Day Trade of the Day: DNDN
I decided to take a chance and throw in a day trade into the mix. Those that follow my blog know that I day trade very rarely. This is because I started trading in the bull markets of 2004/2005. Day trading was futile during those times as buy and hold strategies trumped even the best day trading methods. Today's market environment is radically different. In order to capitalize on the volatility I decided to take a chance (just like Scott at Stock Punk did) and go with the flow.
The trade DNDN.
Step 1: Placed trade. In at 6.41
Step 2: Hold on tight.
Step 3: Sell. Sold at 9.01-9.05. Gain= 40.5%
posted by Nick M. @ 11:21 AM
2 Comments:
Nick,
Watch out. You might just get addicted to day trading like I have. I've never had a 40% gainer in a day while day trading, however! Nice!
Scott,
I have to say, it was rather fun and nerve-racking at the same time! When I first jumped in I wasn't sure if I got in at a good price. It started stalling a bit but then it started to take off! I just held on and once it hit high 8/low 9 it was time to let go. Its chart showed that it wouldn't be able to hold itself up so high. Once I sold it, it started showing strength again. I thought I may have messed up and sold too soon. But alas, soon after, it began to crumble once again!
Of course, I do not plan to trade like this forever. As nice as this gain was, I am a swing trader at heart but I don't mind changing my strategy up a bit in order to take advantage of special situations.
Scott, I am also glad to see that you are doing well with your new day trading strategy. It is good to see that you listened to your gut/instinct and did what you had to do.
Take Care and best of luck with your trading...
-Nick M.
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