Sell Target Hit for BTE.TO at $41.00

10 Jul

Baytex Energy Corp was my first trade at Virtual Brokers on Margin.

May 14:  100 @ $40.75
May 16:  100 @ $38.73 (averaged down)

BTE.TO was trading in a down trend when I first laid eyes on them.  I thought the price I paid for was their support, but I was wrong.  Once again, I bought into a stock that keeps going down.

Good thing about this stock is they paid a monthly dividend.  The time I held onto this stock, I have collected $88.00.

Reason why I set my target at $41.00?  Looking at the three month chart, $41 seems to be around their resistant point, before they take a nose dive below the $40s.  I might be wrong, but I do not want to hold this in the red again especially on Margin.

Sold-  July 10:  200 @ $41.00

Days held on Margin- 54 days

Profit after commissions $248.01

Dividend:  $88.00

Interest:  $47.05 (Estimation)

My 1 cent per share trades gave me the ability to keep my trade commissions down.  So I only paid $3.00 for three trades!  Regular commission at other brokerages would have been $4.95-29.00 per trade.  I saved so much money!!

After all said and done, I walk away with $288.96 in my pocket.  Not bad for a Margin swing trade, eh?

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