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Thread: 5% per trade

  1. #11
    Legend minimoke's Avatar
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    Paper trading is a great idea. I did this for quite some time before deciding day trading wasn't for me.

    It sounds like you have developed some trading "rules" - great idea!

    Even better if you applied them to your four original buys as this suggests your buy rules were working. Equally you need sell rules - but it doesn't look like you are following them. I see HMH hit 0.95 a week or so ago and this is way below your 10% stop loss. You should be kicked out of that one by now and not still hanging. Today you could have sold at $1.09 so I would have thought a 5% gain off your stop loss bottom may also trigger a sell - that way you are minimisimg your losses rather than stating on an unknown roller coaster.

  2. #12
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    Quote Originally Posted by minimoke View Post
    Paper trading is a great idea. I did this for quite some time before deciding day trading wasn't for me.

    It sounds like you have developed some trading "rules" - great idea!

    Even better if you applied them to your four original buys as this suggests your buy rules were working. Equally you need sell rules - but it doesn't look like you are following them. I see HMH hit 0.95 a week or so ago and this is way below your 10% stop loss. You should be kicked out of that one by now and not still hanging. Today you could have sold at $1.09 so I would have thought a 5% gain off your stop loss bottom may also trigger a sell - that way you are minimisimg your losses rather than stating on an unknown roller coaster.
    I only have one trade live at any one time. With MHM I bought that after selling out of KDR. I bought MHM at $1.14 and so my 10% stop loss will kick me out at $1.02 ish. That hasn't been reached since I have started and my 5% profit target will be at $1.20

  3. #13
    Advanced Member trackers's Avatar
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    Hi Ponda, if you'd brought PENOA on open you'd have wiped out the seller at 5.6c for 90k odd shares and now be in the situation where the highest buyer is at 5.5c for 60k odd (with trades going through at 5.5c currently).

    To get rid of them for a profit you'd have to sit in the queue at 5.7c behind 300k and hope for the best... don't like your chances of seeing green on that one anytime soon.

  4. #14
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    Hey Trackers, at the time of my post there were 375K of OA's and I said that I'd take the lot at 7.6 for $28k. My 10% stop loss will kick me out of them at 6.8 cents or 5% profit will be 8 cents. I am so prepared to take that risk and I believe that this trade will be a win for me. It might not be in a day or two but I will definately see 8 cents before 6.8.

  5. #15
    Advanced Member trackers's Avatar
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    Hey, actually yeah you're probably right.... Relatively long-dated (2012), they should be trading at a very small premium instead of a small discount... Doesn't help there's a massive wall of just under $2mil sitting at 11c on the heads

  6. #16
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    ...and I'm comfortable with the wall at 11 as that wall could actually help me with this trade. (I think (LOL)) It's creating a visual blockage which MAY make people think to buy the OA's, together with the fact that it should be trading at a premium and not a discount may cause people to buy or they could get the OC's but you will be paying more just for a longer time to expiry.

  7. #17
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    8c! Congrats, Ponda :-) The PEN wall at 11c now looks like a nice support

  8. #18
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    Quote Originally Posted by trackers View Post
    8c! Congrats, Ponda :-) The PEN wall at 11c now looks like a nice support
    Hey, Trackers, I wasn't at the computer on Friday and I can only see one sale on screen at 8 cents but it looks like there were a heap more earlier on in the day, so, yip, I'll take that as my full holding as being sold.

    I had also mentioned ESI but that I broke my rules for the trade with the buy, however it did kinda work and with a high of 2.5 (I would of bought at 2.1 and sell at 2.2. If the conditions were there for the buy.)

    The 5% trade for today, now that I am cashed up after selling PENOA is going to be ESIO. I'll take all 1.1 million at 1 cent and sell at 1.1. $11,000 worth (It's a 10% trade but thats my luck on this one)

  9. #19
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    Quote Originally Posted by Ponda View Post
    The 5% trade for today, now that I am cashed up after selling PENOA is going to be ESIO. I'll take all 1.1 million at 1 cent and sell at 1.1. $11,000 worth (It's a 10% trade but thats my luck on this one)
    Well, I sold the 1.1 million that I "bought" at one cent and "sold" for 1.2 after the ann. A nice little 20% since Friday ($13,200)

    Not sure at this stage what I will be looking at. There are about three trades for me that look the goods but I will wait till closer to open.

    These trades are just little flutters but the status of my main paper trading isn't moving much. I have MHM still sitting in the zone of not making the profit and not triggering my stop loss either. I guess that this is where the ability to read charts would pay well, so you can see what the McD's or whatever are saying and if it looks weak, sell and move onto any of the other stocks that fit my criteria.

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