Yea Yea Yea…I know what you’re going to say. Yes, I am one of those investors / traders who bought into the VRNG hype many months ago. Is it really just hype? That’s for another blog post some other time. I’ve been lucky on most of my VRNG trades winning most and losing on some, but profitable overall. I hold a core position in VRNG of 10500 shares with an average price of $2.65. VRNG has been a very boring and annoying trade recently. Its be trading on low volume an in a down trend. This thing couldn’t even hold a .05 gain. Most of the message board idiots would call this a turd, but I saw this is as a consolidation pattern especially since there has been no bad news about the company and the most recent conference call was fantastic. Aside from my core position in VRNG I have not been trading it lately because of the low volume…that is until yesterday.
At about 10:45 A.M. VRNG hit my scanners. It looked strong to me and given that the stock has been down just about everyday for a while, I picked up day trading position of 3000 shares @ $2.78. Sure enough VRNG took off on news of a potential settlement with MSFT. BOOM!!! I cashed in those chips @ $3.12. That was a +.34 gain in a matter of 50 minutes. Over the next hour or so I proceeded to trade it 5 more times playing it on momentum with blocks of 2500 shares. I’m not one to kiss and tell, but I netted a gain of $1878.00!!! That is huge for me considering I am still new to day trading.
I have been studying momentum trading over the last few months. Mirroring the expert day traders in chat everyday (sign-up for the newsletter here) by paper trading their trades has been a blessing. Look how it paid off! I made over $1800 bucks in few hours. That is better than the pay of a top attorney!
My day trading confidence is really kicking in lately. I got the tools, the scanners and I’m quickly gaining the knowledge I need to be successful. The best advice that I can offer is to learn from the pros. It’s not often that a person can learn how to be a profitable day trader on their own.
Thanks for reading my blog post. As you can tell I am not a writer by any stretch of the imagination, but I figure if I can get a few coherent thoughts down that I might get my point across.
Enjoy the long weekend!
P.S. Email me at anytime. I am happy to share information about the tools I use, Jason Bond Picks or answer any other questions that you might have. MetalliTrader@gmail.com
I’m a busy guy. I work full-time as a Senior IT Consultant. Not only that, but I trade full-time too…or at least I try to trade as much as I can. My lovely wife and I have 3 young boys to take care of as well as two huge Rhodesian Ridgebacks, Penelope & Pinot. Needless to say my life is crazy, albeit, crazy in a good way.
I am going to do my best to update my blog at least twice per week with the goal of passing along any good information that I can possibly give to you. I want to share my trading ideas and experiences with those who are interested in the hopes that others share ideas with me.
~The Working Investor!
Today Jason Bond Picks is opening his chat to non-premium folks so they can get a feel for what it’s like to trade with live day-traders and swing traders. It’s a team environment where people share trade ideas and strategies.
There is no sales pitch here. You just come in and join the trading team for a day. Use the link and password below to access to chatroom.
Please email me if you have any questions: email@example.com
Click here to access the chatroom
Read a professional traders take on how one can learn from taking a loss.
Click here for Jason Bond’s blog article.
If you’re new to the world of trading or if you’re a jaded trader who is SICK AND TIRED of being on the wrong side of the trade…I got a tip for you. Don’t give up. Paper Trade! I’m not talking about creating some super technical Excel spreadsheet. I’m talking about a real paper-trading account that allows you to trade like you would in a real cash money account.
Paper trading is for people who need to take a step back and reevaluate how they process trades. It’s for folks who have very little experience trading in a live account, but who wants to learn how to potentially make money to supplement their own income in responsible manner.
These paper trading accounts are awesome. They allow you to process trades giving one a chance to learn in the process. I still use a paper trading account today – I have conditioned myself to use my paper trading account when I am not confident before going into a trade that I want to make. More often than not I end up losing on that trade. Thank God for the paper trading account. It lets me make those emotional trades that always seem to lose.
My 11 year old son uses a paper trading account that I setup for him. He began with $100,000, and then lost about $10,000. I was able to teach the boy why he lost. FYI – don’t just trade AAPL because you love your iPhone! Anyway, it was a fantastic learning experience for him. 2 months later he is now with a balance of $114,000. Not bad for an 11 year old.
Here are two great paper trading platforms:
FYI: They do not require you to open an actual account so just sign-up for paper trading and you’re ready to embark on a great way to learn.
As always, I need to thank the person who taught me a lot of what I know. Visit JasonBondPicks and get educated!