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!!!