Patience is a Virtue!!!

Todays big gainer was straight off the watch list. Nam Tel Electronics Inc. (NTE) released earnings pre market this morning and they did surprisingly well. Their sales in Q3 were up 198% compared to last years 3rd quarter. On top of that their net income was up $24,552, up from $1,095 the previous year and their earnings per share is 0.55, up form .02.

After all this good news got released, people could not wait to get their hands on some NTE shares. At the opening bell the stock gapped up to 12.50 a share from 10.50 and from there it did not stop. It went from 12.50 to 13.50, then 13.50 to 14.50. Through out the day the stock climbed and climbed till about noon, then it started to consolidate a bit around the 14.80's area. Then towards the closed a newsletter was released and it was just what NTE needed to push over the 15$ mark with the stock closing around  15.12. Look how hard this thing ripped though.

So for anybody reading this(if anybody reads this lol) you may be wondering why I titled the post Patience is a Virtue. Today after seeing that NTE was not going to stop rising I bought in at 14.41 and if only I had patience, I would be bragging about how much profit I made today. Instead, I sadly had to learn the lesson that Patience is a Virtue.

I became very impatient watching the stock so I sold when I thought it was going to "break"(was actually just a little resistance) and then this started the chain of bad buy ins. I bought and sold for small 10 cent gains, and actually shorted(like a retard) at one point for a 50$ loss. And this was all because I was impatient. If I was patient I would have had double the gains I had today, and wouldn't have had to spend 60$ in commission.

As a result I learned that if I had had patience I would have had double my gains, and 60$ less in commission. And this is why I titled my post. Patience is a Virtue. Because it is and this proves it, and hopefully now I have learned this will not make a stupid mistake like this again.

Thankfully I live to trade another day! Hopefully tomorrow will be a better day.

Here are links to my recent close trades(made too many to link... thats how I know its a problem)

http://profit.ly/user/Ipbyrne/trades

1st Day Trading...Could Have Been Better...

First day trading wasn't so bad. I didn't come out positive, but I recovered half of my original losses.
So overall It was a pretty good, but boy could it have been better...

Tim called out 3 trades today. Two of them were amazing($HGSH,$CADC). and the third one was still good($ATML).

Im going to start out with ATML since it was the first alert this morning. Tim picked it up at 4.85, I believe because their earnings had just come out, So I put in my order and got in at 4.86. Shortly after purchasing, Tim had realized that their earnings report actually not as good as it seemed. After hearing this I was able to get out at 4.88 for a small profit.

Here is the Chart.

Heres a link to the trade: http://profit.ly/1Mn9HU

The second call out was HGSH. China HGS Real Estate, Inc. is one of those stocks that just popped over 100% on no news at all, and I believe there was no one promoting it either. Since this was the case, the stock was bound to fall sooner or later so Tim shorted it for a $4000.00 gain... Sadly I wasn't able to find any shares to short so I was unable to get in on this bad boy.

Take a look at this chart.

The third call out was CADC, and if you thought the reason why I missed that last short was bad, wait till you hear this. I am Lubbock,TX right now visiting my sister at college, and of coarse, I forgot my lap top. Thankfully my sister was letting me use hers in the morning so I was able to make the trades I did. Right before Tim calls out this stock, my sister has to go to class...No more laptop... No more trades for me(till around 1). So Tim makes the call shortly after I lose access to the laptop to short the stock at around .90 a share. The stock then falls nearly 20% to about .69 and I miss another amazing trade.

Another great looking chart.

Enough about missed opportunities. After getting my sisters lap top back, I saw that ACTV had gaped down in the open and it was continuing to fall, so I knew something was up and starting looking for any information about the company online and in the chat rooms. What I found is that The The Active Network, Inc. is a small company that makes computer applications, and after reading news that they need to cut nearly 28% of their work force I understood why it had gapped down so much. So I shorted the stock at 5.40, hoping it would go down to about 5.00. Sadly the stock started to bounce back so I sold at 5.53 for a loss of $65(Thank god considering it bounced all the way to 5.79 and my losses could had been two times what they were).

Here is a Link to that trade: http://profit.ly/1Mn9HP

After that crazy bounce the stock began to fall to around 5.50, but it was staying there making it seem like it could bounce upwards again. So I watched the stock to see if it would crack 5.50 and it did. Once it cracked I shorted it at 5.45(500 Shares). The stock continued to drop all the way to the 20's and everything seemed great. Then I noticed that some how I had sold 350 of my shares at MARKET price?!?!? What the F*** is that. I ended up selling most of my position at 5.3825 for a small gain($18.00), but it would have been much more if this BS didn't happen.  I am still 150 shares short and I plan to get rid of them premarket monday since it seems like the stock might rise because of what its doing in the after hour market...

Here's the Chart:

Here is a Link to this trade: http://profit.ly/1Mn9Hr



So even though I did not come out positive today, I am still happy that I was able to cut my losses quick with ACTV when I saw it going bad, and because I was able to make back about half of those losses when I saw the bounce coming down. Considering I could have been $270 down if I didn't cut my losses on ACTV, it was a pretty dam good day. Thank God its Friday and I hope everyone has a good weekend.

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Officially Enrolled!!

Hello fellow bloggers! As of yesterday, I am officially one of Tim Sykes Millionaire Trading Challenge Students! I am creating this blog so I will be able to track my progress through the next year not only on this blog, but also through my trades on profit.ly. At first I was very skeptical of this and thought it could possibly be a scam, so I was not interested and I thought I would just do my own thing. After doing my own thing for two months and losing 4,000$ I realized this was not working for me. So instead of hoping back on the horse to risk losing even more money using a strategy that has no strategy to it, I thought it would be much wiser to invest in my education of stocks, and try and turn my losses around. I have yet to make my first trade since joining the challenge, but this is because Tim provides his students with so much good information and learning videos at their fingertips that I am not even worried about trading right now, I am just trying to study his strategy as much as possible. Tim is actually so generous that once you become a student, he will actually send you all the DVD's he has made so that you can learn everything about his short selling strategy. Since I am going to have to be able to short sell stocks to use this strategy I am currently in the process of switching all my money over to a Suretrader account, which is the broker Sykes recommended me too. Suretrader is great not only because you can short stocks, you can also avoid the SEC's PDT Rules, which is a life saver for me since my account balance is under 25,000$ and on top of that the commission is only 4.95 a trade!!!(Compared to 9.99 at Etrade). Thats all for todays post! Back to studying everything Tim has to offer me. I provide links below to anything significant mentions in this post. Till next time! Happy Trading Everyone!

Links:

Tim Sykes Homepage - http://www.timothysykes.com/

My Profit.ly Profile - http://profit.ly/user/Ipbyrne

Follow me on Twitter - https://twitter.com/DJIke512

Suretrader - https://www.suretrader.com/

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