Day Trading Post #7

Today I went to the Trader Show, sat through some presentations, and got some good insight into trading. The coolest part was that I got to meet the one and only Day Trader Rockstar, host of Daytradingradio.com. That was pretty cool!

Anyway, I was a fool at the end of the day and ran back downtown to the trading floor for the last ten minutes of the day, took two trades, and got stopped out on both. 400 shares, 9 cent hit. Dumb!!!! Why did I take the hit.... because I didn't listen to my rules that I have established for myself in regards to when I should or shouldn't get into a trade. But in the end, I can live with a 36 cent hit.

So, in my free time, I decided to look over some of my paper trades for swing trading, and now I am wishing I would have taken these trades live. If you look at NCX's daily chart, I took that long paper trading at $1.57. Today, it gapped up to over $5!!! It had over a 200% gain!!!! So, to say the least, I believe that was a good trade. It did come against me and went as low as $1.19, but today it closed at $5.22! That is a gain of $3.65... an awesome ROI!!! Too bad I didn't take this trade live, but even though it's only a paper trade, it builds my confidence in choosing stocks and spotting good trades.

So, I will be watching NCX and looking for a new trade in it. The stochastics are still bullish, and as long as this stock is showing strength, I think a good entry to go long might be when it pulls back to the 50 EMA. I will be watching this though.

Here is the chart: