It has come to my attention that evidently if I don’t trade every day in a shitty market I have suddenly become someone less worth following from a trading perspective.
I will do my best to keep this post from becoming a profanity laced rant, but if it ends up going there so be it.
Last I knew CASH was a position and NOT making stupid boredom trades on bad setups was a very sound trading strategy, according to some of my followers and other bloggers this appears to not be true. Perhaps I should buy Gold, short the EURO, and sell some puts on Apple, wow theres a bunch of terrible fucking trading ideas that will surely do nothing but lose money!
Of course I also know that my blog is supposed to have trading content, so be it haters, you’ve won. I will start posting more ideas and feelings about the market. I do enjoy writing about the market, but I really despise posts like “The dow was up 100 points today based on assurance that the aliens that have landed will be buying a substantial amount of US treasuries” Blah blah fucking blah. But nevertheless if your coming to this blog for pennystock related information, then there should be something here for you to read. I have plenty of battle scars and trophies to brag about from the disgusting and putrid battle fields in the land of pennystocks. I will NOT become Jim Cramer and throw out ten tickers a day, just so I can build a watchlist. If there are no picks, no watchlist. If there are no trades that fit my setups, I won’t post at night stating, “Would have been a good day to pick up some BP on the bounce.” I’m all fucking pennystocks baby, with an intense short bias.
So if you want to complain that I never trade, so be it, beat my fucking win percentage then tell me I’m not a trader worth following. If you peruse my log below you’ll see that maybe just maybe there is a method to my madness, and you don’t need to trade every day in order to learn how to trade well and achieve constant improvement in your trading skills.
Look at all that green!!
Lets review the three bad trades, one break even and two losers.
I covered on a weak short squeeze at $7.18, a few weeks later its at FOUR fucking THIRTY, yeah $4.30, hmm who can tell me if that was a good entry in hindsight?
I held to long and broke even, I initially shorted at $4.72, its at $2.80 today and probably going to collapse soon.
I went long at $7.10, a couple days after I sold, they were bought out at damn near $9 a share.
While its always easy to say coulda should woulda, in my mind I have a 100 percent win percentage, and some of the best trades could have been my losers had I been more patient.
In closing, if you have pennystock related questions, ask away! I have responded to EVERY comment ever posted on this blog in the most informative and helpful manner I could. But if your looking for picks EVERY day, when the market is shit, go turn on some fucking CNBC or visit the stock chat rooms, there you will find a plethora of TERRIBLE stock trading ideas. You won’t find that shit here…
And FYI, I have NO watchlist again today 6/10/2010, my big gainers scan has two terrible looking setups, and my fading scan has one even more terrible looking setup. So move along to the Yahoo message boards I guess…
I will start posting more regularly on trading related topics though, ideally every day, but if the market continues to drag along and do nothing, it may be more like every other day.