And yet I messed it up. I will blame it on a large loss ($2500 or so) on an unrelated trade today.
HotOTC & StockRich & StockEgg pumped ETNL for $45k cash: “Hototc.com has been compensated by a third party BuzzBahn Media forty five thousand dollars for a one week ETNL advertising services contract.”
09:37:09 ETNL SS 0.0084 1500 NITE
09:37:13 ETNL SS 0.0084 50000 NITE
09:37:20 ETNL SS 0.0084 20000 NITE
09:38:39 ETNL SS 0.0082 29000 NITE
09:39:30 ETNL SS 0.0082 100000 NITE
09:41:20 ETNL SS 0.0079 200000 NITE
10:33:54 ETNL B 0.0085 200500 NITE
10:34:36 ETNL B 0.0085 200000 NITE
My trading journal entry: “was sub-penny hototc pump, half their sites ($45k); opened with tiny gap at .0082, dropped very quickly (around 9:50), briefly hit a lod of .0071 then climbed back up; covered to protect myself at .0085 at 10:30am and then it dropped again, hit .77 again within 20 minutes; hit a lod of .007 at noon, had good volume at .0067 by 1pm; trade at BroadStreet; had good volume later in day at .0064, lod was .0063”
I lost $208.44 … had I held on through the spike and covered at .65 I would have made about $600, and this was on 400k shares, not the 650k shares I had borrowed. Lesson: Get shorter earlier, hold on longer. The best way to mess up when trading a strategy (shorting HotOTC pumps) that gives a 90% win rate is to play too conservatively.
Disclosure: No positions in any stocks mentioned. This blog has a terms of use that is incorporated by reference into this post; you can find all my disclaimers and disclosures there as well.