Trade recap for red Friday: Let the dumps commence!

Good day. Unusually for me I am holding two positions over the weekend.

Daily profit: $975.50

Weekly profit: $4,559.31

Disclosure: Short 30,000 ECOB and long 7,000 BGMO. No positions in any other stock mentioned. This blog has a terms of use and you can find all my disclaimers and disclosures there as well; my full terms of use is incorporated by reference into this post.

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12 thoughts on “Trade recap for red Friday: Let the dumps commence!”

  1. You are a good SCALPER of pennystocking world!

    It seems easy…but it is not for all.

    After the chart is formed everything is easy, trading realtime is difficult, even if we learn same strategy.

    How do you recommend to learn? PaPertrading?


    1. I recommend paper-trading until a person is comfortable with a strategy. Then, they should trade with real money but not increase position size until they are consistently profitable.

  2. vset: you are right…after the fact it looks so easy. I wish I could trade i the center of the chart instead of the right hand side!

    GL .. and yes, congrats to the Reaper!

    1. YES ML,

      very easy watching the historic.

      Papertrading is also very easy MG… Smaller account maybe better.

      MG: What was you maximum DrawDown since you trade?


  3. ~wow

    200k with your first investment strategy? not with pennystocking…

    Were these 200k profits from market?


    Reaper :

    My maximum draw-down was $100k, twice.

    1. Not $200k — $100k twice. Once in May 2008 with my fundamental shorting (although at the time I was up over $250k in the previous year) and once in February 2009 with my super secret trading strategy (I was up $80k from that and then had a $100k drawdown; that strategy basically broke even in 2009).

  4. Just got an email from Bestdamnpennystocks, the pumper of ECOB:

    To all my new members that have signed up with us I want to catch you up to speed.

    You got an email Thursday January 7th Mid day about our current alert on ECOB.

    Just to let all my newbies know that signed up right in the middle of our new pick and got confused, we initially alerted our whole member base Tuesday night when ECOB was at $0.67!

    The stock then went on a tear and hit a high of $1.13 on Thursday for a total possible gain of 70%.

    To all my long time members I want to congratulate everyone on a sweet win to start the new year.

    With that said I believe ECOB has hit some resistance and is now done!

    At this point we are going to call it a win and book it into our success track record.

    Congratulation again!

    We have Started 2010 Continuing Our Perfect Track Record From 2009 and We Expect 2010 To Be The Best Year Ever For Us!”

    Feeling really good about my 30k short of ECOB now!

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