Slowest day of the week +$1367.35
Despite being the slowest day of the week I still hit my $1k daily goal and walked away with over $1300 profit. Today my ECN fees were through the roof at $200. This is because I took a 15k share position on $THLD, 9k shares on $BOSC, and 10k shares on $CIGX. Commissions are a cost of doing business, but today they were particularly high. It’s worth noting that also I love using a direct access broker, since they charge ECN fees, they aren’t great for penny stock traders who want to take 50k share positions. A firm like Etrade that charges a flat rate and no added ECN fee would be better for those types of trades.
I started the day with a quick $635 winner on $SKYS. This one really frustrated me because I passed up the good entry at 3.80, and then ended up added at 4.95 and selling a 5.10. I really wish I’d been able to jump in earlier but at the time I just wasn’t sure it was going to run. I was concerned about the 200ema on the daily. It blasted through the moving average and could have been a huge winner if I was a little more aggressive. In the video recap I talked about the fact that at the beginning of the month I’m often more aggressive, trying to get myself into the drivers seat. Think of it as the beginning of a soccer match and you really want to score a goal. But once it’s the 2nd half and you’re up 2-0, you start to get defensive. You want to hold your lead, buy yourself some time, take good opportunities, but you don’t want to risk making a mistake or getting hurt. As we move towards the end of the month I want to keep adding profits, but without risking having a big draw down. I’m currently up about $28k on the month, which makes me $6k shy of my best month ever.