Unemployed Trader

2009-05-07T10:55:00.011-05:00

HSTX

Bought 800 shares at $4.81
Sold at $5.34
Gain: $422

This is my first overnight play, up on earnings, I loaded some in the afternoon. Sold a little too early, but you gotta lock your gains in while there are some!

CNO

Bought 1500 shares at $2.10
Sold at $2.45 and $2.27
Gain: $390

Second overnight play. Nice gap up.
That's my revenge on the 350 loss that I took back in March.

CPSL

Sold short 900 shares at $2.71
Bought to cover at $2.48
Gain: $206

Last overnight play: a nice short of a perfect afternoon fade. Little gap up in the morning because of the overall market strength, but nothing to be scared about. My only regret is that I couldn't trade more than 900 shares.

Well, that's an amazing week for me. Up 2K in 4 days! Very nice! But I'm going to stop here for this week. I don't want to hold anything overnight this time because I have no idea on how the market wil react on tonight's news...
See you on monday!

2009-05-06T10:20:00.002-05:00

FOE

Bought 1970 shares at $5.35
Sold at $5.49
Gain: $460

Not much to say here, I sold hald of my shares yesterday and the rest this morning, but at the same price!

FMCN

Bought 1000 shares at $7.44
Sold at $7.44
No gain

Here is a lesson on how to destroy a nice trade: I was holding this one overnight and bought a thousand shares yesterday evening, 5 minutes before the close. I had a nice $500 unrealized gain at the open, but got too greedy for more and finally sold at the exact same price I got in, for a miserable $0 profit!!!

BEE

Bought 750 shares at $1.47
Sold at $1.53
Gain: $45

Same as FMCN, $200 unrealized gain at the open! Shame on me!

Ok, I'm not going to complain about this too much because all these trades are bringing me close to a 8K capital. Which is great! Unfortunately, I already used my 3 day trades, and according to the 'Pattern Day Trader' rule, I will have to wait until next monday in order to day trade again. All I can do now, is buy in the close late afternoon, and sell in the morning hoping for gap-ups or downs. Let's try!

2009-05-04T13:46:00.014-05:00

Hi! I'm back from my little break!
And what a great day for me! A nice $1200 profit!

PQ

Bought 3300 shares at $3.93
Sold at $4.09, $4.12 and $3.97
Gain: $414

I was thinking about buying this one for a scalp ahead of earnings, but only if it actually broke friday's highs. It did, I sold half and then got scared when it broke the $4 range an hour later. Should have held, because it spiked to $4.25 later in the day. But no regret since I used my gains for the next play:

COT (updated)

Bought 3100 shares at $4.12
Sold at $4.43 and 4.16
Gain: $701

Up like crazy on good earnings on friday (I missed it), it was consolidating in the morning, so I bought some and sold on the afternoon spike.

2009-04-29T14:01:00.004-05:00

Small break

Here is a little update on my last trades. I didn't post much in the past few days because most of them were really boring... Which is quite frustrating because I decided to be patient with each play but they just didn't move much. Some are losses, some are gains. My capital is now at $6300. I'm not going to be home for the next days, so I closed all my trades. I will be continuing refreshed and full of cash on monday.

UFI: $101 gain
THC: $210 loss
COIN: $280 gain
RUTH: $35 gain
HSNI: $165 gain

2009-04-22T11:57:00.005-05:00

RF

Bought 1.800 shares at $6.11
Sold at $6.49
Gain: $684

They anounced better than expected earnings yesterday and the stock was bouncing from its lows. That's why I decided to buy some on the break of the $6.10 resistance. I sold half of my shares half an hour later on the highs of the day, hoping to let the rest ride to $7... It didn't happen, so I hold them overnight but finally sold at the exact same price today, when it broke the $6.50 support... Conclusion: don't be too greedy, and take your gains when you have them! Don't let them turn into a loss!

2009-04-21T13:56:00.003-05:00

KKD

Sold short 1.000 shares at $2.99
Bought to cover at $3.28
Loss: $291

I got squeezed on this one. I shorted it on the break of the $3 level after a nice fade, hoping for a sell of to the $2.50 level... But it went back up very fast and I have to admit I covered way too late. But I was still hoping for it to come back down. Didn't happen. It's now trying to break the $3.50 level, but volume is low and there is no strength. Potential short if it does'nt break this resistance!

Second month is over

2009-04-18T05:18:00.001-05:00

Ok, there we are: it has been 2 months now since I first started this blog. Let's make a little conlcusion:

A month ago, I was down from $4900 to $3500. I did many mistakes but learned a lot about them. I thought about bringing in some more capital. In order to be able to trade with more money. I actually had a big issue with the wire transfert and the money never arrived.

This month, I'm up from $3500 to $6200. It's much better. But it still means that I'm up only $1300 over 2 months!!! And this is definately not going to replace a real job... for now. I have to say that I got more confident, my approach is much more technical, and I have had great success with that. The main issue right now is that I'm still playing with an account way too small. But since I'm still learning, I don't want to invest too much right now. I think and hope that the capital and my experience are going to grow together. There is no rush for now.

Of course, I'm still under the Pattern Day Trader rule and this is forbidding me to daytrade more than 3 times a week. Which is very hard to deal with. Anyway, I'm not going to change anything right now, I will give it another month, and hopefully bring this portfolio to 25K sooner or later.

Thanks for reading.
Unemployed Trader.

2009-04-17T14:22:00.009-05:00

Hi guys! Sorry for this late update on my blog. I have made some pretty boring plays since a week and nothing was worth a post really. Except this one:

FSS

Bought 1.000 shares at $6.26
Sold at $7 and $7.28
Gain: $826

I bought a thousand shares yesterday.
$6.25 was behaving like a very big resistance lately and I had an order set at $6.26. My target was $7. That's why I sold half of my shares at this level. I then sold the rest at $7.28...

The other trades of the week are:

GCI: no gain
TCK: $227 loss
DRL: $120 gain
FEED: $250 loss
APWR: $210 gain
PSUN: $165 gain
CZZ: $435 loss
(I tried to follow Tim Sykes last thursday
on this one and got burned!)

2009-04-08T17:32:00.004-05:00

SPSN

Bought 30.000 shares at $0.14
Sold at $0.10
Loss: $1200
Bought 25.000 shares at $0.13
Sold at $0.25
Gain: $2625

Sorry for this silence over the past few days, but this trade lasted for a whole week. I kinda got stuck on this one. I knew I shouldn't have touch this crappy penny stock but was very curious to see if something was going to happen. And in that case, I wanted to be in.

Here is what happened. Last tuesday, this little crap surged a 50% and I immediately bought some expecting to sell everything 10 minutes later and much higher. Of course I bought at the very top of the spike and got stuck. I then decided to do some research on this thing and hold it for a few days. Expecting this speculation to continue a little bit. The speculation was that this bankrupted company still was a big leader of flash memory and that it might be bought out very soon. So I hold...

But I then got very tired of it and sold just before it crashed under 10c 3 days later. But the next day, it surged again! And again, now that I knew what was happening, I jumped in. But this time was the good time: a 100% profit!

Anyway, I really hate penny stocks, when nothing is moving, it looks so dead that it affects yourself as well. I don't want to be stuck in such a crap anymore and will come back to my regular plays. I now have a 6K capital and can start focusing on more important stuff...

2009-03-30T15:06:00.003-05:00

ZION

Sold short 900 shares at $9.66
Bought to cover at $9.46
Gain: $153

I just wanted to daytrade today and decided to go with the overall market by shorting a financial stock. I shorted this one on the break of $9.70 and covered at the end of the day at$9.49. Could have done much better, but this was a quiet little play, enough for me...

2009-03-26T12:38:00.005-05:00

WGOV

Bought 675 shares at $10.25
Sold at $11.96
Gain: $1159

I really didn't expect this one to jump that high today, but I'm glad it actually did! When I saw this was breaking out the $10 resistance yesterday, I was hoping for a slow movement to $11 and that's why I loaded some up yesterday at $10.25. The stock is now at the $12 level but I was going to be away from the market for the rest of the day. That's why I sold my shares this morning knowing that the $12 resistance was going to be though to break today. I'm still watching this one, if it actually breaks this $12.25ish level, I'm not seeing any resistance until $15!

2009-03-26T04:52:00.002-05:00

FMCN

Bought 1000 shares at $6.34
Sold at $6.64
Gain: $300

FMCN was breaking out of it's $6 resistance on tuesday. I loaded up a thousand shares at $6.34 on the break of this $6.33 level (Line A). I sold them yesterday morning when I saw that the low volume was not going to help breaking the $6.75 resistance

2009-03-25T17:06:00.003-05:00

SGK

Sold Short 675 shares at $5.25
Bought to cover at $5.49
Loss: $172

I was really seeing this one collapsing on a breakdown of its lows and had a sell order with a limit at 5.30. I got filled at 5.25 and 5.20, big mistake! This was NOT a real breakdown, no panic at all, and I covered my loss at 5.49. Lesson learned: do never short a stock that has already been beaten so hard!

2009-03-20T16:07:00.007-05:00

SGK

Sold Short 650 shares at $5.59
Bought to cover at $5.34
Gain: $166

SGK announced terrible earnings and fell from $9 to $6. Bouncing on a $5.30ish support. Since then, the stock never broke this new $6.40 big resistance and I then wanted to short it on the break of a temporary $6 support (Line A). Unfortunately, I missed it. But I then shorted it on the break of the next support (Line B) and it was followed by a big crash till $5.25. I should have covered there, but I only did it the next day, 2 minutes before the end of the day, hoping for this crash of $5.25 to happen. It didn't, so I covered at 5.34.

I will still be watching it on Monday, if it actually does break this 5.25 support, this is a free fall to the bottom!

I'm still playing with my $3500 account, waiting for my wire transfer to be executed.

March 18th

2009-03-18T16:56:00.002-05:00

Hi everyone!

I started this blog about a month ago now and just wanted to make a little conclusion on my overall trading strategy. And I have to admit that it is definately NOT working! I started with $4900 and I have now about $3500 dollars.

This is a terrible result for a month salary!

Even though I proved that I'm really not a good trader, I still don't want to give up. I have to say that I learned a lot, but I'm going to change my strategy a little bit and give it another try.

First of all, trading with such a small acount is a pain in the ass. If I want to make $500 on one trade I need to find a stock that can give me at least a 10% gain! Which barely never happens. I'm going to double my capital by adding some money and I will now try to play on small moves like 2-5%.

I also understood that I don't have to chase and play all the time. I always thought that keeping my money outside the stock market meant 'not making any money' while it actually means 'not losing any money'. So, from now on, I will keep my money safe and play ONLY when I see a real good trade that has to be made. So, there might be some days where I didn't make any trade.

That's why I'm going to update this blog only when I finished a trade. Explaining why I did it, how much I lost or gained, and a full chart analysis to see what went good or wrong.

Thanks for reading.

Unemployed Trader

March 17th

2009-03-17T13:06:00.002-05:00

Capital: $3545

Open positions: Short 1000 shares of EK at$4.26

Market hours

EK - Got rid of my shares for a $50 loss.

PKOH- Short 1000 shares at $3.21

March 16th

2009-03-16T15:49:00.003-05:00

Capital: $3663

After hours

YAVY - Got rid of my shares, but might get back in on the short side as soon as it shows real weakness.

EK - Shorted 1000 shares at 4.26

Capital: $3545 (down $118 on the day)

Open positions: Short 1000 shares of EK at$4.26

March 13th

2009-03-13T15:35:00.001-05:00

Capital: $3908

Open positions: Short 500 shares of KRO at $7.90
Short 400 shares of YAVY at$5.51

After hours

KRO - Got rid of my 500 last shares

Capital: $3663 (down $245 on the day)

Open positions: Short 400 shares of YAVY at$5.51

March 12th

2009-03-12T04:00:00.006-05:00

Capital: $4694

Open position: Short 1000 shares of KRO at $7.90

Pre-Market

Sorry about yesterday, I wasn't home for the whole day and couldn't trade at all! KRO dropped 65 cents and I'm still short a thousand shares. They released earnings in the evening, I really didn't know this was going to happen. I usually don't play earnings... They actually are a little better than a year ago but we are talking about a $7M profit while they still have $635M of debt and $30M cash. I have no idea on how the share price is going to react. It might bounce back up after this big drop. This is definately scaring me, but I have no choice but waiting to see what's going to happen...

PL - This is a pick from The Market Kid. I like this one as a potential short (it's an easy-to-borrow stock). This one rose 43% after the company said it doesn't expect large economic losses out of its investment portfolio. It's quite hard to believe in this very tough market. It found some resistance at 5.25 yesterday. The news are definatley not big enough for a breakout of this big resistance between 5 and 5.50. Let's see what happens and let's short it if it doesn't break through.

Market hours

KRO - I got rid of half of my shares at around $6.35

YAVY - The stock is up 70% on no news due to a big buy at $6/share. The rest of the trades are just a few hundred shares... I could get 400 of them at $5.51, expecting this to fall back down at some point. Low and illiquid volume, this should behave like KRO...

After hours

Capital: $3908 (down $786 on the day)

Open positions: Short 500 shares of KRO at $7.90
Short 400 shares of YAVY at$5.51

YAVY - It did finish much higher! I should definately have waited for the trade! But I was afraid it was going to collapse anytime. This is up on so low volume! A 100 shares can make it jump 10 cents! We will see tomorrow, if it doesn't collapse, I will have to take my loss!

March 10th

2009-03-10T05:39:00.003-05:00

Capital: $5265

Open position: Short 1000 shares of KRO at $7.90

Pre Market

CTV - I like this one as a potential short. If this ever breaks the 7$ support, it might be a free fall to the bottom. They announced terrible earnings a week ago, and have $2B of debt.

After hours

KRO - Well, that was no too good for me! This thing rallied up. I should have sold, this is so volatile! It went up 20% on a few hundred shares so fast! But there is no way this will hold... I have to be patient I guess...

Capital: $4045 (down $1220 on the day)

Open position: Short 1000 shares of KRO at $7.90

March 9th

2009-03-09T09:49:00.003-05:00

Capital: $4965

Open position: Shorting 1000 shares of KRO at $7.90 (average)

Market hours

I'm not seeing any interesting play right now... Everything is so volatile...

After hours

KRO - Still holding my short position.

Capital: $5265 (up $300 on the day)

Open position: Short 1000 shares of KRO at $7.90 (gain of $2112 so far)

March 6th

2009-03-06T15:01:00.002-06:00

Capital: $4995

Open position: Shorting 1000 shares of KRO at $7.90 (average) (Gain of $1832 so far)

After hours

KRO - I didn't get rid of my shares today. I think there is still some great potential for this stock to go down to $5 and I'm not seeing any other good play right now. I know I shouldn't be too greedy but I'm still seeing a $1000 possible gain. I will be working on my watchlist this weekend and will get rid of this stock as soon as I find something else interesting to play...

Capital: $4965 (down $30 on the day)

Open position: Shorting 1000 shares of KRO at $7.90 (average) (Gain of $1802 so far)

March 5th

2009-03-05T10:13:00.007-06:00

Current Capital: $3766

Open position: Short 600 shares of KRO at $8.50

Market hours

KRO - I shorted 400 more shares right under $7

After hours

Another amazing day for me today! Only this time: no losses!

KRO - After breaking the $7 support, it just perfectly slipped right to the $6 area... this was my target! Unfortunately, my order was not executed, this stock is very illiquid, but I want to close this trade tomorrow for sure! I have a total $1832 gain so far! Yes! On one SINGLE trade! Sorry, it's the emotion, but it's my first time!

Capital: $4995 (up $1229 on the day)

Open position: Shorting 1000 shares of KRO at $7.90 (average) (Gain of $1832 so far)

March 4th

2009-03-04T08:14:00.006-06:00

Current Capital: $4165

Pre-Market

Open position: None

Ok, my capital suffered a lot recently. I'm thinking about day trading today, and will be looking for the next play...

After hours

Woaw, what a crazy day for me! I lost plenty of money (sigh), but I also made some and I have to say this was quite intense and great fun! Here is how:

BBI - I was wondering if this was going to explode from his yesterday's lows. When Bloomberg anounced they were filing for bankruptcy, the price dropped 75% . Blockbuster finally denied, and I was really hoping for a big bounce back the the 80s. But nothing happend! I bought shares at $0.50 (wayyy to fast!!) and had to cover at $0.44 for a loss of $596!

CNO - I then decided to buy some of these when the shares popped a 200% at 0.70. But since it didn't break this level I covered at 0.63. This was a very stupid trade, I know, and a loss of $350!

KRO - Finally, I decided to short this one at $8.50. It's now at $7.50 and TOS is showing me a nice gain of $608.

Current Capital: $3766 (down $399 on the day)

Open position: Short 600 shares of KRO at $8.50 (gain of $608 so far)

March 3rd

2009-03-03T06:31:00.007-06:00

Current Capital: $4480

Pre-market

Open positions: Short 1000 shares of BX at 4.66

BX - I'm not going to be home for the whole morning. It's a shame because BX is not behaving the way I expected. I'm afraid this might break out the $5 resistance in the very first minutes of trading. Especially if we get technical rebound after the drop we had yesterday. This is why I'm setting a stop at $5.10. Just in case... If it doesn't break that level, I hope that yesterday's fade is going to continue...

Market hours

BX - Woaw! It's killing me, but what a perfect breakout! Exactly where I expected it: $5.10. Heavy volume and short squeeze, perfect! Anyway, I'm out of this now, with a dying capital... But this BX is becoming such an interesting short now...

March 2nd

2009-03-02T08:01:00.003-06:00

Current Capital: $4480

Pre-market

Open positions: Short 1000 shares of BX at 4.66 (down $234 so far)

Doesn't sound like the market is going to do very well today. Maybe a chance for me to go back to the 5K...

After hours

Current Capital: $4480 (Unchanged)

BX - I didn't make any trade today, I was hoping for this nice fade to continue tomorrow. But the last 5 minutes of trading pushed this back to his highs of the day. What can I say? Just hoping this is not going to be a breakout of $5 tomorrow morning! But I'm pretty sure it will!

February 27th

2009-02-27T13:55:00.004-06:00

Current Capital: $4700

Open positions:

Long 1000 shares of MF at 4.63
Shorting 500 shares of SIGA at 4.99

Market hours

MF - Got rid of my shares at $4.40

SIGA - Boring, covered at $4.98, no gain.

BX - They announced terrible earnings, but the stock was up 20%, I'm shorting a thousand shares at $4.66

After hours

Current Capital: $4480 (down $220 on the day)

Open positions: Short 1000 shares of BX at 4.66 (down $234 so far)

February 26th

2009-02-26T12:17:00.006-06:00

Current Capital: $5165

Pre-Market

Open positions:

Shorting 500 shares of ANDS at 6.55
Shorting 800 shares of CBL at 3.34

Market hours

ANDS - Covered my short at 6.76

CBL - Covered my short at 3.59

MF - Bought MF at 4.63 hoping for a breakout of the 4.60 resistance, but instead the stock just kept going lower. It's still above the 4.40 support though, I hope this will keep going higher in the next few days. But there I'm with a $195 loss already!

SIGA - Shorted 500 at $4.99

After hours

Current Capital: $4700 (down $465 on the day)

Open positions:

Long 1000 shares of MF at 4.63
Shorting 500 shares of SIGA at 4.99

February 25th

2009-02-25T06:02:00.002-06:00

Current capital: $5615

Pre-Market

Open position: long 200 shares of ACOR at $25.15 (+ $92 for now)

Market hours

ACOR - Sold my shares at $23.96 for a total $238 loss. I definatley suck at buying...

ANDS - Wanted to get in for the morning panic but didn't get a great enter at $6.55 for 500 shares. Holding this until tomorrow.

CBL - Was hoping for a correction to $3 but didn't get it. Now I'm here with my 800 shares. Waiting for tomorrow's fade I guess...

After hours

Current capital: $5165 (down $450 on the day)

Open positions:

Shorting 500 shares of ANDS at 6.55 (down $25 so far)
Shorting 800 shares of CBL at 3.34 (down $96 so far)

February 24th

2009-02-24T09:20:00.005-06:00

Current capital: $5402

Pre Market

Open positions:

Shorting 800 shares of MF at 3.48 (up $40 so far)
Shorting 500 shares of ANDS at 7.35 (No any money yet)

Market hours

MF - Covered my short at 3.46 for a miserable $16 gain. I'm actually glad I did it since it bounced back up after that.

ANDS - Covered my short at 6.99 for a nice $180 total gain

ACOR - I decided to go with the overal bouncing market, buying some shares of ACOR on his break of $25 resistance. Bought 200 at $25.15 at the very end of the day, hoping for a little gap up and a sell in the 26-28 area tomorrow morning. They anounced great earnings this morning and the stock spiked to $29 during the day.

After hours

Current capital: $5615 (up $213 on the day)

Open position: long 200 shares of ACOR at $25.15 (up $92 for now)

February 23rd

2009-02-23T06:18:00.009-06:00

Current capital: $4664

Pre Market

Open positions:

Shorting 100 shares of GOE at 46 (down $500 so far)

GOE - I tried to reserve some shares today and as I expected, there were none! I'm glad I'm in this one on the short side. But if it start the day by popping up till $60 I'm gonna be so scared that I might get out really fast!

Market hours

GOE - Got out of GOE for a total $375 (+ $500 of my friday loss recovered) gain. The stock fell under $40 in the first 5 minutes on the opening, I covered my short for a little gain at $42.25. The risk of the stock going higher is just too high for me in order to stay in...

ANDS - Shorted 500 shares at $7.35

MF - Shorted 800 shares at $3.48

After hours

Current capital: $5402 (up $738 on the day)

Open positions:

Shorting 800 shares of MF at 3.48 (up $40 so far)
Shorting 500 shares of ANDS at 7.35 (No any money yet)

MF - Got this stock from Muddy and his amazing scans. I like the pattern of the chart for a small overnight play:

This stock is bouncing back down from his $4 resistance, I'm willing to cover tomorrow at around $3/share.

February 20th

2009-02-20T06:53:00.009-06:00

Current capital: $5304

Pre market

Open positions:

bought 950 shares of IVN at 4.34 (up $171 so far)
shorting 700 shares of SKYT at 3.55 (up $145 so far)
shorting 150 shares of ARNA at 5.60 (up $56 so far)

IVN - I assumed it was going down and it was going to be a great short. But when I saw that it just broke the $4.20 resistance yesterday, I got in to ride the wave at $4.34

I'm seeing great volume and expecting the ride to continue today. Especially with the gold price getting higher and higher! A target of $5 would be great for today.

Market hours

Got out of ARNA at $5.12
Got out of IVN at $4.29
Got out of SKYT at $3.39
Shorted 100 shares of GOE, which kinda scares me right now, I don't really now why I actually did it! This is so RISKY! Anyway, we shall see...

After hours

Current capital: $4664 (down $640 on the day)

Open positions:

Shorting 100 shares of GOE at 46 (down $500 so far)

GOE - For some stupid reason, I decided to get into this very risky play. This is actually scarrying me big time, I might not sleep for the whole weekend! But this stock is up 500% in only 4 days! This has to fall soon, I hope it's gonna be on monday. Pure gambling, stupid trade!

IVN - This didn't go up today but stayed above the $4.20 range quite strongly. It might continue higher next week...

February 19th

2009-02-19T06:29:00.004-06:00

Current capital: $5241

Pre-market

Open positions:

shorting 450 shares of FLML at 6.25 (+$144 for now)
shorting 700 shares of SKYT at 3.55 (+$250 for now)

Here is what I'm focusing on today:

SIGA - Just watching but I reserved a thousand shares just in case it's fading today. I'm expecting this one to fall back soon. Buyers looks tired. But the volume is still good so it might go up as well. Just wait and see...

ARNA - This is TIM's play, I might follow him on this one. I got out on tuesday because it was bouncing back up. But now is time to get back in!

Market hours

ARNA - Shorted 150 shares at $5.60
FLML - Got out of it at $6.00 for a total $117 gain
IVN - Bought 950 shares of IVN on the break of 4.20 resistance at $4.34 (just a little too late)

After hours

Current capital: $5304 (up $83 on the day)

Open positions:

bought 950 shares of FLML at 4.34 (up $171 so far)
shorting 700 shares of SKYT at 3.55 (up $145 so far)
shorting 150 shares of ARNA at 5.60 (up $56 so far)

February 18th

2009-02-18T06:11:00.007-06:00

Current capital: $5058

Pre-market

Open positions:

shorting 450 shares of FLML at 6.25 (+$45 for now)
shorting 700 shares of SKYT at 3.55 (+$166 for now)

This is what i will focus on today:

FLML - I want to get out of this today

The next big support I'm seeing is right around the $6.00 area. If it passes this, I'm happy, but if it bounces back up, I'm getting rid of my shares as fast as I can.

MAXY - I'm still watching this one for a scalp on the downside...

Market hours

I didn't make any trade today, just letting my shares ride the wave...

FLML - The big $6 support became a nice resistance today. I'm hoping it will go lower tomorrow since it looks like there aren't enough buyers to break this $6 resistance anymore...

After hours

Current capital: $5241 (up $183 on the day)

Open positions:

shorting 450 shares of FLML at 6.25 (+$144 for now)
shorting 700 shares of SKYT at 3.55 (+$250 for now)

February 17th

2009-02-17T05:51:00.006-06:00

Current capital: $4863

Pre-market

Open positions (from last week):

shorting 480 shares of ARNA at 6.88 (+$177 for now)
shorting 700 shares of SKYT at 3.55 (+$68 for now)

The Market is opening soon, here are the picks I'm following for today:

MAXY - Has been trading between 8 and 10 for the past two months. They released earnings last week and it finally started to trade under $8.

If it keeps going lower today, I will definately short this for a few days. The big support I see is $6 right above the 200 MA.

ARNA - This is the one I'm in since friday. I'm planning on getting rid of this today so that I can short MAXY

SKYT - I shorted it before the big spike until $5. I just couldn't get rid of it because I was so confident it would come back down. I was at a loss of $1000, now I'm back in the green. I will get rid of my shares soon.

Market hours

ARNA - I got out of ARNA at $6.43

MAXY - Buyers are back in. This is really not what I expected. I won't touch this one right now.

FLML - Shorted 450 shares at $6.25

After hours

Current capital: $5058 (up $195 on the day)

Open positions:

shorting 450 shares of FLML at 6.25 (+$45 for now)
shorting 700 shares of SKYT at 3.55 (+$166 for now)

I didn't get rid of my SKYT shares yet. It's fading nicely down.

I got into FLML because the $7 resistance was pretty strong and it crashed today. I got in way too late because my sell order at $6.50 didn't get filled while I was away. But I think it was still worth playing it at $6.25.

Strategy

2009-02-15T16:53:00.007-06:00

My strategy is going to be very simple. I will do exactly what all of you guys do! Take all the trades from 'The Market Kid' and 'Timothy Sykes' or any other guy that gives a nice watchlist. I will take the ones I like most and build my own watchlist.

Basically the idea is to short any recent stock that spiked for no reason. Or to buy some stocks that have broken a big resistance.

My goal is to focus on really obvious trades and avoid gambling too much. In order to make very fast profit and cut losses rapidly.

I'm a big fan of 'The Market Kid' and will post all my trades like he used to do: posting all my losses or profit every single day and let you guys follow my account growing or dying!

First Post

2009-02-15T16:50:00.000-06:00

I have lost my job about a month ago and have been trading since then.

I started from $4500 and made it go to $7500 in only two weeks. But then I made very stupid mistakes and it all crashed to three fucking thousand dollars! I guess I really suck!

But I know I can do it and I want to try it again. I don't give up easily. And this is exactly the goal of this blog: I'm want to learn how to invest in the market following some great strategies like 'The Market Kid' or 'Timothy Sykes'. I will start all over again with $5000 but need your help to avoid doing very stupid trades like I usually do.

Since I'm still unemployed and doing nothing all day long, I decided to spend my days learning how to play it right in this crazy market.

I will analyze the trades given by 'The Market Kid', 'Timothy Sykes' or other market websites and write a post every single day explaining what I did, and why I did it. I will update my plays during the day as well. If I do anything wrong, I'm hoping that you guys will help me and tell me what not to do before it's too late.

I really think I need this blog in order to cut my losses much faster and avoid doing stupid stuff. I will have to face the truth! I hope you guys are going to follow and help me! We are all learning together!

The Unemployed Trader