Todays trades were much different than usual as I am testing out Trade Zero’s Software. Most of the profits made today were made on the short side. Going short is when you are able to borrow shares from the broker at a high price and sell them. When the price decreases, you buy them back cheaper and give them back to your broker, and keep the difference (profit). The first trade I made was a long position on TNXP on market open. Let’s look at the trade –
This was the first trade of the morning and ended up being a good trade to the upside making a profit of $145. I bought into the momentum and scalped out after reaching over $100 in profits using a market sell order. My second trade was a Dip buy that ended up wiping out the first profits and taking some extra. I was Red (-$70) at this point. Let’s look at that trade –
This entry looked solid right off of the 9 period Estimated Moving Average. I waited until the next candle appeared on the 5 minute chart. Unfortunately, it quickly moved to the downside making me have to exit my long position at a loss. After that frustrating trade I decided to wait for another opportunity to the downside which came quickly. I decided to short on the very next candle after seeing the Red start to form, and seeing the downward momentum starting to build. Let’s look at the trade –
This was the first short of the day, and turned my RED into GREEN putting me at +$450 bucks. This trade started my short bias for the rest of the trading morning. I ended up moving to another ticker………BPTH! That’s right, I figured it had a strong possibility of going to the short side after having such a strong move last week. I only used 200 share orders for these trades but lets have a look at how they went.
These are approximates of where I entered my short position, and where I covered. I was a little late to this ticker having focused on TNXP for most of the morning. I ended up bouncing back and forth between tickers but this trade put my winnings at +$800 dollars. I ended up making a couple more short plays on BPTH before moving onto GLBS. My end of the day P/L puts me at a little over $1300 dollars for the day!
To check out my thoughts on Trade Zero demo and the trades in the article, check out the video here.