timothysykes

$950 profit IFAN Short Stock

Entry comments: Shorted this blatant pump on possible double top at .60ish, slightly red on the day, already had a mini-panic, tweets form same guy who said to short $SIMH at .47ish saying this is worthless, all good indicators for followup crash, my high net worth broker has shares to short, I just want to make 15-30% on my short

Exit comments: Got a little bit of a drop but no absolute morning panic, probly still too early in the pump, worth a shot, had my chance to cover at .51 and .52 yesterday, wasn't prepared, exiting this trade safely as similar morning panicker SOPW got all the way down to 1.90, now back to 2.17, gotta cover into panic or basically breakeven like I did here

Received 2 Karmas
ScarletRaider
ScarletRaider Nov 04, 14 3:49 AM

Hey Tim, I received a hard copy promotional mailer for IFAN, would you like me to scan and send it to you?

Join now or log in to leave a comment
Raylbc27

These are my 7 rules i follow and i think if you really stick to the rules you will do well also... 1) I Always cut your losses quickly! This is by far the BEST rule of the bunch! 2) I NEVER average down. Why add more to the misery? BUT i LOVE to average UP, meaning he/she adds to a WINNING position! 3) Chart support & resistance are the two MOST IMPORTANT chart indicators u will ever need to know. 4) Trading w/o a Level-2 and live charting you're already losing the battle before it even begins...It's a big no no! 5) It's very hard to make $1,000 but much easier to make $50-$100. So i try to pick trades wisely to gain that $50 or $100 dollars at a time. Patience is key when building up a small account. 6) Nothing is worse than when you're UP on a stock only to let it turn into a loser. To avoid that you sell on way up (or down if shorting the stock) in partials! Money in bank! 7) Keep your EMOTIONS out of the trade. Four Psychological States Of Emotion – Greed, Fear, Hope, and Regret.

Received 37 Karmas
TickTockTicker
TickTockTicker Sep 24, 14 6:37 PM

The best risk management rules come from Tim Grittani's blog. I suggest everybody read it.

The_Swede
The_Swede Oct 25, 14 5:36 AM

in going to borrow these rules if its ok i like them..

Coulisnosaj
Coulisnosaj Nov 07, 14 8:07 PM

I agree with everything you stated but averaging down works if you have a solid company, like an earnings winner but the dip isn't justified and your timing is off. Typically, I use this for swing trades only.

GlennP
GlennP Dec 04, 14 9:48 PM

#6! I'm getting better at that one. My early losses were watching $100 gains turn into $100 losses.

Join now or log in to leave a comment
Page
of 1