Financial Friday #1
Recently I sat down to figure out where I want to go in 2009. During this process I determined that I need to come up with better avenues for creating revenue in 2009. Ted Murphy and IZEA are not going to pay for my retirement.
As you probably remember last year Mr. Glenn Noland recognized my potential and wanted to offer me a job and a financial services rep. Unfortunately based on the fact that I have been unable to contact Mr. Noland I believe he meet with an untimely demise. Since I obviously must have some kind of potential in the finance area and I obviously need more money, I have decided to start Financial Friday’s with Stephen TheDog.
Basically I am going to take the $300 I have from Izea and day trade with it. As everyone knows there is better path to riches than Day Trading. The upside is phenomenal. So this Monday I opened an online brokerage account with my $300. Each Friday I am going to let you my reader knows what trades I made and how I did.
Knowing that I only have $300 I needed to buy a cheap stock that moves a lot. I decided to buy ABK. ABK is a large municipal bond insurer that had an all time high of $95 a share and is now trading in under $2/share. My A calls ABK a genius stock because it moves around so much. Lately ABK has been dropping to the low to mid $1 range and bouncing back up into the two’s. My A was able to make 75% gains on this stock a few times so I figure it would be a good start for me.
Monday I bought 190 shared of ABK at $1.44 for $274. Yes I put all my eggs in one basket but sometimes you have to take a risk. I don’t have a ton of capital to spread my risk out so I took a big one.
I was able to sell this on Thursday at $1.70 for $324 that is a profit of $50. I did have to pay commission but now I have $336 dollars in my brokerage account.
I am going to sell my positions every Friday and let you know how I am doing. Carrying positions over the weekend is way to risky since you get locked out of the market for 48 hours and so much can happen in that time.
Account Balance: $336
Disclaimer: I am a dog. I am not responsible for any investment decisions you make. Come on if you are reading a dog’s ODD to get ideas for you portfolio you have issues. I do not recommend using any of the information to make any investment decisions. Basically I am not responsible for your money. Do what you want but I have no responsibility here. Come on I am a dog. I don’t think you can even sue a dog.
The information provided on this site is not financial advice and I am not a financial professional. This is a journal that details my investments, strategy, and analysis for personal use. Feel free to read at your own risk