WR's Momentum Trades

[Wayne R]

It was 1/16 and the stock was around $100. 104 or 105 I think. Get yer facts straight LOL

1K shares I think. I was so freaked out I put in an order and BOUGHT another 1K shares by mistake at whatever the price was.

Then I decided it's best I go out for a walk. Did so, came back and sold the 2K shares or 104 or 105 or whatever it was, think I made a little profit on the 1K I accidentally bought.

This all started around 3pm. Was a Friday.

So 4pm rolls around, and I have an email. Your buy of 1K shares... filled in error... blah blah blah.

I'm short 1K shares now.

Threw up my hands and let it stew over the weekend. Monday comes around and I covered the short at $95 or there abouts.

Bottom line is, I totally fucked up everything and came out $10K richer for the effort.

Aside from that story, those "fishing" orders I used to toss out paid off several times in premarket and after hours trading.

I used to watch Island in after hours, really sad they got bought out, and would see some jackass, every day, buy a $20 stock for $80 then sell it back to himself for $1. These are examples, not actual prices. The trade could be inversed, sell then buy. In any case, I used to hang around, as soon as I saw the first half of the trade I set up an order for the second half of the trade. Timing was everything. Gotta get my buy in a millisecond before the guy tries to sell when he has his buy set up.

I was rarely successful, and really had no fucking clue why this should be happening. At the time I speculated that it was a broker that was stealing funds from his clients. Go in after hours with a thinly traded stock, sell it for nothing then buy it back at an overinflated price, running the trades through your own personal account. The clients positions are maintained, he's just missing some cash.

Years later............. some jackass broker was sent to prison for that exact scam.