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