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Not sure what to make of REVI. It it gaps and runs and rallies into close off a high tomorrow, I will pick some up EOD.
VEND has been trending damn strong and I have taken gains along the way. Should hold up for a little bit longer. Same deal with GFOX, although I think GFOX will crash again before hitting its old high and will exit before then (typical P&D bounce pattern is to crash before making it back to the old high at the end of the bounce rally - but I do love a long bounce rally).
Made some money on EAPH today and held some into close. Should gap and run. I would be surprised if it holds up and keeps rallying EOD, but if it does, I will buy back in after taking profits in the morning.
Pot stocks paid off nice for me again today. In addition to HEMP, I cashed in on the TRTC and CBIS rallies. CBIS looked best today and I have the highest hopes for tomorrow. I think Hemp will open OK, but have a feeling it will finally pull back sometime tomorrow.
I am still keeping an eye on PHOT, FITX, MCIG, CANN and PLPL; have made money on each of the later but waiting to seem them trend nice again.
ERBB HSCC SING BOUNCING BACK Made GReat money HEMP
Really like the erbb and hscc
There is this person on twitter WOLFOFWALLSTREET
FOLLOW HIM!!! for pot stocks
Epic day for HEMP - Amazing how the climb was fairly steady with 3 false crashes; hard to say where is will close and how it will open. I hope it falls 30-40% and then starts to climb into close. I will load up on that pattern. At the current rate of pace, however, the bastard will close up an incredible 130%.
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Victory for Hemp Farmers as U.S. House of Representatives Legalizes the Cultivation of Hemp
Date : 02/03/2014 @ 10:57AM
Source : GlobeNewswire Inc.
Stock : Hemp, Inc. (PC) (HEMP)
Quote : 0.1665 0.0744 (80.78%) @ 1:33PM
Victory for Hemp Farmers as U.S. House of Representatives Legalizes the Cultivation of Hemp
Print
Alert
Hemp, Inc. (PC) (USOTC:HEMP)
Intraday Stock Chart
Today : Monday 3 February 2014
Click Here for more Hemp, Inc. (PC) Charts.
Hemp, Inc., (OTC:HEMP) America's first all-industrial hemp public company, applauds the U.S. House of Representatives for legalizing the cultivation of hemp. For the first time in decades, the Federal government is allowing farmers to cultivate hemp. As of Wednesday, January 29, 2014, pursuant to the passage of the farm bill, the cultivation of industrial hemp is legal on a Federal level and is clearing the way for industrial hemp pilot programs in states such as Colorado, Washington, California, Kentucky, Maine, Montana, North Dakota, Oregon, Vermont and West Virginia, where growing the plant is legal.
The bill was originally introduced as an amendment by Representatives Jared Polis (D-CO), Thomas Massie (R-KY) and Earl Blumenauer (D-OR). The provision allows universities, and now also state departments of agriculture, to grow hemp for academic or agricultural research purposes; however, it only applies to states where industrial hemp farming is already legal under state law.
Senator Mitch McConnell, who worked to retain and strengthen the provision, was the lead negotiator in getting hemp included on the Farm Bill was quoted, "We are laying the groundwork for a new commodity market for Kentucky farmers."
Bruce Perlowin, CEO of Hemp, Inc. said, "I said it before and I'll say it again... these are monumental steps for the industry. What we are all trying to get people to understand is that this will finally unlock a clean 'American Industrial Revolution' that will not only be economically sound, but environmentally advantageous." Soon companies like Hemp, Inc. (OTC:HEMP) will not have to import their hemp fabrics, hemp seeds, hemp hearts and hemp hurd for their hemp products.
According to the Associated Press article, written by Kristen Wyatt, "The plant's return to legitimacy could clear the way for U.S. farmers to compete in an industry currently dominated by China. Even though it hasn't been grown in the U.S., the country is one of the fastest-growing hemp markets.
"In 2011, the U.S. imported $11.5 million worth of legal hemp products, up from $1.4 million in 2000. Most of that growth was seen in hemp seed and hemp oil, which finds its way into granola bars and other products." Other estimates place the U.S. 2013 hemp sales at half a billion dollars ($500 million).
Hemp has thousands of uses. From rope and clothing, to soap and lotions and nutritional additives in everything from milk to cooking oil. Presidents George Washington and Thomas Jefferson grew hemp before the Federal government banned the plant in its anti-drug efforts through the 1970 Controlled Substances Act. According to the aforementioned article, it wasn't until 1999 that the Drug Enforcement Administration (DEA) issued a hemp permit for an experimental plot in Hawaii on a quarter acre of land.
Now the passing of the farm bill is a big first step towards allowing American farmers to once again grow industrial hemp, and giving Hemp, Inc. enormous new economic opportunities.
Hemp, Inc.'s TRIPLE BOTTOM LINE
Hemp, Inc. (OTC:HEMP) seeks to benefit many constituencies, not exploit or endanger any group of them. Thus, the publicly-traded company believes in "upstreaming" of a portion of profit from the marketing of their finished hemp goods back to its originator. By Hemp, Inc. focusing on comprehensive investment results—that is, with respect to performance along the interrelated dimensions of people, planet, and profits— our triple bottom line approach can be an important tool to support sustainability goals.
FORWARD-LOOKING DISCLAIMER
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Hemp, Inc. to be materially different from the statements made herein.
http://www.hempinc.com
http://www.herbagenix.com (hemp-based supplements division)
http://www.basichemp.com (hemp protein with enhanced nutritionals)
http://www.mjlover.com (MJ Lover for Him; MJ Lover for Her)
http://www.re-load.biz (hemp-based nutraceuticals)
http://www.hempinc.tv (media and entertainment division)
http://www.marijuanaincorporated.com
http://www.marijuana.tv
http://www.cartelblue.com (eco-friendly clothing)
http://www.ecoharmonycard.com (loyalty card sustainable fundraiser for non-profits)
http://www.supportpatchadams.com (hemp gemstone candles and fundraiser for patch adams)
Hemp is impressing today - will be interesting to see if it can close strong
I really LOVE your strategy sell at lease half into gap open and buy back if it warrents at 345pm HEMP WOW
AEGY-that was nice-holding from Friday-sold first thing this morning.
HALO-looks like it is pulling into the wheel house. Below 15 right now.
Sweet open on AEGY - would have loved to have dumped onto that gapup. If you were not in already, hope you did not buy - my rule is to never but a high gapup, only to sell into it.
Had a great morning - all my OTC stocks paid off nice - PLPL, FSPM, HEMP, and VAPR were the best. I have sold everything and will come back to see how things look EOD. I always seem to make big gains Monday morning - may be I should only trade between Friday afternoon and Monday morning (nah, that would be too boring)
Question AEGY
Any thoughts How high would you pay for it?
No problem...you asked next time I had a pick let you know. Audited fins are over the market cap...will be released soon. So big correction coming.
Thanks Melly. Home tomorrow--so will be trading. Will put on watch.
Hey kkpm....got a nice one for you. Ewsi...I was here posting when ntek was .009. I find a great stock every couple months great entry in the high .03s. This is definitely a good buy. ..at least put it on your radar.
NTEK-up 20% on mid day run. On watch for solid close. News out today and more expected. Might have a little run into Monday. Just keep an eye.
HALO-took starter today.
AEGY-took a starter today.
Tickers of interest for today:
OTCBB:GFOX OTCMKTS:FSPM NASDAQ:NLST OTCBB:PHOT OTCMKTS:TRTC OTCMKTS:PLPL OTCMKTS:HEMP OTCMKTS:IMTC NASDAQ:SZYM NASDAQ:PFPT NYSE:MTW NASDAQ:CPHD NASDAQ:ARAY NYSE:CSC NYSE:UFS NYSE:TSN OTCMKTS:VAPR OTCMKTS:ORYN
Yeah, PLPL has been great for me. While the big boards have been crappy the past 2 weeks, the OTC has bailed me out with nice gains. Love the pot stocks. Hope they keep rallying EOD after a typical afternoon dip - then I will load up again for an easy Monday gap and run. I like to dump half on the gap, and let the other have run until mid morning with a stop on.
I bought them both (PLPL, FSPM) - sold them both a bit too early today as they were bigger monsters than I was expecting; maybe I will pick up again EOD depending on how they are trading. Also made cash on PHOT and IMTC
PLPL WOW THE PENNY DOCTOR
I decided yesterday what the heck and bought 5000 shares of plpl at 1.48 near high of day at 345pm
PLPL hit 2.91 today OMG@!!!! Thank YOU
NKTR-nice run today. Just squeaked over 14.00. Great bounce play from low 12s to 14s .
ATOS-hold a starter on a swing.
HALO-starting to look good. Anything near the 50dma--will grab a starter.
BAC-is on a tear. Waiting on pull back.
THe PennyDoctor PLPL FSPM Pot Stocks Buy them at 345pm today for gap up Friday?????????
I think the overall market will start strong tomorrow - I bought 500 TNA EOD so I hope I am right. AH was strong, but it was yesterday also and that didn't hold.
KGET, FITX, and IMTC look like buys
Ouch - my worst morning of January today. Was in a lot of big board tickers thinking the market was going to go up today based on yesterday - ended up being dead wrong and all my big board tickers gapped down. Still up big for January, but am now $4K off my high for the month and may must wait it out a bit (as I should have done when I suggested that Monday after I had a good day). Got out of my OTC tickers w/o a loss this morning - will have to see if anything on the OTC looks good EOD. Not a fan of the big boards right now as this downturn looks like it will continue.
I traded CVM for profits during its run - had considered it finished. Will put it back on watch. If if can break its old high, it could run much further.
NKTR-picked this up yesterday on the bounce and sold into close today. Nice Bio with upcoming catalyst. Should see 14.00.
RIGH-missed grabbing at the EOD. Will watch for a dip and rip tomorrow.
Sorry I did not see this before EOD. I actually sold my pot stocks at open and avoided the hit a bunch of them took. EOD, I picked up PLPL again (this has been my ticker of the week) and picked up some NTRR for the first time. PLPL is a pot stock - did not see it on your list?
THE PENNY DOCTOR Gap UP tomorrow Marijuanna Stocks
Which Marijuanna Stocks would you buy at 345pm today for the gap up for Tuesday 1-28?
Gues TRTC MJNA CBIS PHOT AEGY RFMK HEMP?
Remember Obama State of Union tomorrow Bet he talks about medical marijuanna?
Made good money this morning on LIVE and TRTC. I have traded LIVE for nice profits quite a bit, but don't really know anything about the ticker - just traded the chart. I have seen it promoted by some Newsletters and I am not sure how much they have influenced this incredible run - looks like a big board P&D that will crash at some point but until it does, may as well join the ride. 523% YTD gain is pretty amazing for a Nasdaq ticker - especially given the rise was steady and not a one day massive gapup.
I missed this one - I rarely bother with the sub-penny tickers. This one did about $1.4M of dollar volume on Friday even though the trade volume was so high. That is a bit low for my liking, but I agree it appears that it would have been a nice EOD Friday pickup as it should gap. I will pick some up EOD Monday if the volume and trend stay strong. I love day 3 after 2 previous gap/run/close strong days - almost always a good trade barring some bad AH news.
How are you PennyDoc,
AEGY-hell of a run on Friday, didn't see it on your watch list. Looks like a gap, then anybodies guess on Monday. Have you looked at this one?
I do not hold a position, will let it settle Monday and look mid to end of day.
OTC watchlist:
OTCBB:PHOT OTCMKTS:TRTC OTCBB:CNTO OTCMKTS:PVCT OTCBB:GFOX OTCMKTS:FITX OTCBB:CANV OTCMKTS:IGXT OTCMKTS:NVLX OTCMKTS:TITXF OTCBB:MCIG OTCBB:KRED OTCMKTS:HEMP OTCMKTS:PLPL OTCBB:CANN OTCMKTS:MWIP OTCMKTS:NWTR OTCBB:TTNP
Tough 2 days for the general markets. May be best to wait it out. I am watching:
NYSE:BIOA NYSEMKT:RNN NYSEMKT:DSS NASDAQ:SYNA NASDAQ:ANGI NASDAQ:LIVE NASDAQ:ARIA NASDAQ:UPI NASDAQ:SBUX NYSE:CRCM NYSEMKT:SSY
and the pot stocks
CPRX-the official announcement of the end of the class actions suits brought in October, should hit tomorrow or Monday. Of the 3 suits-2 where dismissed by plaintiff and the third dismissed in court Jan 3. The 20 day refill period ended today. So maybe some good news tomorrow.
NTEK-dont know if anybody grabbed it for a quick trade today, nice 20% jump.
IFON-pulled back a bit on low volume. This looks like it can become a great swing play.
I held GFOX, CNTO and MCIG into close. CNTO made my morning profitable, and I have traded GFOX and MCIG for nice profits throughout their runs. On the big boards, I held the following into close: NYSEMKT:CVM NYSE:GMT NASDAQ:NTCT NYSE:LOCK NYSEMKT:HEB NASDAQ:ARIA
I have been busy with various things and missed posting my watch lists a couple times; will try to stay on top of it. On the OTC, I have been trading/wathcing:
OTCBB:PHOT OTCMKTS:TRTC OTCBB:CNTO OTCMKTS:PVCT OTCBB:GFOX OTCMKTS:FITX OTCBB:CANV OTCMKTS:IGXT OTCMKTS:NVLX OTCMKTS:TITXF OTCBB:MCIG OTCBB:GNIN
PVCT finally crashed today after one hell of a run; will keep a watch on this one for the bounce. Today's crash had above average strength. I am thinking we have a good chance of a dip and rip tomorrow. High risk/reward trade so be careful. The safer trade would be Monday. Always have to watch out for the fake rip off the dip that crashes.
NTEK-this is the link to promo. It bounced of the 200dma today. Volume 12.8mil. Just keep on watch.
http://www.sbwire.com/press-releases/topstocktips-featured-stock-nanotech-entertainment-inc-otcpink-ntek-2014-forecast-share-buybacks-dividends-33885315-million-dollars-in-projected-gross-revenue-443427.htm
IFON-on a tear today. Wanted to hold a little longer, but took profits. On watch for a pullback to reenter.
CPRX-is starting to come back to life-announcement of completed enrollment in phase 3 trial do anytime now.
NTEK-Top Stock Tips just did a right up. Trying to find link. NTEK has been on a downtrend of late, looks like a PR on their 4K Nuvola is coming tomorrow. Grabbed some at .09 and at .10. Keep on watch.
ACYD is now WLAN-got a little pop on ticker change. Holding at .035. Flipped this one a few times. Share structure is out of control, but it does move in a pretty predictable range.
Took a small loss this morning - picked a few bad tickers EOD yesterday; IMUC and VIMC dragged me down. These tickers had nice setups - just can't win them all. PVCT was my best pick. I should have picked up KOOL - missed its EOD run. Oh well, today will have plenty of new opportunities.
Very funny pumpsanddumps e-mail tonight. I made good money on CANN but don't hold it now. Obviously, I knew it was a p&d the entire time I was trading it - all the pot stocks are (didn't stop me from making a junk of money on them of course - I even hold one now - FSPM, the latest promo). Anyway, the funniest part of their e-mail is their insults of that loser Tim Sykes. I don't much care for pumpsanddumps either, but I really can't stand Sykes (in my opinion scammers like him are a far bigger problem in the markets than the penny stock promoters). Anyway, the funny e-mail is below - great reading for any penny trader:
No CANN Do!
Advanced Cannabis Solutions
Deals With Shorts, Spikes And Sykes
It is no secret that the stocks of those pretending to be legitimate marijuana plays, as well as those that may be legitimate but whose shares are waaaayyyyyyyyyyyyyy overpriced, are currently the subjects of what former Fed Chairman, Alan Greenspan, once called "irrational exuberance".
Anything that can even remotely be attached to medical marijuana is revisiting the preposterous trading patterns of a year ago when millions were made, mostly by those with the benefit of being an insider seller, and many more millions were lost. Some, like Hemp,. Inc. (HEMP), convicted felon Bruce Perlowin's latest foray into the penny stock world, are benefiting from word association, as that company has nothing to do with medical marijuana. According to HEMP's to the Company Information page at OTCmarkets.com, the Business Description, which is provided by the company itself, states that:
"The company is in the business of research and development of all things made of industrial hemp. From clothing to nutraceuticals. These products are used all over America every day and are sold in the largest and most respected stores. Industrial hemp is used for making fabric, paper, insulation, and plastics. It's seeds are consumed for the high protein level and omega fatty acids. Hemp oil is used for cooking and in salad dressings. Hemp should not be confused with marijuana which is illegal and contains psychoactive ingredients. Hemp does not contain psychoactive compounds and is legal in the United States and most of the world."
The newest enigma in the space is Advanced Cannabis Solutions, Inc. (CANN), the ticker that may kill off more bank account balances than any of them, starting with murdering the shorts and ending with strangling the longs. Shares have been climbing at a ridiculous pace to ridiculous heights for seemingly little reason. The company describes its existence as follows:
"ACS provides a comprehensive set of solutions to the regulated cannabis industry. The Company does not grow, harvest, distribute or sell cannabis or any substances that violate United States law or the Controlled Substances Act, nor does it intend to do so in the future.
The Company leverages its management team's extensive experience in serving the cannabis industry by providing the following three distinct areas of products and services: real estate, consulting, and ancillary products. ACS plans to work exclusively with licensed and regulated clients."
Huh? Perhaps you know what this means- we're not even going to try and figure it out. What we do know is that this company, which as recently as September 30 reported NO assets other than $473K in cash, is worth nowhere near its current $272 million valuation. Not even close.
CANN Chart
Perhaps, traders are induced by today's announcement of a $30 million credit facility whose main achievement will be to create new stock at greatly discounted prices. The announced lender, Full Circle Capital Corporation, reportedly will initially fund $7.5 million that can be converted to stock at $5 per share, less than a third of the current share price. That's a nice mark-up and yet curiously, Full Circle Capital Corporation, which itself is a public company trading on NASDAQ as ticker FULL, did not join in the announcement. Just as curious, is the lack of an SEC filing which one would expect to accompany the announcement and should provide the details of the agreement and a copy of the contract.
Something stinks. Actually, a lot of more of the facts carry a pungent smell.
Smelly Fact #2: On June 30, 2013, less than seven months ago, 12,400,000 shares were issued for $.001. Today's buyers are paying 1,800,000% more for those shares.
Smelly Fact #3: On August 14, 2013, the company bought back (and subsequently cancelled) 8,000,000 shares at $.0125 per share, a 1,250% premium to the price it had sold stock just six weeks earlier. Ugh!
Smelly Fact #4: During July and August of 2013, the Company issued 707,000 shares of its common stock at $1.00 per share. Those beneficiaries are ahead a relatively paltry 1700%. But there's more to this smelly fact than meets the eye. Read on.
Smelly Fact #5: According to their most recent quarterly filing, in the third quarter of 2013, the company paid $150,000 for an option on real estate. The option, which seemingly had a very short term, expired WORTHLESS! That took some astute management, wouldn't you say?
Smelly Fact #6: The same quarterly filing states, "The net loss for both of the periods presented in these financial statements was ($472,016). Most of this loss was due to startup costs for the real estate division, consisting of legal and consulting fees, as well as management payroll costs." $472k??? For what? Losing $150K on a bad option agreement? And what "startup" costs? The company does nothing. Perhaps management should have kicked in their payroll for their poor management.
In the meantime, those inclined to short and can find stock to borrow, are happily doing so. This includes self-proclaimed penny stock guru, Tim Sykes, a man-child with a shit-eating smirk who reportedly took his bar mitzvah money and turned it into a fortune playing penny stocks. That Sykes is smart is unquestionable, but what is not widely known is that these days his real money comes from selling his stock trading systems, programs and tickets to his personal appearances. While he trumpets the two traders who have become millionaires following his system, there is no discussion of the number of failures among his flock. There are plenty of them and complaints abound on the internet, such as these ones.
Tim Sykes
Sykes' fan club took a major hit when he admittedly took money to promote shares of iTracker Sytems, Inc (IRYS), a scam whose registration was revoked and whose CEO, John Rizzo, was charged for running an international boiler scheme to create a market for shares of IRYS.
Over the weekend, Sykes issued a public announcement that he is short shares of CANN and presenting his argument for being short. Obviously, we are mostly in agreement with most of Sykes' reasoning, as it is the same arguments we present for staying away from the stock. But, when Sykes goes beyond his paying clientele with stating his position, we suspect that he is nervous. He might have reason to be.
Shares are still relatively tightly held and we wouldn't be surprised if the ongoing surge isn't at least partly assisted by wash trades. This makes us wonder if we are about to witness another insider-controlled short squeeze like the one inflicted on another questionable issuer, namely Lot78, Inc. (LOTE). Shorts took a rare clobbering in that one, before shares succumbed to their true destiny: a beeline towards zero. We think that Sykes could be wondering if he is staring at another LOTE and wouldn't be surprised if he is nervous about his short position.
LOTE Chart
The LOTE analogy makes us think that the shorts should also stay away in droves. Still, whether a CANN short squeeze is coming or not, one thing is certain: these shares will inevitably go south and end up close to zero. And that brings us to-
Smelly Fact #7: We have received several reports that as of last Friday, January 17, 2014, CANN was still trying to privately place shares at a buck. That makes us think that the current share price has been rigged to attract private investors. It also makes us wonder what the hell Full Circle Capital Corporation is doing.
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Made a big profit this morning; all of my Friday picks gapped up, and some of them large. On the OTC today, I am watching VEND, KRED PVCT and FSMP. On the big boards, I have a longer list (including some from Friday that still look good) that I will need to cut down at 3:30 depending on how they fair. Market is pretty hot today:
NASDAQ:CTIC NASDAQ:ILMN NASDAQ:CNDO NASDAQ:BBRY NASDAQ:NLNK NYSEMKT:IMUC NASDAQ:TNXP NASDAQ:VIMC NYSEMKT:RBY NASDAQ:GERN NYSEMKT:AXU NYSE:TNK NASDAQ:CENX NASDAQ:INAP NASDAQ:TSRO NASDAQ:NVTL NASDAQ:IQNT NYSE:NQ
Good to keep these tickers in a watch list to scan each day. I have traded most of these - always good for more action: http://www.marketvolume.com/stocks/mostvolatile.asp?s=nqnm&t=0-10
FYI I changed my alias to the ThePennyDoctor - New Year, New Alias.
Market looks a little rough today - I am watching:
NYSEMKT:LBMH NASDAQ:RSOL NASDAQ:MXWL NASDAQ:CTIC NASDAQ:KERX NASDAQ:CJJD NASDAQ:LIVE NASDAQ:ILMN NYSEMKT:TGD NASDAQ:CAMT OTCMKTS:FINW OTCBB:CTSO
Closed out a swing on BAC yesterday. In at 16.51 out at 17.30. This was one of my best swings on BAC.
Still holding CPRX-this one has not moved into the range I thought it would.
APPY-put in DLO at 2.68 when it was trading at 2.70 and it never came back to get me. Should have just slapped in. It is on a hell of a run. Looks like 3.00 is in the cards tomorrow.
IFON-flipped it last week for a nice profit. Reentered and holding at 1.48. Looking for 1.70.
Not saying you won't do will with this one, but personally, the volume is too low on this one right now for me to trade. On the OTC, I only consider trading the top 30 traded tickers each day; keeps the selection process easier and allows me to avoid a lot of garbage.
Made another couple grand this morning - MDDD was my big winner. I have been on a hot streak for quite a while now. Better watch out as I am starting too feel a bit cocky. For todays watch list, from the OTC, I am looking at MDDD, CANN and MWIP. Looking at the following on the big boards:
NYSEMKT:RNN NYSEMKT:CRMD NASDAQ:AMRS NASDAQ:RSOL NASDAQ:FMI NASDAQ:CSIQ NASDAQ:SYMX NASDAQ:EGLE NASDAQ:FREE NASDAQ:DRYS NYSE:SB NYSE:GNK NYSE:MCP NASDAQ:LIVE NASDAQ:GALT NASDAQ:ICLD NYSE:XON NASDAQ:VICL NASDAQ:NLNK NYSEMKT:CVM NYSEMKT:LBMH NYSE:TC NASDAQ:OTIV
As usual, I will cut this list down around 3:30 and make my buying decisions at 3:45 - GLTA
Dr Key USPR MARK THIS POST
it is my opinion that sometime next week USPR is .20 or higher
hey my track record has been decent lol
USPR now .13 hmmm 50% in a week not bad LOLLLLLLLLLLLL
Dr Key USPR MARK THIS POST
it is my opinion that sometime next week USPR is .20 or higher
hey my track record has been decent lol
USPR now .13 hmmm 50% in a week not bad LOLLLLLLLLLLLL
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The grim reality is short-term trading and especially day trading can be hazardous to your wealth. Ninety-two percent of day traders trying to scalp loose money. Only eight percent are successful. Out of the eight percent, only two percent of the day trading public make money on a consistent basis. Why do 92 percent of day traders fail and what makes eight percent successful? Let's take an honest look at day trading without the hype and emotion that surrounds the subject and find out what it takes to be a successful day trader.
We go to school, gain an education, become employed, or start our own business. We learn what we need to know to be successful, but nothing in our education or work experience provides the comprehensive knowledge or psychological control necessary for success as a trader. Unfortunately, it's human nature to assume that if we succeed in one area we will automatically succeed in another. Most people who enter the market with the idea of becoming traders have a feeling of invincibility, superiority, and no clue of what they are about to experience. The dream of quick money and financial success can very quickly become a living nightmare. The first step in becoming a successful trader is to understand why so many day traders fail. Answer the following questions:
If you're saying, "Not a chance," guess again. That is exactly what you are doing when you start trading for the first time. You must prepare yourself and realize that you are going to be up against the best traders in the world. Training, experience, psychological control, and a realization that your are not invincible or smarter than the market will lead you to success. Wall Street is paved with the bones of those who did not learn this lesson until it was too late.
Most new traders have the wrong focus. If money is your focus, you have little chance of success. Many new traders look at trading as a way to escape a job they hate. They know they have to make a certain amount of money to pay the bills and this becomes a psychological guillotine. When the trader fails to meet the goal, he begins to push trading beyond his true ability and skill. The result is a series of losing trades that could have been avoided if the trader had the correct focus. Your focus and the measure of your success should be based on following the trading plan, not money. If you follow the plan each day, you are a winner. If the focus is money, it leads to emotional decisions and emotional decisions lead to uncontrolled losses. Successful traders make decisions based on fact and analysis. Do this and money will follow if your methodology is a sound one.
The Mathematics Of Trading
Almost everyone has heard the term "cut your losses." Nowhere is this lesson more evident than in day trading. Statistics tell us that most new day traders lose over $21,000 dollars in their first three months of trading. If they use leverage the average loss rises to more than $45,000. Nothing supports the reasoning for not overtrading and cutting a loss more than an understanding of the mathematics of what it takes to recover from a previous losing trade. If you were down 15 percent, you would need to make 17.6 percent in the next trade to breakeven. This does not cover slippage or commissions so in reality you would have to do far better than 17.6 percent. Now, imagine making 30 trades a day and most of them losses. It has been my experience that it is extremely difficult to recover from any loss of capital above 25 percent for most traders. This is because it takes 33.33 percent to recover in the next trade. If a trader has allowed the trade to lose 25 percent they simply are not managing the risk. I have known traders to have 10 winning trades and lose it all by not managing the risk on two trades. The successful trader is ruthless about cutting a loss because they understand the mathematical relationship of trading. I have been in this business for a very long time and if I have learned one lesson it is this-once you enter a trade you are no longer a trader you are a risk manager. Never forget this.
Not Every Day
One of the interesting observations I have made over the years about day traders is that they have great difficulty not trading. Who ever said every day was a trading day was wrong. Only make trades that have a high probability of working out. This means that successful day traders make fewer trades and do not trade everyday. Look for strong trending market days and trade stocks that trend with that market.
Many day traders are addicted to the action and making money has little to do with their true reason for trading. These individuals are not traders, they are gamblers. Action addicts will lose as many times as necessary just for the adrenaline rush to win once. Most successful day traders make no more than three to five high probability trades per day. It has been my experience that if a trader makes over 18 trades a day, they are in all probability gamblers not traders. Successful day traders know that not everyday is a high probability trading day and overtrading can be hazardous to your wealth.
High Probability Screening
Most day trading cowboys will shoot at anything that moves. In most cases they walk into their trading room with no game plan other than to listen to the news and trade the momentary euphoric hype in the room. If this is your preparation for battle, your days are numbered and the following might appear on your head stone: "Here lies the bones of a day trading master. He was fast on the mouse but somebody was faster."
Screening for high probability profitability trades is of the utmost importance. We teach our students to quantify and select the three highest probability trades that have a reward-to-risk ratio of 2.5 or greater. The screening process looks for and selects the maximum momentum acceleration points on a given security. Out of a database of 500 stocks, our traders select the three highest probability profitability trades for the following day. Ninety-eight percent of a traders success is due to the work done the night or day before the trade occurs. Success in day trading means a lot of work and very few people will do the work necessary. Losers are always looking for the easy way out. Success is directly proportional to the amount of work you will do that no one else will.
What Kind Of Day Trader Are You?
One of the keys to successful trading is to understand that you are an individual and as an individual you have strengths and weaknesses. One reason that day traders have such a high percentage of losses is that they are trained to use a standard one-size-fits-all approach. Unfortunately this approach is a day trading style known as scalping. A scalper trades for small fractions of a point-from 1/16 to 1/8. This style of trading has a 92 percent failure rate. Most people do not have the psychological control or ability to successfully trade with this strategy. Another strategy known as intraday trend trading has a much better success rate. The intraday trend trader will stay in a trade until the trend reverses. This could take a few minutes or several hours. This style of day trading makes time your friend and enables you to trade for points instead of fractions. The trend trader is far less likely to be whipsawed out of a trade because the focus is on staying with the trend. Notice that I did not say momentum. Momentum is usually associated with scalping too close to the axis of volatility. This volatility is usually displayed on a NASDAQ Level II screen. Years ago this information was very useful for traders. Today it is not as important as it once was and in fact, professional traders use the day traders own out-of-date information about the Level II screen to lure scalpers to their doom. If you are trend trading intraday, Level II has less importance and your chance for success is far greater. Traders trading this style tend to trade much less and statistically have a more successful outcome. Successful traders identify what type of trader they are and do not try to trade a methodology that does not fit their personality.
What It Takes To Be A Successful Day Trader
A consistently successful day trader knows his or her success in not found in the box (computer software or hardware). Many times traders look for the answers in technology and it is not there. They blame technology for failure so their answer is to buy more technology. The answer is understanding and controlling your own emotion and taking responsibility for your own actions and making decisions based on analysis. If you are wrong, you do not personalize the loss, you just say "next." Successful traders know that losing is part of the cost of doing business. Great day traders know that you will never learn how to win until you first learn how to lose. How a trader psychologically handles loss many times determines success or failure. Success in day trading is most of all a mastery of one's self. This is not the get rich quick easy road to riches that some people think it is. It requires a commitment of time, money, and a willingness to work very hard.
Desire and working hard is not enough. You are going to need working capital. This is like any other business it takes money to make money. I suggest you have a minimum of $50,000 to $100,000. Many novice traders attempt to trade without being properly capitalized. Once you have the capital and begin to trade, never forget once you enter a trade you are no longer a day trader. Instead you are a risk manager. Trade only high probability trades and remember, every day is not a high probability trading day.
Probability of Market Going Up TommorowWant to trade successfully? Just choose the good positions and avoid the bad ones. Poor trade selection takes a heavy toll as it bleeds your confidence and wallet. You face many crossroads during each market day. Without a system of discipline for your decision-making, impulse and emotion will undermine skills as you chase the wrong stocks at the worst times.
Many short-term players view trading as a form of gambling. Without planning or discipline, they throw money at the market. The occasional big score reinforces this easy money attitude but sets them up for ultimate failure. Without defensive rules, insiders easily feed off these losers and send them off to other hobbies.
Technical Analysis teaches traders to execute positions based on numbers, time and volume. This discipline forces traders to distance themselves from reckless gambling behavior. Through detached execution and solid risk management, short-term trading finally "works".
Markets echo similar patterns over and over again. The science of trend allows you to build systematic rules to play these repeating formations and avoid the chase:
1. Forget the news, remember the chart. You're not smart enough to know how news will affect price. The chart already knows the news is coming.
2. Buy the first pullback from a new high. Sell the first pullback from a new low. There's always a crowd that missed the first boat. [This rule will save you a lot of money - very rare for new highs/lows not to be tested; don't buy at the peak or sell at the floor.]
3. Buy at support, sell at resistance. Everyone sees the same thing and they're all just waiting to jump in the pool.
4. Short rallies not selloffs. When markets drop, shorts finally turn a profit and get ready to cover. [This is key in Penny Land - short the promo just before the dump; it is too late after the dump hits.]
5. Don't buy up into a major moving average or sell down into one. See #3.
6. Don't chase momentum if you can't find the exit. Assume the market will reverse the minute you get in. If it's a long way to the door, you're in big trouble.
7. Exhaustion gaps get filled. Breakaway and continuation gaps don't. The old traders' wisdom is a lie. Trade in the direction of gap support whenever you can. [Also don't sell a gap that does not fill too early; use a trailing stop instead.]
8. Trends test the point of last support/resistance. Enter here even if it hurts. [Some of these are reptative aren't they - probably only need 10 "golden rules".]
9. Trade with the TICK not against it. Don't be a hero. Go with the money flow. [i.e., the trend is your friend.]
10. If you have to look, it isn't there. Forget your college degree and trust your instincts. [My graduate degree never helped me learn to trade the OTC. As i recall, my corporate finance professors always did crap in the markets by their own accounts.]
11. Sell the second high, buy the second low. After sharp pullsbacks, the first test of any high or low always runs into resistance. Look for the break on the third or fourth try.
12. The trend is your friend in the last hour. As volume cranks up at 3:00pm don't expect anyone to change the channel. [I also love morning power hour; I have always said I only need 2 hours of trading to make money, and they are at open and close - this is especially true on the OTC..]
13. Avoid the open. They see YOU coming sucker
14. 1-2-3-Drop-Up. Look for downtrends to reverse after a top, two lower highs and a double bottom.
15. Bulls live above the 200 day, bears live below. Sellers eat up rallies below this key moving average line and buyers to come to the rescue above it.
16. Price has memory. What did price do the last time it hit a certain level? Chances are it will do it again.
17. Big volume kills moves. Climax blow-offs take both buyers and sellers out of the market and lead to sideways action. [One of the reasons I focus on the power hours.]
18. Trends never turn on a dime. Reversals build slowly. The first sharp dip always finds buyers and the first sharp rise always finds sellers.
19. Bottoms take longer to form than tops. Greed acts more quickly than fear and causes stocks to drop from their own weight.
20. Beat the crowd in and out the door. You have to take their money before they take yours, period. [i.e. don't be greedy, but be early.]
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