Warrior Trading Blog

Trading Day Blues -$927 | Ross’ Trade Recap

blues

What’s up everyone? All right. Well, everything’s packed up. It’s time for me to leave. I’m going to California. I’m going to be trading in California on my mobile trading station for the next week and a half.

 

So, you know, that’s going to be something a little different. So, you guys of course will join me, but today finished down $927. So, for six hours on that flight I’ll be thinking about the mistakes I made this morning. Very, very, very disappointing.

First trade right out of the gate’s down $1800. Next three trades, small winners. Recovered about $900, which is good. I recovered some of the loss. Dipped down, got back some of it. Didn’t get all the way back into the green, so the climb out of the red will continue tomorrow. So, I’ll be trading tomorrow from San Francisco and I’ll see you guys bright and early. All right. See you then.

All right everyone. So, we’re going to do our mid-day market recap. Go over the trades from today. It’s going to be a quick one ’cause I gotta leave here in just a few minutes but unfortunately today’s going to be my second red day recap of the week. Second red day of the month. Down $927. Put my calendar away already, I’m going to bring it with me when I leave this afternoon but, you know, puts me basically … I’m up only about $1000 on the week. I made $1000 on Monday, lost $3000 on Tuesday, made $4000 on Wednesday, lost $1000 today. So, basically today and yesterday and Tuesday are a wash and all the profits I have are from the $1000 I made on Monday.

My first trade right out of the gate’s a quick $1800 loss. Almost put me at max loss my first trade. Really disappointing there. So, today, just like any other day, started with going over the gap scanners and as you can see here, our leading gapper was SPEX. Because it was the leading gapper and I knew it’d be the one that most traders were watching, I did think it had some good potential but unfortunately the bell rang and this thing just faded. I mean, it just sold off. So, no trades on this one. No trades, no losses, just nothing. Sold off.

Second leading gapper was CGEN. C-G-E-N, and this is the one that I lost on. This one, I really thought looked good for break of the pre-market pivot right here. Break over $4, first target, $4.05, $4.10. Yeah, the float’s 50 million shares but I still thought it looked good. So, on this one I jumped in for the break of $4. I mean, the bell rang, I saw buyers there, I jumped in at 99. $4 and $4, 9000 shares. I mean, I was in looking to get a quick $0.10 gap on it and it just flushed down.

So, I stopped out right here at $80. It continued down to a low of $63 before bouncing back up. You know, I think I did the right thing by selling rather than holding and waiting for the bounce. On this one I had to cut the loss. So, just like that $1800 in the red and that was disappointing. No doubt about it. I mean, you know, to take full size and just have it flash down. As it flashed right here I was like, “Well, let’s give it a second because sometimes they’ll test the whole dollar, they’ll pull back and then surge up through it.” That’s not uncommon. So, I was like, “I’ll give it a second” and then as it broke this level I was like, “I gotta sell” and I got filled to the bottom. Well, not even to the bottom. I got filled half way down. So, that was disappointing. That was a quick loss.

You know, jumped into VTVT. On this one got a $600 scalp out of the gates jumping in at $380 as it was squeezing up. Target was that this was going to break yesterday’s high of $3.88 and then maybe break $4. It hits $3.94. Big $15000 share sellers stacked up, 93, 94, 95, 96. So, you know, I ended up selling it. Small winner.

Next one, CIFS. This one was on our scanner because it dropped about 30%. You see how it dropped right here? So, I jumped in at long right down here at $3.42. Got halted, resumed higher. I sold up here at $3.70. So, the problem was I only filled 632 shares of a 9000 share order. So, that’s a little disappointing but I sold it at 70. I sold it 60 and then the rest 63 and … Oh no, sorry. That’s a different one. I sold it 72, 72 and the rest at whatever, 55.

In between that I took a small short on IDT. This one, you know, I don’t know. Maybe I could have held it longer. I’m not really into just holding stocks to the short side but I took a short at 60 right here as it did this spike and then [inaudible 00:05:13] coming down. I covered actually right through here. I got filled some I think at 48 and then the rest at 55 and 58. So, only $138 on that. I sat around until basically 10:45 waiting for one more opportunity. Hoping to see something hit the scanners, give me an opportunity, but didn’t get it.

CFIS was on the halt scanner right here as it was halt going down. So, that’s how I found it. Anyways, you know, a little bit of kind of sideways chop this week. Not getting the big moves I was hoping for, but I’m still up $15000 on the month. So, you know, had a nice big push. Made $15000 or $14000, whatever, last week. I’m up another $1000 this week. If it’s a week of sideways, you know, that’s fine. Try to open up again early next week. Hopefully we’ll see the momentum continue and I’ll be building that account back up. Sitting at … We’ll be at about around $102000 when I start tomorrow. I’m at a point now where I could take money out of this account ’cause I’m not using $400000 in buying power, but when you look at some of these stocks, I don’t know, IDT … I mean, this one it shows 25%. That means I can use my margin on it. I only need 25% of my cash balance to trade it, but this one shows 100%. That means I can only use this equity balance on it. You know, sometimes you’ll find stocks like RKDA. It’s a $5 stock, so if I took $50000 out, I dropped the account down to like $40000 or $50000, I might not be able to take 10000 or 15000 shares of this stock. Right? ‘Cause I need to use 100% of buying power.

So, that’s where if I take out too much money I might end up reducing my ability to make money and that’s a problem. So, you know, obviously gotta pay your bills and everything else but I don’t know, I’ll probably take out money at some point here. I was kind of hoping in October we would squeeze up both the small cap market and my account, get up towards 125, 150 and then I could kind of be in between the 100, 150 level for the rest of the year and try to really capitalize on what is typically a strong time of year.

This is the time of year where I’m more likely to take 15 and 20, maybe 25000 share positions and try to get $1 per share. You know, try to really get some big winners. That’s how I’m going to have $25000 days. Certainly if I have a $25000 day this month it’ll be not the first time it’s happened. So, it will be the first time this month but not the first time of my trading history by any means.

I still had my sight set on $100000 day at some point this year and that would be my best day of all time if I can break $100k in one day, but we need hot momentum, we need stocks going parabolic, absolutely taking off, exploding and today we certainly didn’t have that. We haven’t really had it enough to give me that type of move. So, you know, that’s okay. That’s the way it goes sometimes. Might just have to wait for that big day for November, December, but at the same time you never know what could come around the corner next week. You know, I try to just keep an open mind. Things all of a sudden can out of nowhere take off. You know, Friday morning we could wake up and have an amazing gap scanner and then just end up having a great day.

So, anyways, that’s it for me. I’m heading out here. I’ll be trading from San Francisco tomorrow and be in the office in California next week. So, you know, it’ll be the same routine for me but just be doing it from my mobile trading station. All right, so that’s it. I’ll see you guys first thing tomorrow morning. Bye everyone.

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