Archive for May 8th, 2008
My 20 All-Time Favorite Finance Books (Part 1)
These are my favs, ranked in order of how much of a fav they are–whether enjoyment or education-wise. You can see my whole 300 business library HERE (or at least what we’ve put up so far)
Notice there are few “How To” books—I believe success is more about understanding the variables and players behind the scenes so you can adapt to the inevitable changes. So, I prefer autobiographies—experiences full of lessons told through the eyes of the experienced who’ve learned those lessons the hard way so you don’t have. Throw in a few financial history classics and some trading psychology gems and you’ve got yourself one hell of a financial education. Just order the whole lot of ‘em, the cost of these books are a small price to pay for the money they’re gonna save you in the markets.
Why PennyStocking Is Not An Optional Course, It’s Required
You know why I’m always promoting my 6-hour PennyStocking instructional DVD package? (See the first independent thorough review HERE) It’s definitely not about the money—not yet anyway—it’s to help teach you guys the rules of trading penny stocks that I’ve learned the hard way over the past 9 years. I’m giving you my battle-tested rules of engagement that I wish someone had given me when I first started or even now cuz anyone with a decade of market dominating success is someone worth listening to and learning from.
Don’t say you’re gonna dip your toe in penny stocks and make some amateur error, writing it off as “why penny stocks are like gambling” or how it’s “part of your penny stock 
education”. My DVD is your tuition—I should probly get it accredited or something—not the more expensive stupid trading losses!
You want some examples? Fine, I’ve got plenty of them (people, I’m gonna use your comments not to be mean but to make examples out of you…it’s not like any of you use your full name anyway!)
First that comes to mind is Wes shorting SIX after a morning panic 10% drop. Stupid stupid stupid…even though I occasionally short in morning, I don’t recommend it—there’s too many spikes, the afternoon is usually much more gradual. And, even when I do short, I short looking for that morning panic, NEVER after it!
A Short Seller’s Dozen: What Stocks Get Pumped, Must Come Down, Usually
VRML Short 1,300 @$3.75
LGDI
SUNV
Getting up bright and early, I reserved shares in all three of these stocks to possibly short today, not knowing which I’d actually short. LGDI didn’t even trade for 5 minutes and when it did, it moved slower than an under-cooked lobster. SUNV didn’t breach the key $1.20 level until the afternoon (when I had no trades left), so it was all about VRML.
I wanted to short into strength cuz it was a classic short covering rally from yesterday’s $1.75 pullback off the highs…given the magnitude of the declines and that it’s still up 300+% in a few days—on an ill-researched story thinking this near bankrupt company will do anything but go under—meant short sellers would be aggressive. Afraid I’d miss the probable pullback, I jumped the gun too early, shorting 1,300 shares at $3.75…as I watched it hang around $3.90 x $4 for another 30 min, I wasn’t very worried as the big buyer blocks were only on the bids—the wall of sellers at $4 never in danger of cracking—a clear sign of pumpers trying to scare up buyers/short covering…inevitably, the volume faded, the bids disappeared and the stock spent the day chomping gradually away at its early gains, few buy orders at the ask. I’d call it a perfect crack of sideways price action in the $3.60 range, but it still managed to finish up on the day, so it’ not totally perfect…just yet.
Despite my poor timing, I’ve got a nice $380 profit so far, I let it ride overnight cuz I think it goes under or around $3 today or tomorrow, possible big stop loss panic if it take out $3, might get to cover at $2.60-$2.75ish if I’m lucky.
VNDA
Nice gradual fade, but not my ideal PennyStocking short, too tight a chart/variables not fraudulent enough to squeeze one in
BDCO
Everyone’s goin crazy over an 18 cent gain, leme know when it gets to $3, until then jewwwww noooo
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May 16, 2008My whole KYUS saga...still a solid profit of $350 today, the only time I shoulda been playing this stock
May 16, 200810 stocks to watch today
PDO already up $1.25, sux I'll be away all morning workin' on TIMtv, got 500 shares reserved to short if need be this afternoon
Also reserved 3,000 FORC and KYUS for potential shorts
May 15, 2008Yup, by next Monday, everything's gonna be real working-like!
May 15, 2008PDO, up $4+ today, will teach you not to randomly short strong penny stocks, get in, get out then run...cuz sometimes they squeeze stubborn shorts to death!
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