While everyone is speculating on new sub penny bottom turns. I've close 2 trades, on the big boards. LYG made 10% a week & 1/2 ago and 10% on a close today @ $4.00, on a re-enter. The chart pattern target has been reached. Trade is over.
And remember the heads up post, trading resistance levels for,
YRCW? Close that play for 25% .26 to .32, back in .32 to .40 another 25%. Back in again @ .42, next stop .50 for another 25%.
I'm about to get into another rant here.
This past week end I spent some time looking at all the sub penny world. Because I just started trading since the big board correction started. And found it hard to find good watch stocks.
Well I found many bottom turn possibilities and we had discussed several on the board, the last few weeks. So there is no problems finding possibilities in sub pennyland. The key is potential moves, not chart pattern moves worth taking a risk on.
In those discussions, there was allot of story love brought to the board. And I actually read some story lines and message board posts. So many poor, newbies still out there, hooked on the herd mentality.
MY point!
We are here to make money. Not like or love CEO & company stories. So why are so many wasting time waiting for that one big play? Instead of earning gains?
Think about looking at the big boards. Smaller gains, but less stress! While everyone is looking for and/or holding for the next potential 5X or 10X. You could have made 70% in 3 weeks on 2 plays at the big boards.
Granted that is not normal, usually you can expect 25 to 30% in a month on 4 to 6 stock plays. Say the average board reader playing pennies has $5k cash. At 25% a month, that's $1250 gains. A good goal. with a trading plan.
IMO chipping away 5 to 15% a stock, without stress, is a much better way to make money.
Food for thought!
Build a chart pattern watch list of 10 to 20 stocks, keep a strong watch list of 5 to 10 and trade 4 to 6 a month. 25% is not unreasonable. The start of a trading plan.
