Patrick's Rants


How’s That For Journalism?

Filed under: Money,Stocks — site admin @ 7:14 pm

I missed posting on 2/15 that I closed by position in JRN. As sometimes happens the chart fooled me into thinking the price wasn’t getting back to $5.70 and I picked a lower resistance line of $5.67. I did sell at $5.67 minus commissions for a 5% profit on the trade. The problem, if you want to call it that, is I could have had the extra $.03 if I had just been a little patient. And if I had been really smart I could have taken more off the table since the stock has spiked to $6.50 in the last few days after a positive earnings release. I’ve written it before, don’t chase the price and be patient. Since this 5% is in just over 30 days, it’s an annualized 63%. Not bad, but I chased the price down and was not patient enough for the extra $0.03. Even worse is that I could have been paid the extra few pennies the same day that I sold for $5.67, but I adjusted my price based upon the February 1 high of $5.67. I was not totally “wrong” but I didn’t make my initial calculated profit.

This is what I’m doing in my account. All examples and trades are posted for educational and entertainment purposes only and is not a recommendation for any security mentioned. In other words, do your own research and be responsible for yourself.

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