Wednesday, January 23, 2008

1/23/08

Bought 40,000 FLIP @ .011

Sold 40,000 FLIP @ .014

It will probably go higher, but a 27% profit in 4 hours is a good trade. Once this account reaches $1,000.00, then the risks will change due to different trades I will make. Since the 17th, I have now traded 3 times and cannot make any more round-trips (day trades) until the 25th because of the definition below.

Pattern day trader is a term defined by Securities and Exchange Commission to describe a trader who executes 4 (or more) day trades in one week. Day trading is allowed for accounts with a $25,000.00 minimum, but not less. So I have to cool it for a while ;) But the stock is currently at .012 after just falling from .015 to .01 in a matter of minutes.

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