Bought CENX @ $6.39
By admin on Jun 2, 2009 in buys
CENX is only up 1% today but it’s passing through it’s 10 day SMA and what this means is I’m getting it at a very good entry price if it does take off. It also seems to have a lot of support and it’s big resistance point is at $8 which would be a very nice gain.
As you can see I’ve bought 3 different stocks today - What I’m trying to do now since I’m trading on margin is to make more trades with smaller positions in each so that I minimize the risk I’m taking on any particular stock. When trading on margin losses can be much more destructive. On double margin a 50% loss wipes me out. And more realistically a 12.5% loss turns into a 25% loss which is much more painful.
And since SogoTrade only charges $3 per trade it doesn’t hurt so much to make more trades with smaller positions and since I’m trading on margin, my smaller positions can still help me make big gains.
Going forward I would like to split my account into 2 or 3 positions and then possibly 4 or 5 positions as I have more money to work with (being very hopeful there…)
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BTW I have three sub $5 stocks on my screener right now (I can’t play these because of SogoTrades $5 min for margin trades.)
OCNF - $1.84
COIN - $1.70
KFN - $1.39
CENX closed barely up from my entry - $6.42 but it looks like a possible popper for tomorrow - I’m pretty pleased with this…
admin | Jun 2, 2009 | Reply
Just sold it for a 9.5% loss… I’m actually supposed to be stopping my losses at 8% so I’m kind of mad at myself for that. You can’t get too upset about the bad trade though, that happens. What’s important, I think, is to stick with cutting losses quickly.
admin | Jun 3, 2009 | Reply