Thursday, April 13, 2006

Saved by Easter

Day 10 - Thursday
Total Account Value: $5197
Available Equity: $4622
Positions Opened: 0
Positions Closed: 3

This morning I woke up at my girlfriend's house and was unable to check on my positions until 12:30pm. I didn't tell her, but after such a chaotic Wednesday all I could think about was what was in store for me. The news was mixed. CML went ex dividend today which netted me $229 straight off the bat. I was relieved have my first win of the week guaranteed but the overall result ended up being downright pathetic. Due to the volatility of the past few days, I really hadn't made much capital gain at all. The stop loss, which I had adjusted to the dividend amount less 5c at last night's close was triggered almost straight away. The stock never recovered, and I'm not too sure it will in the near future. My profit was a laughable $2.38, but I guess you have to start somewhere! It would have been wiser to sell at the close but I grew obsessed with simply snaring the dividend.

Despite my short on PMN showing a small profit yesterday, it began to show evidence of making a comeback. When I turned on my computer and noticed, I had no option but to make the decision to sell at the price I entered, making a loss on brokerage. Too many times now I have been tentative about cutting my losses or taking profits when the tide is about to turn. I escaped just in time too, because PMN added 2c to $5.43 shortly after I made the move.

JBM burned me by taking a tumbling despite finishing last night with momentum. However, MBL and MIG continued to make good progress downwards, and I finished the day holding only these two positions.

The market closed at 2pm for Easter and it was almost a relief to have my horror week end prematurely. Looking at the All Ordinaries and ASX200 charts, you can see choppy sideways movement. I reckon only the best daytraders who trade on intraday swings could make money in an environment like this. There is too much unpredictability. In such situations it is probably best to open positions more frugally and resist going overboard. My research efforts have gone into high gear today I'm looking forward to happier times next week.

My predetermined maximum loss is $2000 and as long as I'm within that I'll continue to trade with confidence.

Happy Easter everyone!


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