Monthly Archives: March 2014
Okay, I’ll try to make this post quick. It’s easy for me to really get “diarrhea of the mouth” when it comes to talking about trading penny stocks, because I truly love the whole process of trading. Sometimes I literally have to tear myself away from my monitor, because I could hunt for new penny stocks that are on the “bargain counter” for hours on end without even thinking about it.
But anyway, yesterday (3/11/14) I got stopped out of GSS at 0.7363. It had a down day, and I had actually thought about moving my stop just a tad further down to roughly 0.72, since it seemed like there was decent support at that level. I didn’t move on that, though, and my Trade Trigger was tripped, booting me out at 0.7363 with a $44.00 loss. That sucks, but I wanted to make sure that I stuck with my plan, and if the market decided to move against me, I wasn’t going to keep bumping my stop down and compromising my rules. So, you live and you learn. I can walk away with my head held high because I traded it based on predetermined decisions and didn’t compromise my rules–I bought on what I thought was a significant breakout (the spike to 0.89 on 3/6/14) and I held steady until my stop was triggered. What else can you do really?
GV – Not the Most Exciting Stock
I’m still holding GV, as it has basically been treading water since the nice move up to 2.55 on 3/10/14. My Trade Trigger (for stop-loss) is set at 2.24, right underneath current support that started at the first of this month. It is a low-volume stock, and typically there’s quite a distance covered on intraday price swings. I hope that 2.25 support holds, but either way, all I can do at this point is wait. The long-term chart looks beautiful, though, and if we see a break of 2.61, we have 3 in view for sure.
New Stocks Added to Watch List for 3/12/14
I have been checking out the Twitter feeds of some of the traders I follow, many of whom are making a killing with penny stock trading. I have added four stocks to my watch list, the last three of which I saw mentioned in RichJr.’s Twitter feed. They are listed below, with my notes:
* FXEN (Added 3/12/14): Eight months of accumulation under 4.00, popped over (but didn’t close over) 4.00 only twice during that time, a breakout over 4.10 spells AWESOME
* HTM (Added 3/12/14): Great 1-year chart, if clears 0.62 neckline it may run to multi-year highs, been in head-and-shoulders bottom pattern since Aug ’13
* KIPS (Added 3/12/14): Good looking chart, good accumulation, broke 0.80 key resistance, still not ripe
* TGC (Added 3/12/14): Itching for a breakout, pop over 0.55 signifies a stronger move ahead
Added a Little Loot to the Account
Oh yeah, I meant to mention that I added $115 to my account. I have a micro Forex account that had $95.00 in it, so I decided to transfer that money to my TDAmeritrade account so that I could focus solely on penny stock trading. I also added an extra $20 because I wanted to at least cover the commissions of my first loss, the FNMA debacle. This is my way of consoling myself for placing such a dorky trade (LOL).
PLM Blasts Off
As I alerted in my watch list post back on February 27th, PLM did finally crack 1.28 and basically went on a 3-day tear up to 1.56. You couldn’t have asked for a better-looking breakout and subsequent rise. Too bad I wasn’t in that trade!!!