Sunday, April 5, 2009

April Goal Accomplished

My apologies to those who have been following my blog for not posting my trades for this week. It ended up being a pretty good week overall, even though I was down over 50% at one point in the week.
View this weeks transaction history below:

As you can see in the screen shot above, I lost early in the week being that the market began to rally on the news that Banks would start implementing Mark-to-Market accounting, which would free up a lot of cash on their balance sheets. That being said, I closed my short positions in APC and BAC and just took the loss.
However, the week took a positive turn when I decided to play RIMM because I knew that they were going to be announcing earnings on Thursday. One thing that I have noticed in this recession is that people have not stopped buying Blackberry's(RIMM product), so I assumed that they would beat estimates on their earning and I was right. The RIMM trade ended up making me about $1300(over 200%). The only mistake that I made with that trade was that I became emotional during the day and decided to take profits when I should have just stayed in the trade until earning were released. As you can see in the transaction history above I checked my emotions later in the day and jumped back into the trade before the company announced earning.

Current Account Balance: 2249.07 (beating the April estimate on my Million Dollar timeline by 749.07)
Being that the account balance is over 2K I am now able to trade on Margin(low interest loan from the broker and only charged a fee when margin is used), which will allow me to trade with 6189.52. Based on how many indicators I have going in my favor, I may use the margin on some of my technical trades but for speculative trades I will continue to use my cash balance.

I will post my trades for this upcoming week, either tonight or in the morning before the bell.

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