Wednesday, October 11, 2006

Stoked About Upcoming Mentoring

Monday & Tuesday of next week will be spent in Las Vegas with my father and TMTT Mentor Jordan Stokes. I'm going to be sitting down with a professional trader, during market hours and let me tell you, I'm getting very excited about it! I'll blog about the experience, so be sure to check back next week. In the meantime check out Coaching Call Week 15; it's new! It's quite a read (so much for my new short-post policy) and is only back-dated for timeline consistency.

Here's the quick list of my current open positions:
SVN - opened on 10/9 for $6.73; unrealized gain: +2.6%
CRDN - opened on 10/10 for $41.75; unrealized gain: +0.7%
MO - opened on 10/10 for $77.97; unrealized gain: -1.1%
The Altria (MO) trade is a bit experimental and one I'm playing with only for paper trade study. This isn't one that I'd enter with my live account quite yet. Some justification seems in order, no? Well I was interpreting an Island reversal pattern with a bit of a head-and-shoulders thrown in. My read of reversal patterns isn't really strong yet, so I'm using this trade as a study, hence why I'd only do this with my paper trading account until I have reasonable results over the long-term for similar plays. The good news is that I did nail the initial direction and just didn't see enough of a gain to adjust my stop and lock in the profits from yesterday's decline. I'm not out of this trade yet, though I did scale out half of my position as a way to reduce the possible loss. Tomorrow will tell if today's gains can be erased and I can possibly see some profit. These aggressive bulls need to rest sometime!

ALL - opened on 10/11 for $62.52; unrealized gain: -0.35%
JNJ - opened on 10/11 for $65.09; unrealized gain: 0%

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