Making $5K with $20K each month

I made a huge mistake today right at the market close. I had a pretty good day. Was in a chat room and saw folks talk about JSDA and they're gapping it up. I looked at the chart, it is okay and it is at the HOD by 3:59 PM. Dumb me bought 500 shares at $25.15. Right after the market close and about one minutes later, it tanked to $21. Without knowing what's going on, I added 500 shares quickly. By the time I looked at what's going on, it was already quickly tanked to $20, I sold in panic at $19.75. I lost $3000 on this one in just a few minutes. Now I cannot trade in after hours and get some $ back, I have to go and pick up my kids from the school, damn, I am so unlucky!

Before 3:57 PM, only loss was VRSN calls I bought yesterday.

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Now, all gains made for the day is gone plus the gains made from yesterday.

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I use 5 min chart, today was a very tough day. After selling QID @ 47.70.
I was distracted by AMTD shorted at wrong spot 17.70 (ideal spot would be 17.90 area) I am few pennies under water on that, I have hedge on it long equal number of calls. I will benefit if it close below 17.10 by May OE.
It is a small position. My maximum loss will be 3%.

I have total of 23 cents on three trades. All QID in last 2 hours. You will like it because of your strong back ground you will do great. Go back and check intra day chart with indicator you like or put my set up and see how it work.

Good luck.
 
thanks for the dndn info, penny...

i had the same unfortunate thing; stopped trading around noon, came back later and took on too much size in a trade. not a bad trade for the chart, but because i took too much size on, i gave back gains from today and yesterday...

clear the head, tomorrow's another day.
 
Sorry to hear about your loss. That is one reason I quited trading individual stocks.
If I trade them I want a hedge so my loss is defined before my gain.

It is very hard but you will make it.

Good luck.
 
Thanks, I will try to get back the loss from trading JSDA tomorrow. This JSDA is very good trading stock. I'll play hell out of it, unfortunately, I cannot borrow shares to short it :-)

I found the STOP LIMIT orders were not extended from the regular hour to the after hour on my trading platform Omni Pro. I use INET for stop orders. Also, I tested the STOP limit orders in after hour on SBUX, the stop order didn't trigger. I'll find out more from the broker tomorrow.




Quote from mfarooq:

Sorry to hear about your loss. That is one reason I quited trading individual stocks.
If I trade them I want a hedge so my loss is defined before my gain.

It is very hard but you will make it.

Good luck.
More...
 
I am very sorry to hear about your loss. Looks like we're two unlucky guys today. This kind of unexpected loss has not happened to me in a long long time, I am very cautious in entry and exit, try to minimize my loss, I cannot afford it. Again, I'll try not to hold any NAS stocks after 4:00 PM.



Quote from gaj:

thanks for the dndn info, penny...

i had the same unfortunate thing; stopped trading around noon, came back later and took on too much size in a trade. not a bad trade for the chart, but because i took too much size on, i gave back gains from today and yesterday...

clear the head, tomorrow's another day.
More...
 
I just wanted to say I read your whole journal today and it was very interesting. I am just getting into the market and learning a lot quickly. I hope you will keep updating this journal.
 
Will try, thanks for reading.

Quote from JCtheBuilder:

I just wanted to say I read your whole journal today and it was very interesting. I am just getting into the market and learning a lot quickly. I hope you will keep updating this journal.
More...
 
Got some of my losses back this morning. Sold SCEY @ 2.50, I'll buy back on a dip, still like it. Got some $ back from JSDA.

Made a mistake on YHOO in premarket. Bought at $33.7 and then took my sons to school, missed the chance to sell at $34-35 range, as I came back, it was below $33, I took another painful loss. The stop order simple doesn't kick in on Omni-Pro in premarket or after hour, I am wondering where the stop order was routed, even though the order showed was LIVE to INET. I miss Real Tick software, with Real Tick, I could put a limit to sell and a stop order at the same time, just like the bracket feature in trading futures. I'll trade YHOO in the afternoon to recoup its loss.

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