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24 May

Wednesday May 25, 2011

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Heading into Wednesday’s session I’m only holding two trades which is just how I like it. Fewer trades allows me to keep a close watch on my positions if and when they do move suddenly. I suppose it might be more exiting for everyone if I traded more but over the years my experience has taught me it’s not how much you trade but how smart you trade. Over trading is actually one of the leading reasons 90% of day traders end up folding up shop.

I have 75k GSTP at $.153. The bids were still there Tuesday at $.12, three deep, so that’s a good sign…PERT is still representing over 200k shares and my hope is that he’ll stick around. I have not given up on this one yet, but I will be excited to get rid of it if and when it starts moving again.

I’m down to 2.5k shares of PAL after dropping half my position when it dipped at $3.55. My remaining shares are from my double down at $3.55 so I’m up a tiny bit on this set, but down about $600 overall.

 

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