No room for new strategies

I placed my bets too early on the penny financials. I went long on a group of 5 of them. BKUNA, SCA, ABK, DSL, and RDN. I spread my money and waited. I could have suffered big had I gone all in on one. RDN fell over a 1$ on my position. These are penny stocks, %age wise, the movements were significant. I held through some minor red, but slowly, the cummulative losses had me worried. I covered my long positions and my account is down $1500. Its tough. This means its back to shorting pumps for me. Chasing momentum plays is hard. Shorting pumps requires waking up on time and patience. Further, all of this intense charting i've been doing keeping track of the penny financials and the usual lot from the % gainers list from yahoo.

My stocks broke their 52 week lows. I took big losses on them. My account has been corrected. The most important thing is the lessons i've learned. I really am not in the place to take positions like I did. Seriously, I bet on a government bailout. I was way too cocky, and my account was not big enough. This is why i'm down over 1500$ at the moment. In fact, I think this is a lesson that extends beyond account size. Shorting pumps is so easy. Its just waiting for the right price break. Seeing stocks like OPTR, DIN, and DDR had me ready to get a piece of the action. I was ready to break 10k in one position. People in GOTS may do it every day, but I'm going to be working slowly back to even. From there, I anticipate continueing the shorts to 10K as I originally planned.

Despite my mistakes in the penny financials. I know they are LR buyins. ABK broke 1 dollar today. Anything that breaks 52 week lows is on my radar for long positions. Checking extended period MAverages wouldn't have predicted this dip either. Credit ratings cut these corporations down, and they are part of why DJI isn't at its top either. Auto corps are stealing media at this point. Once the fluff dies down, I want the small lenders to get the help they need. ESPECIALLY if the automakers get what it looks like they might.... a piece of the FED.

Really, a new strategy all together.

Alright guys, I'm taking a break from day trading. It takes a lot of time, to be able to watch these penny stocks catching and shorting momentum stocks, and waking up early to reserve shares with TOS. Add in a full courseload, a part time job, two big extracurriculars, and you have my non-stop life. I enjoy it. I enjoy it a lot actually. But I'm always interesting in trying new things. I have my iPod, meaning I can check stocks, and use TOS's thinkpod software to trade anywhere I go on campus. I'm going to start playing stocks long term as a habit. Multi-day will be the normal hold, probably even weeks. I'll buyin on technicals and lows mostly. My favorite crowd, coincidentally, is at some nice lows. The penny financials are where I plan to start. DV commeneted on this in his latest post. I'd agree, ABK is a buyin. The chart is sinusoidal with nodes at 1 and 3. Tripling some money would be nice. Multiple times, even better. This is what I'm thinking I will do. Day trades will no longer be a concern. They will always be there just in case.

Now for my watches.

ABK- If I could name my first real stock, it would be ABK. I saw it go 1 to 10 and then back down. I know it can move. Just ask Ramtajogi.

DSL- Not as big of a ranger as ABK has been recently, but back when FRE/FNM collapsed, this had an amazing run. Nicely set at 1.58

BKUNA- Had a great day on this stock before. Nice at only .40 cents. Could really hit a homer with this one. Definitely a low, and my number one watch!

FRE- Nicely set below 1.00 for now. Has dipped to the .60's in the past twenty days, so the bottom might not be in sight yet, but I'll watch it.

FMD-Shortable. Nice at 1.50's and has touched the 1.20's in the past twenty days.

BIOS- Needs more downside, but it has the volume and volatility that fits my standards.

The rest I'll just list: RDN, PMI, RAMR,DTG

This is enough to watch, especially for me. If you want more ideas, just google the shorting ban on the 700+ companies. There will be plenty for you there. Check out the small mortgage lenders like TMA.

Why I intentionally took the biggest loss I could.

I have been really sloppy lately. Take a look at my investment record and you will see a steady streak of losses. I enter stagnant stocks, try to beat the crowd, and refuse to reserve shares pre-market in lieu of sleeping in. I took a huge loss today just so my account would be at a low and I would have to focus on taking small and steady gains. Call me a masochist, but as I have said before, my confidence is not hurt. I

I'm o/n short on SAH.

PLA still hasn't given it all back.

CVI, has sideways action at 5, after some nice gains from 3.

Lets focus on these and some pre-market hits for the day tommorow. Lots of potential in these, no need to try to find a 10 stock list to follow. If these fail, plenty more opportunities for the rest of week. Really.

A new trading strategy all together

Lately, I've been focusing on being right. If I pick a stock and put my capital up, I hold till I see things going my way. I've held LVLT for a week on and off and even two weekends! This is not what I anticipated doing with my day trading career. This has lead to my new focus being time periods. I hold over many hours, and pay close attention to 10/60 crosses to predict the two most volatile sections of trading during the day- open and close. In fact, I've gotten to be much better at this. Regardless, watching some Wall Street Warriors made me realize that even with my small account, taking green is much better than holding for more. You'll hear every trader say this, but as always, whats the point if you don't follow your own rules. I've held LVLT to below 6k in my account twice. Tommorw I plan on liquidating my position and starting fresh. Sure I will be back to my lows, but as I made a entire post about earlier. I'm very confident. Even noob comments on how it is easy to have .5-1k days. It really is. Just look at DIN, DDR, NCC, TRE in the past. The list goes on and one, but these stocks have huge one-days %tage P/L. Yes, I could find an ABK at its bottom, hold tight and double my account over a few weeks. But I am way more interested in picking up some solid day-trading fundamentals then hitting a homerun.

Addiontally, some of the guys have been writing about risk/reward and risk managment. Check out Yng for an awesome post on expectancy/profit ratios. For me, I've never had tight stop losses. Perhaps this is why my account can fluctuate 1K in unrealized gains and losses without me even making a big deal about it. My positions are big, and I try to avoid letting the micro movements spook me. At the same time, I'm always on the lookout for breakouts when i'm short and landslides when i'm long. This, you see, is why I exited CRDC at it's peak. It fell. I was wrong. It happens. Move on.

-Take any green you get.
-Don't worry about having a great track record in picking stocks, your net worth is what speaks on your behalf. This means exiting when things turn sour, and staying in liquid stocks.

Also, PLA(Playboy Enterprises) is the latest no news pump! Long or short depending on the attention it gets. Guessing it'll be big w/ the corp being so well known.

GKK is on a two day run up. Third times the charm. Short after.

CVI. Charts do not get more predictable than this. It has no reason for this pump! Wouldn't we all love for our companies to rise 68% in worth in one day?