Tuesday, December 4, 2012

Trade of the day, UEPS!!!

WARNING!!! Never try this type of trading on above picture. Anyways, I have a rule that if I get stop-out on the same stock 3 times in the same day, I just call it quits. This had happened to me 9 times this year of over 500 trades so far I've had since January 1, 2012. Here are the bullet points on all 3 trades for UEPS.
  • 1st  Loss: Long 1000 of UEPS @ 4.15 & stop-out at 3.88= $270
  • 2nd Loss: Long 1000 of UEPS @ 3.50 & stop-out at 3.33= $170
  • 3rd Loss: Long 1000 of UEPS @ 3.45 & stop-out at 3.29= $160
Three strikes and your out!!!!

You should never fight the tape out of boredom, or you'll end up losing $600 on just one stock I wish never pop-up on my screen today.  Usually my trades of the day are winning trades, but I had no winning trades today.
If you want to see what I might be trading during market hours and interact with me during my trading days, just follow me on stocktwits or twitter @tradermike9.


Anonymous said...


GCF said...

I was struggling with this one all day. Considered shorting at 4.18 around 9:50 figuring that was the dead cat bounce, then wanted to go long around 1PM but it couldn't break through 3.50. At the end of the day, I backed off even though it started to fade. Sometimes not losing any money is enough for the day.

TraderMike said...

@GCF Yep, but I got stupid and kept fighting for that bounce.

TraderMike said...

@Anonymous, I also laughed at this trade at the end of the day.