Iteris Inc. (ITI)
Bought 6000 shares at $1.64 (10/8)
Sold 6000 shares at $1.84 (10/17)
Net Profit: $1200
This was easily the largest profit I've ever had in one trade. I decided it was time to buy stock again and went with Iteris... yet another penny stock. I held it longer than 3 days... again. This was also another pattern trade. But, unlike the ZQK penny stock I invested in before, I know Iteris. I've been tracking it since February. I went in at what I thought was a valley and patiently waited. Once the earnings report came out I saw that it missed Wall Street expectations, so I assumed the stock was gonna go down. But even though expectations were missed, the earnings report showed excellent year-to-year growth, and that was enough to make the stock jump 20 cents. $1200! With $1200, I could take the entire month off the shipping depot job during peak season and lose NO MONEY. I could use it towards the principal of my car loan or a mortgage. It was a nice feeling to go from losing $3,224 with ZQK to gaining $1,200 with ITI. But with all good news...
Look, let's put this into perspective okay? This was not a typical trade. Yes, I was happy that I made so much money in one trade. But this was sloppy. I looked at the pattern and didn't give a damn about the numbers. $1200 doesn't make up for the $3224 I lost with ZQK. I still don't know what a lot of the descriptive terms for a stock mean. I barely did any information gathering. I didn't even know their earnings reports was coming out until two days before it was due. And I checked the stock by chance, as it was just before I watched some porn. I still have a lot of organizing to do before I can think about investing with real money. The only real knowledge I came away with was that I would like to invest in the stocks that I know. For a while, I would invest in any company whose stock I believed would rise. But I think it's better to have 4 or 5 stocks that I constantly trade... stocks that I know. It'll be like my own personal stock market. Right now, the only two stocks I “know” are Iteris (ITI) and World Wrestling Entertainment (WWE). I'd like to have two or three more before I start trading for real, and that could take a while. But I'll be patient.
P.S.: I'm still doing research and getting things together. Hopefully I'll be ready to use my Scottrade account and trade for real in December.
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