I made an early decision on Wednesday to dump my two gold stocks NVO and OSK. They continued to move down in price in spite of the spot price of gold moving up. I am not getting the timing right and continue to lose money so I decided to cut my losses again.
Sold 1000 shares of NVO @ $4.20 Bought for $4.39. Total Loss of $190.00 + trading costs = $209.98
Sold 1800 shares of OSK @ $2.09 Bought for $2.19. Total Loss of $180.00 + trading costs = $199.98
Additional Profit/Losses Previous Trades
AAV loss of $219.98 realized on 3 August
PONY loss of $49.98 realized on 27 July
ELD loss of $49.98 realized on 24 July
APH loss of $46.98 realized on 14 June
OSK loss of $121.98 realized on 7 June
THO loss of $79.98 realized on 14 June
WDO profit of $640.00 realized on 14 June
TXG profit of $81.00 realized on 14 June
EXN profit of $354.14 realized on 14 June
PROFIT - LOSSES
$1,075.14 - $978.84 = $96.30
This is not that impressive but I do want to impress upon you that you must recognize losses early and cut them. On a lot of these trades I would be down further had I not sold them. I would be up further on WDO and PONY but you can't go back in time or live in regret for lost money. I only started gambling this way since June so it's a work in progress and I'm learning.
PONY loss of $49.98 realized on 27 July
ELD loss of $49.98 realized on 24 July
APH loss of $46.98 realized on 14 June
OSK loss of $121.98 realized on 7 June
THO loss of $79.98 realized on 14 June
WDO profit of $640.00 realized on 14 June
TXG profit of $81.00 realized on 14 June
EXN profit of $354.14 realized on 14 June
PROFIT - LOSSES
$1,075.14 - $978.84 = $96.30
This is not that impressive but I do want to impress upon you that you must recognize losses early and cut them. On a lot of these trades I would be down further had I not sold them. I would be up further on WDO and PONY but you can't go back in time or live in regret for lost money. I only started gambling this way since June so it's a work in progress and I'm learning.
New Buys
I decided to get out of the small cap gold stock area and buy more expensive growth stocks and see how that goes. I will hang on as long as the stocks stay green and exhibit positive momentum.
BUY 75 shares of OTEX.TO @ $50.86 + 9.99 = $3,824.49
BUY 85 shares of GSY.TO @ $49.14 + 9.99 = $4186.89
GSY announced really positive earnings so I decided to buy into it's positive momentum. We'll see what happens but I won't be selling unless each of these stocks drop between 7-8%.
That is my new loss rule for these trades. I will take profits if we can make 20%. They both pay a small dividend which might allow me to be wrong for longer if that happens.
These stocks are not long term holds, they will be traded once negative momentum works against them and they start to drop even though they are bigger companies that make money for investors. I'm buying them to make money, when they stop I'll sell them.
So far these 2 trades finished the day in the green by $42.90
I don't day trade so this means and will mean nothing going forward. I am going to experiment with bigger cap stocks and see if I can make some money going this way.
I can be sure they won't drop as fast as the junior golds which keep me up at night. I only plan on holding 1-2 stocks at a time in my new trading/gambling portfolio. This way it will be easy to keep track of them and make quick decisions if the market turns against me.
Anyways these are my ever changing thoughts and how I'm trying to make money trading stocks.
I'm shooting for that average how about you?
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