V8 Muscle's Daily Log

[v8 muscle]

Well, since I've started actively trading I guess I should start a blog. My initial capital investment with TOS is $3,500 which is the min initial deposit. I also put in $8,600 into my IRA account, which I plan on being slightly more conservative with, but still somewhat aggressive.

So far, I'm up about 700 bucks over 2 full trading days, including all the small losses that i'm not really worrying about so far because the investments are longer term.

Right now I'm holding:

Equity:
RAMR: 400 shares @ 1.70
YGE: 200 shares @ 15.55
SCA: 400@ 2.44
AFN: 600@1.05

Options:
FRE: 1 Jan 2010 $2.5 call @ $4.00
LLNW: 4 Oct 2008 $5 call @ $0.40

I put in a bunch of stop-buy orders with trailing stop sells so I can make some quick profits tomorrow without having to watch things closely.

Hopefully tomorrow will be as good as the last 2

[cire2222]

wow you owned calls and were longs stocks and made money today? thats nuts. Good job. I thought anybody long got rocked today

[v8 muscle]

Originally Posted by cire2222

wow you owned calls and were longs stocks and made money today? thats nuts. Good job. I thought anybody long got rocked today

apparently not, i had 75% of my money in the top 3 gainers in the Surety & Title Insurance sector. Yeah im not diversified at all, but these stocks are trading for like 15-20% of book value and they WILL be up a retarded amt in the next few months as we come out of the recession.

[cire2222]

Originally Posted by v8 muscle

apparently not, i had 75% of my money in the top 3 gainers in the Surety & Title Insurance sector. Yeah im not diversified at all, but these stocks are trading for like 15-20% of book value and they WILL be up a retarded amt in the next few months as we come out of the recession.

are you familiar with the title insurance sector?

[v8 muscle]

Originally Posted by cire2222

are you familiar with the title insurance sector?

ever since ABK and MBI bottomed I've been watching it. Its a small sector so itss easy to keep an eye on it. Many of the stocks in the sector trade for pennies on the dollar of book, have plenty of cash on hand, and have earnings 12-15 times their market cap. Its a great place to put your money, and its one of the most beaten down sectors in financials right now, so as financials strengthen everything will go up dramatically like we are seeing with ABK and MBI which traded at less than half of what they are trading now just a few weeks ago

[MC]

I think cires question was somewhat a loaded one. He's VERY familiar with the mortgage industry and I'm sure the surrounding areas as well.

We'll see his reply.

[v8 muscle]

Originally Posted by MC

I think cires question was somewhat a loaded one. He's VERY familiar with the mortgage industry and I'm sure the surrounding areas as well.

We'll see his reply.

lol

well he must know something that i didnt, because RAMR jumped my stop loss and now im stuck holding. Half my order got filled and I made, but im holding 2100 shares at a .70 loss right now. Should I cut my losses right now or what?

[MC]

Originally Posted by v8 muscle

lol

well he must know something that i didnt, because RAMR jumped my stop loss and now im stuck holding. Half my order got filled and I made, but im holding 2100 shares at a .70 loss right now. Should I cut my losses right now or what?

You running stop limits? If so and you aren't there to ensure the fill/exit I'd take the slippage and run stop market personally. Post your exit plan so I can help more on revision.

As for the play it was walloped at the weekly 50ma, I posted a warning early today at bb.com. You would have been wise to exit or reduce exposure there, selling into the strength.

[MC]

BTW I'm very impressed that you took the blame over at bb.com. Way too many blame market makers and any other # of things instead of manning up and learning from the mistakes.

[v8 muscle]

Originally Posted by MC

You running stop limits? If so and you aren't there to ensure the fill/exit I'd take the slippage and run stop market personally. Post your exit plan so I can help more on revision.

As for the play it was walloped at the weekly 50ma, I posted a warning early today at bb.com. You would have been wise to exit or reduce exposure there, selling into the strength.

yeah I really should have run a 4% trailing stop or something to keep me honest and disciplined. if i had done that I would have been $1,000 richer. At least my prediction was correct to some extent though, and its not like im a complete moron so i guess that's good.

The two things that fooled me were the amt of pullback (or lack thereof) after the run up on the open, and the fact that it pulled back EXACTLY to the fibonacci support level. I figured with such low volume and it breaking a new resistance level by alot, resistance would become new support and it would at least hold at 2.90 through the close.

My mistakes were not selling off after it broke the 2.90 support, although I did try. I just didnt get the fill

Originally Posted by MC

BTW I'm very impressed that you took the blame over at bb.com. Way too many blame market makers and any other # of things instead of manning up and learning from the mistakes.

It was completely my fault, and I'm a moron for not running an emergency stop loss at 2.75 or something really low. Now I know that having a zero dollar, or <100 profit day is much better than a negative 1k day lol


the good news is that I was right about the initial breakout So there is still money to be made, I just need another week to build back up.


Should I hang on to the 2100 shares I'm holding right now on monday's open? what would you do in this situation? cut my losses or hang in there and see if it moves up another .10 or .20 cents? I really cant read shit with this much volatility.. Up 18% and then ending down 18% is rediculous