me drawing it out for you.. but basically you want to use 3 MA's to confirm a uptrend.. i use 20,40 and 60 day... you want the 20 above , 40 in the middle and 60 at the bottom of all 3 moving in a unison UP... and yes in July is when this uptrend began from what i can see in my own chart.. it did very good on the day it closed at $28 but I probably would of bought the next day when it was around $28.50 because it broke Resistance on decent volume.. $28 was the Resistance... from there on the 20 MA moved up and crossed over the 40 and 60 Day MA... and they been in unison ever since... also if you notice the last time not too long ago when this stock did a pullback about 10 trading days ago.. it used the 20 day MA as SUPPORT.. that is why i like MA's... if the stock had gone under the 20 day MA i would of been concerned... but anyways this is just examples of what you can do with MA's... you can learn more about them in the Toni Turner book i recommended and other books you can find... you also need to be able to "read" volume.. for example when a stock does a pull back on low volume it usually means that people are still holding the stock and the pullback is temporary and not a indication of a beginning downtrend... anyways as for stop/losses that stop you out.. maybe you are putting them in the wrong place... I tend to put them about a 1/4 point below the low of the day when i enter a trade and move it up daily if the stock goes up otherwise i leave it where it is... a 1/4 point below the low of the day gives it some wiggle room and if it hits the stop on the first day then perhaps that stock ran it's course... if a stock later goes into overbought territory i move the stop/loss up more... sometimes trading is instinct more then technical or fundamental... a little bit of all.. have to get a feel for it by looking at a chart etc... anyways for now on do yourself a favor and put a stop/loss on all your big board stocks if not a actual order then a mental stop/loss.. if you get stopped out you get stopped out .... you can always reenter the trade... but it's better then being sorry as you were with JLG ... and get Toni's book to learn and master the basics of swing/position trading...
A Beginner's Guide to Short Term Trading by Toni Turner www.toniturner.com
Also read : How I made $2,000,000 in the stock Market by Nicolas Darvas (should really been named Education of a Stock Operator/Trader lol )
Reminisces of a stock operator by Edwin Lefevre
Posted by Jo4321 on :
update:
Led by a tanking in ACTC, plus almost every other holding I own dipping, I am back down to a -8.3% deficit. Sigh.
JLG went up a tad Posted by Jo4321 on :
Thanks for the mini-lesson, Mach.
Here's a chart I pulled up for GT (which I do own). I did as you suggested and put 10-day, 20-day and 50-day across it (I didn't see 60-day on Yahoo)
Would this signal an uptrend since the 50 day is at the bottom, the 20 day in the middle and the 10-day at the top with the PPS above all of them.
I bought in to this in the beginning of April and I see now on the chart where it crossed into negative territory in mid-may and I probably should have sold it then.
I will soon be even on one of my lots of it. I'm trying to determine from the chart if I should hold it and try for some gains or just sell it and break even. (after being a loss for some time).
Jo
BTW: Update: Deficit got a little smaller 7.37%
Posted by Machiavelli on :
My personal opinion... I wouldnt sell this one... I'm looking at it through Bigcharts... don't know how this one passed my radar... broke Resistance of $12 and went/is in a current uptrend.. the 20 day is in a nice uptrend and the 40 day is about to cross over the 60 day so all 3 MA's will be lined up perfectly in a uptrend.. it is in overbought territory with a RSI of 80 but for now it will most likely go sideways between 13.50 and 14 till the bulls/bears decide what to do next whether to upside or downside.. i would probably move my stop/loss up depending on where you have it currently... perhaps put it at $13 or higher and watch how this stock performs carefully in the coming trading days... with oil going down lately and that auto index as you saw in a uptrend in the last 2 + months could mean more orders for GT in the foreseeable future... but that is just my analysis... you should make your own and decide on your own...
Posted by Jo4321 on :
Yes, I will make my own decision. But the important thing is that I am starting to be able to read the chart, thanks to your help!
I'm assuming that these MA's don't work as well for predicting pennies, no?
Jo
Posted by Machiavelli on :
depends which pennies... they work well for pennies that have actual patterns like GT does lol usually pennies that are in the big boards... just in case you don't know Penny stocks are any stocks under $5 per share... I hope I enlightened you about chart reading... and it will help you make better decisions... basically what Iv'e been telling you has been a mini course... your better off reading a book on it and you know I'm going to recommend the Toni Turner book lol along with the others i have already recommended... and remember don't try to predict but try to confirm a Trend (whether up or down) and go with the Trend... no one can predict the market 100% but you can see a Trend in the charts.... the pro traders don't even buy a stock till it breaks out of a Resistance or in the middle of a confirmed uptrend...
Posted by Jo4321 on :
Thanks again Machiavelli.
I've got a bid in for the Turner book....on EBAY, of course!
Jo
Posted by 10of13 on :
quote:Originally posted by Jo4321: Thanks again Machiavelli.
I've got a bid in for the Turner book....on EBAY, of course!
Jo
Great book!
Posted by Machiavelli on :
if you can't get it cheap enough on Ebay .... try getting it used on half.com or amazon.com has used ones also... cheap... a good site to compare prices over different sites is www.bookfinder.com ...
Posted by Jo4321 on :
Good day today. GT, JLG, JSDA, FRPT and SLJB all had good gains and now on paper I've got a deficit of -5.19% That's a big improvement over last week when I was down over 8%
Jo
Posted by 32counter on :
Hey Jo, not bad here either. Almost bacck to 7000/8600. Bkmp and nmcx were the heavy hitters today. Good luck 5 or 6 percent is sounding good
Posted by Jo4321 on :
Good job 32counter. Remember first one to green buys a (virtual) round.
Jo
Posted by 32counter on :
Hey jo, I have a feeling I will be buying. The last two days have been an absolute bloody mess. Nsmg has is heading south with some nice momo into an empty pool. I continue to hold probably against my own better judgement. I need to probably start pulling my head out of my ass and cut my losses. 5555/8600. good luck
Posted by Jo4321 on :
Ouch!
Don't dispair. Reread some of the advice in this thread. Especially Machiavelli, Bigfoot, Tex and 10 of 13.
BTW, thanks again Machiavelli for helping me read those charts on GT. I held onto it and now both my lots are finally in the green. Gonna keep an eye on it.
Had a pretty good day today, led again by FRPT and now my portolio is down only 4.35%
I'm just hoping some of the penny stocks that I've held too long rebound. And I'm hoping that JLG bounces with the earnings report on the 25th of September.
Jo
Posted by Jo4321 on :
Phoenix update:
I can hardly believe there is light at the end of the tunnel. I don't want to get too excited though cause I know how quickly things can change. BUT....
I am now down only 2.24% !!!
Mach, I took your advice and set a stop-limit on a couple of the big boards, just in case they do start a decline, but today was a great day.
The last 2.24% is going to be the hardest to overcome, I fear. Unless one of my dogs decides to run!
Jo
Edited to add: AND, my toni Turner book came today! What a great day!
Posted by Machiavelli on :
Thats good to hear Jo... just take it one day at a time... You'll get there... hope you enjoy the Toni Turner book... pssst stop Hoping.. there is no hoping in this game or shouldn't be lol jk
Posted by Jo4321 on :
A little up a little down, but overall down. My deficit is now 2.79%
My stop hit on Goodyear. I had it set for a trailing .15 stop and wouldn't you know it went down that much in the AM, but now it is up past where I sold. Typical for me. But at least it was green.
I've had some gains today on some of my real losers, so I am going to have to decide tommorrow whether to sell still at a loss, but a smaller one, so I can get rid of some more positions.
Here are the stocks I am going to make decisions on:
CKYS - up 36%, but I'm still down 55% DTGP - up 16%, I'm down 54% PAIM - up 17% today, but I'm down 17%
If anyone has any ideas on those three, lemmee know.
Jo
Posted by Machiavelli on :
you had a .15 below the current price stop/loss on Goodyear? thats a pretty tight stop/loss... i usually do .25 below the Low of the day i entered the trade... and have it trail the stock price from there....
Posted by Jo4321 on :
Ah, yes, I realize now that that didn't give me much room for play.
I probably shouldn't have treated that stock like a daytrading stock. But, I'm learning.
Jo
Posted by Jo4321 on :
I feel so relieved going into the weekend. My portfolio is down less than 1% . Mostly due to gains in FRPT, JSDA, and SLJB.
Could Monday be the day I finally see green? And then, will I be able to stay there if I do.
I tried to take a small profit in SLJB, but wasn't fast enough.
Didn't get rid of any of the losers yesterday. That was a mistake. Should've sold PAIM.
Jo
Posted by Jo4321 on :
Today is the day!! I turned the tide and my account is now back in the green! Pretty much due to FRPT and it's amazing climb to $8.85 from 7.67 today, my portfolio now shows (on paper) a gain of 3.66%.
It's been a long struggle and I am sure it is not over yet. One bad day with FRPT and I'll be back in the red. However, it is so nice to see green for the first time in months!
Thanks everyone for the encouragement and advice. I hope never to be in such a bad position again.
Jo
Edited to add: I just noticed that my first post on this subject was 7/18/2006 exactly 2 months ago.
Posted by T e x on :
nice, Jo...good to see
Posted by Machiavelli on :
Hope you learned from your mistakes....
Posted by 32counter on :
Nice job Jo!
Posted by T e x on :
MACH!
encouragement, bro... Posted by Jo4321 on :
It's all good, Tex.
Yes, Mach, I believe I have learned from my mistakes. I still have a few mistakes to clear up and out of my portfolio, but I think I'm learning. My situation right now is still tenuous, because I still hold too many positions. However, now that I am slightly in the green, I don't feel as desperate. I've been only monitoring the stocks I have, and I haven't been buying any others in some misguided attempt to make up my losses.
I've been reading the Toni Turner book you recommended. When she writes about what happens when "greed" and "fear" dictate our trades, I feel as if she must have watched my trading from April to July.
I have especially highlighted this paragraph:
quote: "By the way, if you languish every time you leave money on the table--get over it. Just as you're going to take small losses, you're also going to watch stocks rocket to the moon the day after you sell your position. don't drive yourself bonkers by adding up the profits you could have made. Learn to shrug off missed money. It's part of the business.
Ironically, it is my fear of "missed money" that has caused me to hold onto loser stocks that then go down even more. So I am learning to take profits when I can and not beat myself up over the ones that get away.
Jo
Posted by zoers on :
That's the hardest part is taking the profits alittle sooner and then not worrying about the ones that get away. But the bright spot in that is that there will always be another stock that is ready for you to take profits on.
I'm no expert in the trading market but it sounds to me that you are well on your way to getting in the GREENNNNN
Good job JO
Posted by T e x on :
"So I am learning to take profits when I can and not beat myself up over the ones that get away."
atta girl!
Posted by Jo4321 on :
Just wondering how 32counter is doing.
I owe you a drink!
Jo
Posted by 32counter on :
Jo,
I am quite sure I owe you a drink. Been keeping up on your venture and feel you are taking some good advice and well eventually come out on top. I have a few stocks that are boardering on no return... adnl is one. Many of the others are looking sad. NSMG has really exposed my inexperience as that was a large play that I can not possibly sell and will wait until next year to even think of moving. Nmcx has begun to run and I should probably sell but am trying to make up ground....the rookie trap. I have hopefully learned a lesson but will play it out and with the pennies I am in. Future investing will be big board. I have lost over half of 8600. I wish you the very best of luck. If something ever rockets expect a case of your choice.
32
Posted by skip on :
Jo...
You have a lot of great help here, and a lot of respect goes to those who have helped and are helping.
Taking profits early and not looking back (which is damn hard to do. heck, I have the calculator out after I sell and am like, "gees, I would have made $xxx") is a hard habit to break. Hindsight trading is tough, but this helped me...
Something that keeps me in the green, is that everytime I make $300-$500 profit, I pull it out of my brokerage account, and into my high interest yielding savings account with ING Direct. They pay over 4%. I keep a base amount in my brokerage account and whenever it makes $300-$500, I yank it into something stable. I figure that if I can do this once a week or so, I can make some good money over time. I got caught up in seeing folks say "I bought 20k worth of XXXX and made, blah blah..." I also quit paying attention to that. Most of us here, I'm guessing, just want some supplemental income. After making uneducated trades about 2 years ago, I started with $2000 of my own money last April. I have since withdrawn well over that back into my ING account. Now, I have "free" money to play stocks with, and my high interest savings is looking pretty good. I have also been studying charts, books, and just perusing the internet nightly to try to learn this game better.
I have been following your story for a little while now, and just thought I would share something that helped me. My style is not for everyone, but hope that helps! GL!
Posted by Jo4321 on :
Thanks, Skip. More good advice.
I sure hope I can someday be in the position of making $300 once a week.
Unfortunately, right now, I am only just barely in the green. But I AM still green, so I've been able to breathe a sigh of relief over the past month, rather than breaking out into a cold sweat!
Right now, I am concentrating on getting the timing right for selling some of the real losers, so I can pretty much start over.
As a few folks mentioned earlier in the thread, I have way too many positions in pennies at the same time. I hope to get it down to about 8-10 by end of year.
Jo
Posted by Machiavelli on :
even 8 to 10 is too much.. less positions and more shares in those lesser positions..
Posted by Jo4321 on :
End of the year update: SUCCESS!
After the losses I sold off, my realized gains for 2006 are: 4.4% My unrealized gains (mostly due to a 6/7 bagger with FRPT): 39%
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