Trading Day With All Winning Trades
Posted by Stock Online Trader in Short Selling, Watchlist on 03-09-2010
AENY is an OTC stock pumped by stock pumpers using promotional mailers. I shorted AENY @3.37 when it looked like the pump of its low was looking weak. Covered my position @3.18, playing it safe. This looks ready for morning panic, but I did not want to hold it overnight and risk my profits. Potential re-short if we get a spike tomorrow to 3.40 levels.
PRGO has been nicely selling off since last 4 trading days. I shorted it once it opened below 50$ today. It was much easy short, with higher risk reward. I shorted @49.94, with stop loss on break above 50. I had limited downside on my trade versus higher reward. My patience was well rewarded as it never breached 50$ and kept going lower and lower. However I did not keep my patience and covered way way too early @49.82.
POT is one of my regulars I play every now and then. It was trending up the whole day, but in the last 2 hours of trade, it got weaker and weaker. I took this opportunity to short POT @ 117.97. I was rewarded immediately to POT falling even more. I however covered my shorts @117.55, again being very early . It dipped below @117, where I should have ideally covered.
Important lesson learnt. Do not chicken out of winning trades and let it play out its pattern.