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Hi Jenna,
Your thoughs on ELBO? Bearish action today. Thanks,
Kevin
Stop losses:
Longs:
UNTD stop loss sell at 10.60
PHSY stop loss sell at 27
INMT stop loss sell at 10.50
Shorts:
ITMN stop loss cover at 28.30
CAL stop loss cover at 23.40
RevGslick
Hi Bernard. Thanks for the suggestion. I had actually successfully implemented just such a strategy a couple of years ago, however I did not practice the use of stop-losses The 10% of short sales that went against me took away 90% of my profits. I'm thinking of trying it out again with stop losses though. Cheers!
RevGslick
Hey Bernard,
After reading your msgs for the day, your profits definitely picked up in the afternoon. I assume this is due to holding positions for longer periods? Which broker do you use? I ask because I am also Canadian and have had problems trying to establish an account with a US based broker. I'll be keeping an eye on your thread...keep up the good work.
RevGslick
Wowsers! If you trade 1000 shares lots, you are making some heavy money. Personally, I'd be perfectly happy making $1000/day. Looks like you can do that with ease. I wish had the means (Computer setup + broker) to trade on that level. Someday, someday...
RevGslick
Update Thursday May 30.
Shorts
ITMN - can't break 50MA. Triggered short today at $27
CAL - triggered short at $22.75. Broke out of ascending wedge.
Longs
INMT - Triggered Long at $10.90.
PHSY - Triggered Long at $28.25
UNTD - Triggered Long at $11.20
Closed open orders on:
IVX short - broke upwards instead of down.
MTEC long - broke short-term support. Might be a good short (?)
SIMG long - major breakdown today.
Still Open:
ESRX short stop @ $52.5
Might most some new picks tonight. I'll also be posting my stop losses for entered positions. Cheers
RevGslick
Hey Bernard,
Now I know why you don't wanna follow my trades! I hope you have a cheap broker. So are you gonna post 100-200 times a day? <gg>
RevGslick
I'd like to add:
ESRX - short stop @ $52
Cheers
Thursday May 30, 2002
My trade setups are all stop orders. I will leave the orders open for max 5 trading days. I'm still experimenting with my strategy & therefore am only paper trading. It's important to create, experiment with & refine a strategy before putting any hard-earned money on the table. Anyways here goes:
Shorts:
ITMN - Sell stop $27.00
IVX - Sell stop $12.50
CAL - Sell stop $22.75
I only had a brief time searching for shorts this evening. More to come shortly.
Longs:
UNTD - Buy stop $11.20
SIMG - Buy stop $10.00
PHSY - Buy stop $28.25
MTEC - Buy stop $37.30
INMT - Buy stop $10.90
I must emphasize that these are very early stages of strategy implementation. I wish there were 30 hours in day so I could spend more time on this :)
RevGslick
Hi Bernard and MM,
I'm embarassed because I haven't been able to keep up with the thread. I have been busy with full time school.
What I've learned in the past few months is don't fight the trend! However, my strategy has changed from shorting to purchasing break-out stocks.
On that note, I will attempt to post my current trade set-ups. This thread is therefore open to both short and long trades. The name of the game is make money. How one goes about this doesn't matter.
Cheers
RevGslick
Hi Bernard,
Generally, I try to stay away from large stocks. Valuations are sometimes irrational but they continue upwards on the value of their name. Be very careful in this market environment also. Although overbought, the market broke through a key resistance today on strong volume. The strong volume is key because it shows conviction on the part of the bulls. Momentum is still on their side and one must wait for it to subside before attempting to short large-cap players such as EBAY. Good luck with your position.
Kev
Hi congrats on first post!
I have encountered the question of whether shorting is ethical, but to be honest, I am not looking to be ethical, I am looking to make money. People do far less ethical things in the pursuit of money. If I am lumped in with that group, so be it.
As per brokerage, when I did trade short (long story) I had the advantage of being a Canadian citizen and opened an account with Canada Trust. I never had a problem with finding shares, or had my shares called back. Canada Trust has since merged with Toronto Dominion (TD) bank and come under the TD Securities label.
I must explain that I am first looking to develop a strategy before I take the step of re-opening an account. Money is tight now so there is no room to goof around and practice. Anyways, have you employed any strategies to shorting?
Kevin
Ouch, Cani hurts a lot...even with a minimal position...
Jenna, are you holding DSGX through earnings and am I right in they're reporting before the bell tomorrow? TIA!
Jenna, DSGX rising in anticipation of eanings.
Hi Jenna,
Your opinion on CANI and DSGX here? TIA
Hi Jenna,
Just a lurker, but was wondering where you find that POWL is reporting on Thursday. I can't find any sources indicating the same. Also, would you be holding DSGX or POWL through earnings? I appreciate any help you could provide.
Update,
NOPT running
also, Jenna, thank you for HOMS!
Hi there,
Just a lurker, I'd like to point out NOPT, up on Verizon pact.
Hi Shannon,
I finally remembered my password so this is my actual Nick. I'll give you backround on myself. I was heavily into shorting during the internet run-up. I would short momentum plays that would run 50-100% in 1-3 days. I would just short the running for the exits. Anyways, showing my inexperience, I put all my eggs into one basket and finally was burned last year. I lost about 6 months of hefty profits in one trade. I felt so terrible I didn't trade since. But now, I've educated myself as per protecting gains and consistency. My first day trading again will be tomorrow. I've done some minor paper trading in the process. I like to play the momentum which ever way it might be so that means I'm willing to play a long position although I find it easier to call a short. I've crawled the internet searching for resources pertaining to shorting. There are not really any active forums or educational resources so it's great to see yourself and a couple of others using this board. I look forward to contributing on a daily basis. I don't want to interrupt your board though as you have mentioned that you use this board as a scrapbook. I finished reading your 25 points and couldn't agree with you more as per most of them. Unfortunately I'm still getting on my feet so I can't divvy up my money into 10 parts. I look forward to your input and would love to hear how you got into shorting.
RevGslick