This past week was my first week of being over PDT. At first I was kinda scared to trade as to not mess it up, so I deposited a few more thousand so I wouldn't have to worry about falling below.
Monday I exited a swing short on pump ODYY. Was up a $150 or so. Didn't know what to do since I never really traded intraday that much before. I only made mental notes from looking at stocks move up and down in the past as well as wonder what I would do if I could get in and out of trades... For example, if I was swing shorting a pump and there were shares available on IB to short, I would always think about covering some of my position and then adding on bounces. Couldn't do that before, which was super annoying.
So now with realizing I can be in and out, it's just sooo much easier. I ended up $990 profit on the week trading very small and just being nimble while I get used to trading intraday. I LOVE not having to be short over night and being able to have my head clear to study and do whatever I need to do over the weekend. After being under PDT as mostly a part time trader for 5 friggin years and full time trading for 1.5 years, this is like a dream come true! Finally!
So going over the week. I had some decent trades. I liked my sizing. However, Friday was a little sloppy, but still profitable and great that I cut trades out for small gains each time I felt uneasy. Here we go:
Monday: closed out ODYY for $150 profit, super small position. Shorted Birdman iHub pump RAFA for like $70 profit. Both super small position, not knowing how to break into day trading over PDT and kinda scared to do it!
Tuesday: Entered LKNCY not knowing what I'm doing and seeing it squeeze. Out at my risk using up the daytrade, but being over PDT so who cares about the day trade! Loss of $150. Took it as a warm up trade. Not good about my plan, but good that I cut it.
Wednesday: I figured I can practice my intraday shorting on a former and current pump CTXR. I looked into the filings and as usual, they have tons of warrants and convertibles and resistance looked to top around 1.50. Shorted it a few times in and out playing off VWAP and daily resistance. Made decent profit. Was shorting 500 lot starters with adding 100-200 share lots ranging from 1500-2200 shares short.
Shorted ODYY a couple times and covered for small gains. 200 profit day.
Thursday: shorted VUZI and another stock for same method as I did CTXR. Shorted pump KULR which I saw some promo being sent out. I'll keep shorting these little OTC pumps daily as long as shares are available. 450 profit day.
Friday: shorted former pump ANIX as I saw it was up (500 lot +100 as it went weakly over VWAP and covering at or under VWAP for easy gains) and VUZI and even GNUS. Here's where I got sloppy. I saw GNUS going wild and just assumed it was a Friday squeeze. I started adding 100 share lots as it went up... level 2 was going wild so I felt uneasy. Turns out it wasnt a squeeze, but some fake news on Disney contract. I turned out right, but I only knew this after the fact. Ended up with like a $50 profit which could have been like 1000+, but the thing about this is that I didn't check Twitter or anything before. I just glanced at the TOS news, saw nothing so assumed. This isn't diligent trading. What if it would have been real? I would have gotten squeezed out of my mind on a wild ride Lol.
Later on Friday I shorted VUZI again in and out as I feel comfortable trading it since I have been doing so for a while now. As the last hour was coming, I didn't want to be short anything over the weekend and didn't have to worry about day trades, so I covered with like a $30 gain and up $350 over all on the day.
Lo and behold VUZI starts running on that W___ ticker company that was spiking the whole day... I forgot the ticker. So far VUZI is up a whole dollar ah and I would have had a terrible weekend! So glad I got out not worrying about PDT! Now I can study over the weekend and grab VUZI short again on Monday or Tuesday on the backside..
I also shorted CYDY at 4.72 after seeing it test 4.65 lod and previous day's support. I also saw a huge seller at 100k around there. Figured it could drop .30+ cents real quick once that was broken. I know for OTC's gotta give it time, so I looked at it's previous cracks the past few days and it was always a 30-45 minute period where it dropped before coming back up. I gave it 30 minutes and nothing... So covered at 4.65 and going to give it another shot next week.
PDT definitely taught me dicipline though. I remember those days a few years ago I just wanted to jump in trades for the smallest reason. I'm ok with just watching stuff move without me and playing what I feel comfortable with. Definitely helps knowing so much more. This next week coming up I plan on still trading small and respecting my risks. Very happy with the way things are going and the way my first week over PDT went over all. I will also start uploading my trades probably on a monthly basis on here once again very soon and start journaling stuff like this more.