I’ve haven’t traded since last Friday and have spent alot less time reading blogs, looking at charts, other internet research, etc., but have found it impossible to completely take a break. I am committing to myself not to trade with real money until I demonstrate some results through paper trading. Whether that takes several weeks or three months, I’m not sure.
My only real holding right now is NEXM. It was the second stock I ever bought after my GM play a month ago. I heard about this pharmaceutical on a message board and saw it fell from a buck in September. Due diligence didn’t consist of much, but it was in a sideways pattern between 12 and 14 cents, and there seemed to be credible evidence that some good news was coming (which bore out with FDA approval to move ahead on their pecker cream and a milestone payment from Novartis). I have 7,220 shares at an average of 12.5. It spiked up to 17 today, but closed at 14.5. Just this increase has helped recover almost half of my overall real losses so far. On November 11th some earnings and other news is supposed to be coming. Obviously, this is not a technical analysis trade here, and at this point, I have tight sell stops on in case it plunges.
CEGE: Hit .44 cents today. Last week, I almost bought 5,000 in the mid-teens (was worried about using up my third day trade of the week up), and on Monday, I had 10K shares at .26c loaded up in my order screen. I didn’t pull the trigger because of my new path of paper trading for now. Instead, I transfered the $2,750 out of my brokerage account. It’s kinda of a bummer to see a potential $2,000 profit not happen on a stock I was 99% close to buying. I did have the foresight to buy CEGE on my long term investment paper trading portfolio, which overall took a big hit today. I was up $500 just yesterday but am down $125 today, but it would be much worse without my 5000 shares of CEGE bought for pretend at .24. Can’t remember how this one got on my radar now, but the price action and volume did look good on the chart, plus coupled with what I thought was an election play as this is a stem sell research company. Was worried about “buying the rumor, selling the news” dynamic maybe happening today, but it rose overall rather really sinking, though it was falling at the bell.