Thursday May 3, 2007

+$15.00

I had one goal when I came in this morning. After talking to someone at my office yesterday I realized that I was trading too much. There are only about 3-5 opportunities to trade a stock in any given day. So my goal for today was to finish positive. Didn't matter by how much or how many shares I trade, but I HAD to be in the black.

I was trading WTW (weight watchers) today. After watching it chop around in the morning, I noticed that it was testing the $50.00 mark. It hit $50 then pulled back to 49.90. I realized that this is a great entry, but for some reason I didn't take it. If I had taken it I would have made $1 on the trade. After getting upset at myself for not taking that and not being able to find another entry on the way up I left it alone.

After lunch I noticed that there was a buyer around the $50.70 mark and it didn't want to drop beyond that, so I bought at 50.70 and sold quickly at 50.95 for a quick 15 cent gain. If I had held it longer it would of gone up all the way to 51.46, but I didn't care.

Then the buyer wasn't there anymore and the stock went into freefall for the next 2 hours. I probably should of shorted on the way down but I was watching my other stock all afternoon.

All in all, not a bad day because I did what I wanted to do. I read the tape as correctly as I could and I came out with a profit.

On to the next day.