Yes, I could have paid myself $250 (30%) of my potential gain from MTL but did not. I figured that if MTL ran up as I have expected, I could have taken 5 times more so I let the trade sit for a few more hours. A cold and calculated move that is necessary in the business of stock market trading. It’s all about the risk versus potential reward.

I left the trade alone until it hit my break-even point at $55 and I have to get out.

RIG was a different story. It was a great trade with a good setup but the trade did not pan out as expected. I risked about $500 for a potential reward of $3000. Not a bad trade.

Sold 200 shares of RIG at $160.16 (entry at $162.49) for a loss of $466. Sold 200 shares of MTL at $55 (entry at $55.31) for a lost of $62.

Bought 200 shares of LDK at $41.84 and bought another 200 shares at $44.28.

There is no question that oil well and oil drillers are the place to be to make profuse amount of money in this market. Solars should also go nuts when and if Uncle Sam starts funding these technologies.

Top picks oil: RIG NOV HES SU

Top picks solar: CSIQ SOL LDK

I will look to continue holding RIG and MTL and with my remaining buying power, I will load up on LDK or SOL or CSIQ.

Sure there are a lot of blogs out there that teaches you to live within your means and to try to live as frugal if not down cheap as you can so that at the end of the day, you keep more than what you have earned. These are all very good and sound advise. But to really make a good amount of money to be able to live comfortably and not worry so much about how you nickel and dime your money, you have got to make more money than what you need. A lot more.

Over the last few weeks, we made a well laid plan on our path to frugal living. But a best laid plan met reality last week which made me realize that it may not be in our best interest to try to nickel and dime our way towards wealth. You see, going to these discount stores last week created a lot of stress starting from trying to outrun other drivers in the parking lot to the sardines-packed stores and the long lines. It will be the death of me trying build wealth this way. Plus, we really missed the aromatic and music filled halls of Neiman Marcus, the piano music at Nordstrom and the tranquil ambiance of the high-end stores.

It just dawned on me. It’s better for us to just try our best to be money smart by saving 10-15% for retirement, take care of the bills, paying all credit card debts at the end of the month, removing excesses and keeping emergency funds. The main focus should be building multiple income streams in order to exponentially grow our wealth.

After closing my HES trade, I paid myself $700 which is 30% of the capital gain from the transaction. I will use $350 to paydown my credit card debt and the remaining $350 will go into our emergency fund.

I finally closed my HES trade today by selling 100 shares at $130 and another 100 at $133 for a gain of $2100.

I also bought 200 shares of RIG at $162.49 based on the darvas set-up and 200 shares of MTL at $55.31based on the breakout-pullback set-up.

In my list of steps to accomplish to be debt free, I listed each of my debts as separate task to be accomplished. I paid my self $600 today which is 60% of my day trading gain. From it, I used $504 to pay down debt from credit card#2. This should bring down the balance on this card to $0

I already made the electronic payment and should reflect tomorrow in the account balance. I also modified the recurring payment set-up for credit card#1 ($11k balance) to start paying $500/month instead of the original $400. The additional $100 came from the recurring payment for credit card#2.

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