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Originally Posted by tony
$40? I understand that if it goes bad its just a $40 loss, but the stock would have to go up almost 25% just for you to break-even with commissions. Is that working for you?
I haven't been investing less than $400 in each position so that commission doesn't bite into it as bad. What do you guys think?
CTIC got some bad news so it might bleed down to 1 dollar before another upswing. CRXX is getting a lot of good attention from other investors I know and BIEL you will be rewarded if you are patient. The run up on anticipation alone should pay nicely.Quote:
Originally Posted by plv
My commission is 5.95 with USAA so with 100 percent I net about 23 dollars after fees. I figure I just keep flipping and see where it ends up over time. The hard part is finding a buyer @ .0002. With evfl though the company has potential but it is purely a spec play for me.Quote:
Originally Posted by plv
Bummer, sold out of CHTP at 2.61, and it went upto $3.15 while I was at lunch. Shouldn't complain though, made an almost $1700 gain in half an hour. If only I could do that everyday lol.
What do you guys think about BBI? I like the way its setting up on the chart, but I don't have much research in it yet. Thinking about buying in tomorrow pending it going down a little more.
If I could move in an out of stocks on a dime like that CHTP would have been a good play but I have until Oct. 23rd before I can do that.
BBI I dont know a whole lot about, i'd have to research where the business is headed.
Why do you have to wait?
Playing ADLS I accidentally chose Margin funding instead of cash, somehow in the process I managed to get a "free ride" which is a big no no. Put my account on probation for 3 months which forces me to wait 3 days after a trade. After october I wont have to wait 3 days, i can sell.. funds will be available immediately and I can move in and out of investments.Quote:
Originally Posted by ironchef
Oh ok, I'm still kind scared to try margin cause I don't know how it works fully. Like, lets say I have $5k cash in my account, and nothing else. And, I want to buy $10k worth of stock, could I do that? I do have a margin account.
RIMM got hammered AH today after their earnings report. Just picked some up @ 73.84. I figure it will bounce back 5% easy by probably tomorrow, maybe even 10% next week.
I dont have a 100% grasp on margin either which led to my error. USAA defaults to Margin instead of cash which led to my mistake.Quote:
Originally Posted by ironchef
SIXOQ, for the 2nd time I am telling you guys.. throw an amount you're willing to lose but the upside for the short term is worth the risk.
You need to qualify as a pattern day trader, which means you must have $25k in equity/cash minimum in an account. So in your example no you couldn't. But if you have $50k cash in your account, yes you could buy $10k worth of stock using only $5k cash.Quote:
Originally Posted by ironchef
FYI ironchef if you have less than $25k in your account you can only buy and sell a position during the same day 3 times per week max.
http://en.wikipedia.org/wiki/Pattern_day_trader
This doesn't apply to FOREX btw.
Yea I know about the round tripping. I usually don't do it, CHTP today was out of the ordinary. I see myself more of a swing trader.Quote:
Originally Posted by plv
Looks like I have to work my way up to $25k and then $50k.
Yea me too, monday was the first time i did it.Quote:
Originally Posted by ironchef
Nothing happens at $50k, that was just my example. All you need is more than $25k.
Something does happen, you have $50k :D.Quote:
Originally Posted by plv
The weird thing is like right now on my E-Trade account it says my Margin buying power is double my cash buying power. Which makes me think I could use margin now, but I'm still hesitant.
:cheers:Quote:
Originally Posted by ironchef
I would email/call customer service and ask first, tony's probation thing sucks lol.
sucks doesnt begin to explain itQuote:
Originally Posted by plv
Mr. Chef,
I know how much you like the legit plays and not so much the pennies. The people I've been investing with are saying REALLY good things about CIT-A this week.. if you can get in under $4.00 you can at least play the run up to $7 since CIT will be releasing their plan to restructure (or bankruptcy) this thursday. It is very doubtful if CIT declares bankruptcy and if the news is good $12+ is expected.
I couldn't find CIT-A. Are you talking about CIT as in the CIT Group, which is currently at $1.60?Quote:
Originally Posted by tony
CIT-A are the preferred shares of CIT, it should be @ $3.95 a share right now. Different brokerages have it listed under different quotes, it could be CITPRA
These shares are basically notes, they pay a dividend and should CIT structure successfully and close out the shares they are worth about $24.00. (nice payoff if the company make a good come back) I'm just playing this short term.
Hmm, it seems ok, but I'm not terribly thrilled about the volume. I'd hate to be stuck should volume die out. Wouldn't playing the regular common stock give fairly good returns should CIT do something good?
I'm quoting this to show just how much patience pays off and my impulsiveness costs me money. I made this post on July the 8th, I don't remember how much was in my brokerage account at the time, I'll guess about $7kQuote:
Originally Posted by tony
HEB was @ $2.23 at the time of this post - Currently $2.03
CTIC was @ 1.46 - Currently $1.24
BIPH was @ .02 if I remember correctly now @ .01
Okay I dodged a couple of bullets there, but then the rest of the portfolio.
NEPH was at $1.12 - Since then it has hit $2.64 but currently at $1.48 (235% Return)
GNTA was @ .38 - Now @ .96 and went as high as $1.12 (290% Return and I know for a fact I would have made about $6,000 on this one this month)
ETFC was @ $1.18 - Since then it hit $2 a share this week, currently $1.77 (50% return)
GLS was @ $4.09 - It is @ $9.00 and rising (220% return)
BLT was @ $8.22 - Currently at $9.30 (around a 10-15% return)
And I sold them all well before they matured. I post this to use myself as an example that had I been patient, I would have made a lot more than I currently have. I did the research, the figures were there but I was just too impulsive.
Volume is low because its thinly traded, but buys of 1000 shares or so are being fullfilled. The common shares could see some very nice gains should good news come thursday but the Preferred shares are even more valuable since they pay dividends and how they are structured.Quote:
Originally Posted by ironchef
I know exactly what you mean.Quote:
Originally Posted by tony
My biggest 2 misses recently were AIG and CVM.
Had AIG at about $41, sold at around $45, went to $55 like a week later.
Had CVM originally at .568 went to $2.10 like a couple weeks later. (flipped it many times in between, but hold the original shares would've still paid off higher)
Made money on both, but not as much as I should/could have.
I'll post up my current portfolio just in hopes that my patience will pay off this time.
SIXOQ - 1500 shares
BZCN - 362000 shares
BIEL - 25800 shares
ASFX - 50000 shares
CPRK I sold and waiting for below .0070 before I buy back in, till then I'm buying CITPRA w/ 500 shares
EVFL - 350000 shares (Purely speculative play)
The ones I expect a nice return from, BIEL.. ASFX SIXOQ and CITPRA, the others are spec plays for me.
Ones like CVM hurt the most, when you KNOW what could have been.. I just take them off of my watch list at that point. Did anyone see VRMLQ, fucking .05 on Sept. 11th and now $8.45 today... $1000 invested would be worth $169,000 right now.Quote:
Originally Posted by ironchef
I'm currently in CVM w/ 5900 shares, got them at $1.67.
Looking for a decent run into the $2's this week.
I'm obviously bored today, but if we all knew BIEL was going to hit somewhere around .50-.70 why not invest everything you have in it?
edit: to answer my own Q, I invest in the other stuff in hopes that it matures nicely before BIEL.. then I can channel profits into BIEL and quit the day job lol. I'd love nothing more than to be a full time investor.
If we all knew BIEL was guaranteed to go to .50-.70, I'm sure we would take out as many loans/mortgages as possible. But, nothing is guaranteed, even less so when its a penny stock.
This is definitely not the place to have all your eggs in one basket.
Keep an eye on HDVY btw
Guaranteed no, likely.. yes. BIEL is similar to HEB and CTIC before they took off. I was just getting my feet wet when they were really low and I didnt pay much attention.. now both have managed to touch $2.00. With the future of BIEL and should they get indexed like the other two I expect some pretty big gains.
I just remember CTIC being around .10 early in this year and blowing it off like whatever. HEB was @ .80 by the time I discovered it but was much lower before. The three companies are carbon copies as far as the potential and what they have lined up.. BIEL is actually more similar to NEPH than the other two.
When is the BIEL run expected to start?
Keep SUNV on radar.
SUNV looks good, I like the chart and the fundamentals. That will be my backup if I cant get into CIT-A.
BIEL is supposed to run around the end of this year. Caveat Emptor might be removed before then and cause a slight jump, definitely a good entry point at these prices.
Rather than getting into new positions I think Ill just hold off so that I have money in case I need to average down my other positions. I bought CTIC a little high but my big fuck up was CRXX :( Yet averaging down might put me deeper in the hole.
I don't see CRXX dropping much more before having a nice reversal.Quote:
Originally Posted by plv
Well I hope so. I bought it at last week's peak lol. I just found out this:Quote:
Originally Posted by ironchef
http://www.gurufocus.com/news.php?id=70449
so I'm more worried about CTIC now.
btw, the biel run will start in 3-5 weeks when actipatch's 510k's have been approved as dr. scholls is waiting to pick up the heel/foot application.
Upon approval of actipatch, the pps should see .70 and settle in the .40-.50 range, and then head back upwards with the airing of the infomercials and approval of allay
SUNV up 37.5% :(. Very small volume for a cheap stock like that though, so it would be tough to get in an out with decent amount of shares.