August 5th Trade Recap

Another video recap today.

Here are my trades:

Short GGC 1000 35.514
Cover GGC 1000 37.16
($1626.00)

GGC was bouncy and my entry wasn’t great. I should’ve shorted at $36.80 on break of $37 resistance, not on break of the day’s low.

+    BOT    6,000    SCLN    false    Stock    4.164    USD    ARCA    14:58:19        30.00
+    BOT    6,000    SCLN    false    Stock    4.173    USD    ARCA    14:58:22        30.00
+    SLD    4,000    SCLN    false    Stock    4.220    USD    BATS    15:00:36        20.00
+    SLD    6,000    SCLN    false    Stock    4.214    USD    BATS    15:00:52        30.00
+    SLD    2,000    SCLN    false    Stock    4.320    USD    BATS    15:11:49        10.00

SCLN was a TimAlert. +$661

+    SLD    0    ICOG    false    Stock    .000    USD    SMART    16:16:17        30.00
+    BOT    0    ICOG    false    Stock    .000    USD    SMART    16:16:27        4.50
+    BOT    0    ICOG    false    Stock    .000    USD    SMART    16:15:51        23.00

I had made $980 on ICOG but the Nasdaq canceled all those trades so instead I lost the $57.50 I paid in commissions.

Overall profit today: ($1,022.50)

FRNTQ.pk and WUHN did what I exptected them to do. WUHN a bit too choppy and too wide of a spread to easily trade. FRNTQ.pk easy short but I was distracted; I had a sell order ready but didn’t execute because it was already down 10%. At one point it was down 42% on the day.

Disclosure: No positions. I have a disclosure policy.

0 thoughts on “August 5th Trade Recap”

  1. My scalp of TZA was successful:
    buy 400 @ 15.17, sell at 15.80. Some people build positions in these but I think scalping is the best way. And I mean both ways to, if it had run against me I would have sold quick with no remorse. After a big up day buying the bear at close and selling the next morning has worked best, but sometimes it fails. I hear of people with massive losses in these, still holding large positions that are down 10/15$, I really think thats a wrong approach. Letting something run that long against you means you went in with no plan IMHO.
    I bought TYP at close today, not as confident with it.
    200 @ 15.72.

    Are you ready to start accepting my money yet. :))))
    Or do you think I’m a lost cause, lol.

    I will join Tim and buy his book in the next two weeks or so, when I get a permanent office. I’m very surprised at the amount of time I’ve had these last few days. My internet connection with Verizon is crappy where I’m at now so I have to deal with that as well.

    Sorry to hear about your TGB (trade gone bad), but I”m sure that is something you deal with and move on, kinda like a job hazard I guess.

  2. Nice, Preston. The question is can you do that consistently with those ETFs. One of the key things that trips up lots of budding traders is that even a random strategy or no strategy at all can generate decent winning streaks. A strategy is only worth pursuing if you find you can consistently make money using it.

    I won’t cry too much about ICOG. Even after all my fun today I’m not down much for the week.

  3. Yep, your right and thats why I’m changing what little strategy I have. What I’ve been doing is like rolling dice or blackjack, bet big sometimes, bet small sometimes. You just have to hope that your betting the correct amount and the correct time.
    Thanks for calling me out on that, I just wanted to show what I have done.
    And no I can’t do that consistently.
    Thanks again for your help, and good luck with GGC tomorrow. I will follow along with you.

  4. I’m surprised you held GGC on the short like that, didn’t tim teach you have to trade like scared castrated choir boy? LOL

    BTW, would you say IB fills quicker for OTCBB/pinksheet stocks? TOS took it’s sweet time to fill on $ETLY took forever

  5. Sorry Tbohen – I use a lapel mic and drink water constantly. I’ll try to keep that in mind in the future.

    Shawn – With the way GGC moves a couple bucks is not an unreasonable stop. Percentage-wise my loss was only 4.6%; that is reasonable.

    Nobody gets quick fills on OTC BB and pink sheet stocks. That is why I hate trading them.

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