INPX Paper Trade November 5th results
Result: Sold 200 Shares of INXP at 5.17 for a $16 profit, so after brokers fees and taxes, $0. I got scared out of the trade after it opened in the red and went below my entrance point, then struggled for a few (3 minutes) to get back above 5.09. I definitely didn't give it enough time to develop, and traded super scared like it was my own money.
In Summary: I was so happy that I made it back in the green that I exited asap. If I would have waited 20 more minutes, I could have had close to a .50 cent gain and a $100 return. This was a highly speculative trade, not something I plan to go after in the future, I just saw the 2000% + gain on the top % gainers in STT last Friday, and wanted to jump into the mix. It makes sense that traders would push up the stock as the company raises the per share price and reduces the shares outstanding, but it also makes sense that this kind of supernova/breakout would last for a short time, and then drop towards the breakdown not too long afterwards, since this is the sign of a company that's not in good shape.
I'm also realizing that if I want to get anywhere in growing my account quickly, I'll need to get at least $3000 to trade live with, and have at least $1000 available for position sizes. I need to be aggressive, but not with trades like this. It was poorly planned, and poorly executed, but I'm learning fast on what not to do.
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