Hi Folks...
Back from the high seas.
Looking to trade out of some of these dogs... focus on a few new ones.
What's with MGLG?
The ticker at scottrade says MGLG#, and my automatic sell limit has been removed?
Ah, there is a note, "unable to take sell orders for this security, contact your local branch office"
Hey Dave, welcome back..we have missed you! I hope that you had a great cruise.Originally Posted by Dr. Dave
Read posts up above with MGLG....the SEC has it by the balls, along with 16 other companies.
You might check the shrub also....they are talking about it in detail, but the posts up above are better information so far..
Again...welcome back!
This ASFX has been a gold mine, I don't know why it's making new highs...
I bought in at 0.0022 and its at 0.024 now. I sold off half my position at 0.01 average or so.
I'm getting more like candleman, and thinking to get in and out a little more often. Then letting it ride after building up a little cash. Though, I need to get up a little earlier.
I'm thinking about taking a little off the table for ASFX even though its a winner, but I like that it has real stuff that I can buy, and a splattering of products.
Hey Bill -Hey Dave, welcome back..we have missed you! I hope that you had a great cruise.
Read posts up above with MGLG....the SEC has it by the balls, along with 16 other companies.
You might check the shrub also....they are talking about it in detail, but the posts up above are better information so far..
Again...welcome back!
Missed you guys - the price for internet was 0.55/min, or 0.375/min for a package deal... it was just a little faster than my Dad's dial-up, and but he also has a virus ridden PC, that is about 8-9 years old. I actually was surprised you could even surf the net at sea, as the last time I was at sea for research purposes, we would send text only (non HTML coded) email 2 times a day with like a 10Kb filter (something along those lines)... as they have to bounce it by satellite. We were charged per character. Still works that way for my friend Bob who is sailing everywhere. Lot of folks complained, but I didn't expect Mexico to put up a satellite just for a few cruise ships, lol.
I called scottrade, they just said that trading has been suspended until oct 7. I laughed, as my first positions were on the order of a couple hundred bucks, and that was the first (except that double mistake trade on behl)... So my position is now worth a whopping $80.
I think it was Sean that google mapped MGLG and it was a bunch of houses... the weird thing was, when I did that too, I got a bunch of houses, but several other businesses were listed. Maybe it was the same guys with multiple companies. Anyway, from that day forward, I was always suspicious as how could guys in canada oversee work in the southern US with any type of success. I guess I should have voiced that opinion back then, but I was still really green on these things. Also, since I know that these stocks get a lot of pump and dump, I figured we'd be safe as long as people sold on the upper ends. Live and learn, that's what its about.
That said, I'm still the most bullish on ASFX and SPNGE, as they have public accessible products. Even with the SPNGE RS, the fact that its listed now at nasdaq's OTCBB is a good thing. I don't really view a RS as a bad thing if the company seems to be on the up and up... but then again, I still haven't done my store DD (I view it as bad if the company hasn't been making money and has had a downward pps trend and is only trying to stay listed somewhere).
One of our dining people on the cruise is a forklift operator at costco... not only that, he works at the costco I go to. I'm going to ask him if he thinks these things (sponges) are moving. He also works the register from time to time.
I've been scanning the other stocks that we compiled a list for, I'll slap up some charts later, but it appears to me that there is a common theme for some, and I'll likely stick to trading those with stops.
I have been getting up earlier since the trip, but need to keep on it.
Anyway, so much for selling MGLG today. That was one of the dogs I wanted to cut, lol.
Last edited by Dr. Dave; 09-23-2009 at 03:01 PM.
[QUOTE=Dr. Dave;51981]
I'm getting more like candleman, and thinking to get in and out a little more often. Then letting it ride after building up a little cash. Though, I need to get up a little earlier.
Hey Doc, welcome back! You'll never know how nice it is to have someone say that I might be getting it right. I've been doing this for many years and it's still really nice to have a positive stroke every now and then.
I have always appreciated your insights and lessons. It's great to have you back!
I do like to invest in companies that actually have a service or product that I can touch, see, or use. The sponge is a good one. Maybe it's because I manufacture and retail products myself. But, I've always had a hard time investing in pie in the sky stuff.
It's just like being satisfied with a few hundred bucks at the end of each trading week. By the end of the year, it really adds up!
I hear you...I was just back in Seattle at my parents house. Thie PC is about 9 or 10 years old and they have dial-up. I literally had tears in my eyes trying to make sense out of anything on the internet, so I finally just shut if off after a couple of posts and said, "Screw it!".
.55 a minute sucks! .375 a minute sucks! lol...You didn't really miss anything. MGLG was on a lot of peoples' termination lists, but it will be trading again in a few days and hopefully this process will glean some information for people. The SEC doesn't come down to this level often, but they can be pretty tough when they do. I have heard that the SEC is going to cover OTC BB's and Pinks a lot more closely now, because people get conned. It's those stupid shell companies. "Look in this hand"...while the other hand is picking your pocket. Ah, it sounds like the Administration.
Anyway, MGLG should have another chance so don't tear up or toss away the tote tickets yet!
Lol,
I think you really have to be on your toes, but as long as you can make more profits then losses, it's all good.
I noticed we all have different trading styles, and of course there are many profitable ways to trade, so there definately isn't a one size fits all method.
It was pretty educational for me to get into a bunch of these, as if I don't have at least something in them, I won't pay attention after a while, as I'm pretty ADD... which is good for TA, but also bad for tracking positions long term. Making that ticker list has helped a bunch, since I have to see the others before I get to mine.
I'm likely more like you, I have been trying to consistently win on shorter term trades, but if I get what looks like a real winner, I'll hold on to it. These pennies are a real challenge, cause you can wake up and see a real big change for better or worse... so timing and patience (patience in the sense of not only holding onto what looks like a bonafide good story company, but also patience in staying out long enough to get a good price on what appears to be a stock that will rise again, as opposed to getting a good price on a dog). Really tough. While I usually don't hold these many positions, being a little diversified (well, in my case, more than a littlle) has paid off. Also, since I have really scaled back on position sizes, the emotional part has been removed. I'm pretty calm. I guess I'm not looking for the big score, but a little on each play to get it to add up.
I really need to be awake though during the day. Thanks to stang's suggestion of the chartgame, I think I found a pattern that works well for 1-2 day option trades. I placed one on monday - contract for $420, woke up a little late, it had reached a high of $600. Which wasn't bad for being in the market for 2 hours total... but by the time I woke up, it was sliding down from $490, and got out at $440 - lol, after commisions, I think I made $3.50.
As usual, as it slid down, I noticed indicators all pointing down on every time frame from 5 mins to daily, and I hoped. That's the killer, hoping. That's something I really have to eliminate... I do it from time to time, and it seems everytime I do it, it doesn't work out. lol.
So you have a candle business don't you? Your screen name always makes me think you are a diehard Nison fan, and trade candlesticks.
Dave,
Yep I'm a candle maker. Came home from the service, went off to college, got an Art Degree and then a Master's in Busniess. Whipped up a few candles and before I knew it....I was in the candle biz. It's funny how these things happen.
I own a few small candle making companies and a couple of retail stores. I've shrunk the business by 75% in the last 3 years. I saw the recession coming on and realized that I sell things that nobody NEEDS to buy. So, we took our profits and ran to the beach. What a crazy life!!!
I only trade about 10% of my holdings. But, I do that on a daily basis. If I like a Disney movie, I'll buy Disney when it's having a bad day. And then sell it as soon as it rises 5 or 6%. If I get a good burger at McDonalds, I'll buy that, but sell it as soon as it rises a few percent. These penny stocks are all new to me. I watched you guys and got a little interested. The learning curve is HUGE. I am not making money yet. But, like everything else, I'll figure this one out. I think the important thing for me is to hold on to certain stocks as a sort of a bank account. But trade like crazy on other ones. The fact is I make far more money trading, than holding. But, holding allows me to sleep at night...LOL
yeah, .55 a minute is pricey, but when you think about the average guy getting charged per character, and that a webpage has .jpg's and .gifs, I figured the ship subsidizes the cost from all the passengers. we use text editors a lot for work, so a pure text file of "hello bill" is 11 b, as compared to "hello bill" in MS word, which is 19.456 Kb. Which makes the former 0.056% of the memory.
Well... I need to get caught up at work, but then I'll post some charts on what I see for some of these stocks. Maybe we can make a little more coin.
Ahh--- I found that sometimes you can find some really good trading books on ebay. Some I also found used at amazon at better prices.
That schwager book really pointed some stuff out - it's not about how to trade, but just about individual traders who really knocked off big gains, and often little to no losses, in terms of overall monthly performance. Even the gut feel guys cut their losses really short, and one said their traders at his hedge fund usually bat 50-55% being right. So never get down on yourselves for bad trades, the game is to just profit on the right ones... that is if you aren't going in with the majority of your style as speculation... the speculators will often have bigger drawdowns... in fact one doesn't even really look at charts. He did have supreme skills though of patience in getting in at what he felt was a good fundamental price... and if it didn't hit, he simply doesn't take the trade.
Good stuff.
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