Yup im back After sitting on the benches for the last 6 months I got together about 17.5k and opened a retail account at scottrade. Why scottrade? Well it stops me from having too much margin and overtrading...plus 7 dollar trades and no fees is great. Maybe i'll go back to bright trading when i build up my bank roll and can afford that 200 dollar a month desk fee. But anway....I made a bad trade last month...I bought SIRI based on the fact that i just went out and bought a sirius satilite radio. Bought it at 4.80 and sold it at 4.60 only 2k shares so it didnt hurt too bad...its still been going down and i will stay away from this stock until it start to show profit. So today i bought 2450 shares of TOPT @ 7.10 This company at least seems to be growing fast and i think it will hit 8.50 by august. I know, It wont be as impressive as some stocks with their daily 10% gains but i dont like risk after losing all that money last year. So i probably wont be posting all the time, but its just to let you all know im still in the game, just playing it safer. Maybe when i get my account to 50k or so i will put 25k into an account at bright and see if i can daytrade again. Or maybe not.
if you already blew out once instead of writing a journal you should be reading journals by successful traders.
No stops...im not trading technically. This is a long term hold and im going quarter by quarter. Unless some bad news comes along i plan to hold it. If TOPT hits 7.50 or 7.75 in the next few days though i probably will get greedy and take the profits though. My strategy is to only invest in growing companies that consistently show increasing revenues/profits.
The point is you are just guessing and according to the chart which looks like S*** guessing badly. You "think" its going to 8 by august? good analysis.
This is probably why you blew your account out the first time. You should have a stop for every trade. Trading on hopes and dreams won't get you far. You have to preserve capital. *Edit* Nothing wrong with being a beginner, but you should have learned something from blowing out your previous account.