Today was another daily goal in the first hour of trading. I traded 4 names today, and was green on each of my 4 trades. That means this week I’ve taken a total of 15 trades and been green on all 15. I’m impressed with my accuracy!! My trade today on $JCOM was by far the riskiest. I jumped in as soon as I heard the breaking news that Citron is negative on $JCOM with a $27 price target within 1 year. I immedieatly got short and realized I chased a good entry. I was quickly down about $500 before I was up $300. I took the profit and walked away! The headline was negative, and the stock ended up dropping another 10 points after I got out! I should have held. Hindsight is 20-20. I didn’t manage risk well on this trade, but it did put me over $1k profit on the day. I hit my goal, and walked away with more money than I started the day with. I consider that a good day.
Looking forward to ending the week strong tomorrow!
Overview of my Trades from Today
Headline on $JCOM: “Citron Research has come out negative on J2 Global (NASDAQ: JCOM), saying they see the stock $40 near term, $27 within one year and in single digits long term. Citron calls it a company spending a billion on a roll-up strategy with negative organic growth. “The company has spun a high-tech story of “cloud computing”, digital media, and mergers and acquisitions. All the while, it is being funded by its legacy eFax business,” Citron said. Citron highlights the barrier to entry of their cash cow eFax business is gone as it finally comes off patent protection. The business constitutes 42% of the firm’s consolidated revenues. Further, Citron said the only way j2 has been able to maintain the profitability of its fax-to-email business is through highly controversial and aggressive (if not fraudulent) billing practices.” The Street ( http://www.streetinsider.com/Short+Sales/Citron+Research+Out+Negative+on+J2+Global+%28JCOM%29/11409337.html )
— Ross Cameron (@DayTradeWarrior) March 10, 2016