I could have paid myself $250 but did not

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.

 

Trades today: Sold RIG MTL, bought LDK

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.

 

Pre-market journal

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.

 

I paid myself $700 today

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.

 

Trades today: HES MTL RIG

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.