My plan for this week is Slow Trading. I will make only a few trades as I get back into the groove after a week of travel and relaxation. My day job was especially demanding this week because nothing gets done right while I’m gone. I look forward to leaving every day! My goal this week is no more than 3 trades with no minimum. If there is not a good trade to be made, I won’t make it.
In The News
I use Coinbase, one of the largest digital currency exchanges in the world, to hold my cryptocurrencies. Every year they hold a conference in New York. You can read more about my purchases of Bitcoin and 2 other currencies here. In years past, the price of bitcoin has climbed during this conference, last year the increase was nearly 70%. I read several articles about the upcoming conference and decided there might be a way to profit even if I don’t buy more bitcoin or other cryptocurrencies. This week I will be keeping an eye on crypto-related stocks.
Riot Blockchain (RIOT) is focused on building, supporting and operating Blockchain technologies. Blockchain technology is what makes cryptos unique and decentralizied. If you are interested in learning more about how they work check out my post here. This stock tends to rise and fall with Bitcoin. It looked to me like it could be at a fairly low point and is primed for a breakout with the conference on the horizon.
5/10 – Bought 1324 shares of RIOT for $7.55 each, total cost was $ 10,001.15. I usually put a stop order in place about 1% below my buy-in price, but I wanted to give this one enough room to move around a little. I put a stop loss order in at $7.27, about 3.7% below my buy in price.
Later that day the price hit the stop and sold for $7.25 per share. Total sale was $9,601.11, a loss of $400.04, about 4%.
5/10 – From the chatroom I was turned on to LUMA and decided to make a day trade. I bought 494 shares for $18.20 each, for a total of $8,993.87. This stock stalled and I quickly exited the trade. I sold the shares for $18.08 each, total sale $8,926.30, a loss of $67.57, about 0.8%.
5/11 was a new day with new possibilities. Through the chatroom, I was alerted to CALL, which was in the midst of a breakout. I bought 1,169 shares for $8.51 each. Total cost was $9,957.35. I was still holding this position at the end of the week.
Notes & Thoughts
A few things to note, I deposited $200 from my side hustles. On 5/9 I received $49.20 in dividend payments from LOW stock. On 5/11 I contributed $105 and $50 to my IRA and brokerage account respectively.
This was not the most profitable week in trading for me and, upon reflection, I realized I seemed to have stalled in the past few weeks. I will be working on tweaking my strategy in the coming weeks. Stay tuned to see what I do next.
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