Today I'm trading into my IB account with approx 50k set aside for Penny Stock trading.
Friday was a -$1000 day for me. I added 6k shares to $MEIP in the morning but she dipped into the close. Still +$700 on the trade so far. If you want to know why I bought MEIP, see my video here!
Remember NEVER follow alerts EVER from ANYONE, use them to learn how others plan and execute trades so you can learn to plan and execute on your own.
There were plenty of spikers yesterday as the shipping sector IGNITED. $SINO beat all expectations by continuing to make higher highs in the afternoon. Stay tuned for my upcoming video lesson on the SAFEST way to trade surprise action like $SINO. Follow me on Profitly and YouTube for real-time updates!
$AEHR was another hot stock that looks a little too pumped up after being a contract winner. The extra contract is only worth 14c per share in revenue, so the additional profit potential is EVEN LESS. Talk about over-hyped as this stock is up $1.50 since the announcement.
$MYOS is an obvious short candidate cos she's as toxic as they come. Timing is the key to shorting these low-floaters though, (or not shorting them).
$CRBP looks as if she wants to play today. Its hard to say if she's capable of retesting previous highs but I'm definitely interested in this 4.20 play.
LASTLY, if you want me to do a STOCK SPOTLIGHT, please leave a comment below. I'll make a video lesson on the most commented stock!
Rules today are:
- Max of two open positions at any one time
- Max position of 40,000 shares open at any one time
- Only trading for target profit of 50c per trade
- Only trading for risk/reward ratio of more than 2:1
- Only trading stocks I've prepared a plan for
Lessons I've learnt so far
- DON'T FOLLOW ALERTS without your own game plan
- Don't dip buy unless there's a good enough risk reward ratio
- Don't trade ANY stock without a good game plan
- Don't fall in love with a Penny Stock, if you give the time day she'll most likely HANG YOU OUT TO DRY
Categories Live Trades, Price Action: Breakouts, Price Action: Morning Spikes, Trader Checklist, Trading Mistakes
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