I'm obsessed with this ticker. Creeped up a little more, closing on top of the 20 day MA.
From the Yahoo board it's clear there's some odd trading going on. Like I tried to buy 5k at .837 today, the bid went up to .8372... I got 300 shares filled, but after hours there was a sale for about 3k at .8345 so apparently it only goes down when the higher bids disappear. Hm.
Meanwhile, China microcap land is burning it up. So many runners and now Alcoa just lit yet another candle under the market's ass.
This is an easy market to make money in. You just have to believe and stay with your best names and basically -- stop daytrading. The impulse to constantly being doing something is so incredibly detrimental to my own bottomline.
That said, my stupid move of the day was trying to daytrade that RPRX and losing about $400 in a hour. Then I bought PUDA and made back $200 -- but I shoulda kept it. I did buy a chunk for my managed account now.
The people I follow love PUDA, CPBY, BSPM, CSGH (a bit extended), RINO (extended now) and MYST, among a few other. CCGY is another one that I personally don't like for some reason. I don't just buy everything. I mean, look, how can we possibly succeed? 90% of all traders fail. It really seems impossible to get an edge. But the internet is the edge. The ability to find the ideas of the best small time, private investors and follow them has been my secret to success. It has its risks. People may be con artists. The people I follow may not stick around. (That's why I keep searching for more and more people.)
The other part of my recent success has been holding for much longer periods of time. People get excited when they make $500 in 5 minutes. Sure, I guess. In my mom's account, there are positions with $13,000 - $20,000 in paper profits. It's been as high as $35,000 this year. All I did was set it and forget it. Some of them would be larger if I hadn't taken partials along the way. Everyone can make money in a dozen different ways... It's really all about finding the strategy that's comfortable for you and sticking to it. I think maybe that's why people fail. They don't find their optimal strategy in time and lose to much in the learning process. Maybe. I don't know.
Well... my confidence is up today and I've really been mostly playing it safe. I don't own many of the great names I mentioned because I sold so many too soon. I may need to rebuy some CSGH back soon. I thought it would drop but it's such a winner... it might just run to 3 without me.
I hope you all had a great day in the markets. Being able to trade for a living is really a dream come true. I'm still not 100% sure I can be consistently profitable, but this year has certainly helped keep the dream alive. I think if INSM breaks I'll have all the confidence I need to keep me going.