Tuesday, May 01, 2007

Trade Update: Sold BTJ @ $40.10

Edit 5/2 7:22AMBought this position on 4/26 @ $40.97. I had to close this trade yesterday when it started to re-enter the base (Dbox) confirmed by the general weakness in the OIL sector. The main thing about trading breakout is that when things start to get choppy and the stock is not moving as expected, you don't want to be the last trader holding the bag.

I still think that this stock will move much higher but for this trade, the best place to be in is cash.

5 comments:

Brian said...

MC-

I took BTJ especially hard this morning, as I waited a bit too long to buy (read high) and to sell (low)...

I've read a great number of your posts and can't find anything relating to this other than you tend to look for individual set-ups.

Do you have any procedure in place to have more or less money invested based on market conditions? If not or if so could you explain a bit of the thinking as to what led you to behave in that way?

mc said...

Brian,

I will try to write up a detailed post about my money management style and how I increase/decrease exposure based on market conditions.

BTJ was a tough trade because it's a small company with small float making it very volatile.

-MC

Brian said...

Thanks MC, I'd appreciate that.

Anonymous said...

Thanks to you site MC I am now up 50% ytd on my five figure account. You deserve to have your own tv show buddy. Keep it going MC.

JoeB

mc said...

JoeB,

Glad to hear you're doing okay with your porfolio. Not sure about a TV show. Let's leave it for the BOOYA yelling stock picking gurus.

-MC