Nothing too exciting today. The most exciting part thing today was my sign off at the end of the video recap: “Don’t get too drunk and don’t eat too many Fritos.”
Daily profit: ($132.00)
Weekly profit: ($1271.12)
6 thoughts on “Trade recap for February 5th”
Reaper RE: the end of your interview the other day as to why 90%+ of traders lose money
I thought Dr. Steenbarger by coincidence remarked on an interesting observation the same day, that may help explain why that occurs
Whatever the beer and frito’s cause 90% of traders to lose money!! 🙂
Hey, Jamal, I can’t speak for Michael, but I look for bounce plays for stocks that are likely heavily shorted. So any stock that has had a huge run-up, and followed by a big drop, is likely going to have a bounce as shorts cover their positions. Typically you’ll see a 5-10% move on green on those types of plays. But you do want to take profits quickly….I find these types of plays are meant to be day trades as the moves often won’t be sustained.
It’s even better if the stock has a relatively low float, because it doesn’t take much buying pressure to get the stock to move.
Thanks for the good reply. That is better than what I could have said.
Hey Reaper, got a question.
You mention before you have Sogoelite. Some people says that you can’t short stock under 3 or play otcc stocks. Is that true? Thanks.
With SogoElite you can short under $3 … OTC supposedly as well. With normal Sogo you can’t short under $3.