Archive | 2.33

Taking Little Profits

23 Aug

In early July 2010, I opened a Questrade Cash Margin account to generate short term profit taking.  Questrade is excellent for trading as they are known for their low commission costs from $4.95-9.95.  Tired of my buy and hold strategy, I wanted to be more pro-active in managing my gains instead of watching them get wiped out again. 

I started off with $3750.  I’ve used the rest on margin as I did not have enough money to buy most stocks out there in board lots.  My first successful trade was with BMO ended up taking $522.28.  Next I put down some money on Rogers Communication Inc, I might have sold it a little prematurely but I locked in a gain of $190.10.  Currently, I’m holding Agrium.  So far, it has climb upwards of $169.00. 

The only bad trade I made was with a more junior gold stock named SGR.  I might have been a little too impatient seeing that it dropped 10 cents below my buy in price.  I didn’t want to watch it spiral down the path of destruction.  So it got cut off with a loss of $29.90.  But this one has gone up and down around my buy in price.  I’m not regretting my decision at all. 

So taking little profits isn’t too bad.  I’ve actually locked in $682.98 for about just 7 weeks of trading.  Not bad from my old strategy as I’m still holding out hope for some to recover.