Thanks Chris I'll read that over tonight, looks very interesting.
I'm now analyzing my trading for the year so far, and doing it here, more as therapy for myself, than anything else.
In my online account since Jan 3, I've made 69 sells, all but 6 were profitable.
PMMI (-$687.50) can't even remember why I bought it, but I chased and bought too high - I broke a rule, I suffered, but selling when I did, was the right thing to do, I should have done it a little quicker.
CLSI (-359.06) got bored, of course it took off two weeks later.
TXAG (-58.00) lost the commissions, on a Market Maker trap, lucky to even get out with my skin, but I'd nailed them for a few hundred bucks in a few minutes once before.... LOL of course, a week later they let it rip, and I could have had a 4-5 bagger had I been patient.
AMQT (-118.05) basically the commissions - again, I got bored, was in a hurry, and forgot momentarily that it came from Tom Allinder, so it was bound to go - of course it did, a day or two later.
QBIZ (-870.55) ggrrrr, simply got in too high, it's a Jeff pick, and if I was in with everyone else at under a buck instead of over $2, I might have stayed - could be a great company, but I just didn't like, how every time news came, down she went, on low volume.
NCPP (-359.06) I bought so many stocks on Dec 29, I forgot I had an order in on this one, and didn't notice I'd bought it, until Jan 4, so I just dumped it...hmm, coulda got out with a profit the last few days I see.
Now in analyzing all the cases where I've sold off freebies I've been sitting on, only to watch them go to the moon within days or weeks:
Two things come to mind - one, I didn't need the cash, there was no good reason to sell, just bored looking at them sit. Two, and more important, I find that pretty well all the sells, were made between 10 and 11 am Pacific Time. Now that's a time, when it I used to think, "what the hell happened, nothings trading much, all the MM's go for coffee or lunch at the same time??" I'm hoping there is something in the article you posted, about this phenomenon.
So now, I have added a new rule. Jimbo only sells those freebies he's bored with, at the cookin' times: the first hour of the day, and the last hour of the day....and he thinks about it, 18 times, up, down and sideways, before hitting that button.
$50-60,000 left on the table in 6 weeks, should be enough, to wake a guy up! |
