Friday, January 18, 2008

Another Single...

I've started going with baseball descriptions of my trades and today is a single (0 to 1% winner).

CHINA (2):

Bought 10:10am doji (close to it, was within 1c of forming a perfect 'T'),
500 shares @ $4.00,
target $4.10,
stop loss $3.97,
risk/reward 3.33,
exit:
sold 200 shrs @ $4.0405 (following rules of locking in 1%)
sold 100 shrs @ $4.0205 (half the distance back and looking weak, subjective nonetheless)
sold 100 shrs @ $4.0005 (breakeven point)

Commentary: Commish on these trades are the killer. Check out difference between gross and net. No way to avoid such issues using my current 'per share' pricing scheme. If and when my balance supports it, I can go to a flat rate system. Otherwise a good trade, subjective on the second sell, but for now, I am very happy locking in profits.

Gross P/L: +$12.25, net +$2.18

Weekend numbers: $3039.94, +$8.30, +0.27%, 2 out of 3 winners, profit factor of 1.56 (all good numbers and I am pleased).

We'll see what next week brings,
Masterjaz out

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