Looks at current date….. Sooo uhhh yea, about that posting in a week thing.
In all honesty I wanted to start this after I sold all the free stocks that Webull offered. But while waiting I saw an opportunity and could not say no to it, more on that later. Plus I was really antsy to start this challenge anyways. Oh yea! Disclosure. I am not a financial adviser, nor is this blog any form of financial advise. Follow my picks at your own risk. Know that the stock market itself is risky and never invest money your not okay with losing. Blah blah blah.
I also need to be up front with a something about this challenge as well. Due to the nature of the small account I have to dig bottom of the barrel company’s or penny stocks sometimes since the account can’t afford even a single stock of say Apple or something. This reminds me. New rule, I can only by whole shares. Webull will let me do fraction shares, but when I attempted this with a Uranium company I got the below error.
I’m okay with this since whole shares are easier to set stop losses with anyways.
With all that out of the way let talk stocks.
My first pick of the challenge was a small uranium energy company ticker called UEC. Why UEC, well reason one was they were cheap. The other reason is due to the recent administration change in the United States. The Biden administration ran on a platform of clean energy alternatives. One of which being nuclear energy. Reactors need uranium, Damein’s account goes brrr with profits.
So I had been stalking and watching UEC and the plan was find out where it’s upward resistance was, wait for a dip, buy low, sell high, profit. So was watching it’s 200 and 180 day moving averages and see it spinning around $1.70 all day on 2/4. The next day on 2/5 UEC had a small break out. With what I’m going to call the Freddie Mercury pattern… Cause… I mean he’s pointing up what more do you want…..
The early morning breakout then back to it’s moving average. It was enough of a rally to get my attention as an opportunity to sap some quick profits for my challenge.
Next trading day was a Monday. Pre market showed price action increasing and once market opened we had breakout #2
Once I saw this breakout I knew this was the start of a uptrend. But didn’t wanna buy at the top like a dummy. So set a limit buy of 15 shares at $1.94 a share. This has been by far my personal best entry point as you can see from the arrow where I entered and it continued it’s uptrend from there.
But still after stalking the chart for a few days I did not think it would continue this for too long. So I set a sell order at $2.30 a share which I think was going to be it’s “upward ceiling” so to say.
And boom I was right. Sold right at market open on 2/10 and the rest of the day it never got back above pre-market prices. Overall made like $6.00. But hey on a $100 account that’s a 6% gain in just two days (is my math right?).
UEC has been bouncing in between $2.00 and no more then $2.50 since. I bought 10 more shares at $2.19 cause I like the direction they are heading. This is subject to review next week of course.
Ticker GNW was one of my free stocks for opening the account. Held for a few days and then sold those, made $1.04. Still waiting on my other free stock which is ticker ADT.
Now on to the elephants in the room….
But first a reminder of Rule 2 I set for myself. That Rule being no meme stocks.
Well…. About that… /r/wallstreetbets isn’t the only sub Reddit that talks about this kinda thing. That said I found a Canadian weed company called Sundial growers (ticker SNDL). When I was looking at them on 2/8 they were practically a penny stock who looked like they were expecting a breakout. Picture below proving WSB had no idea of this ticker when I was looking into them on 2/8.
So thinking I was in the clear of my rules bought some shares on there way up… Well shortly after buying on 2/9 WSB went on a cannabis frenzy and pumped and dumped any cannabis ticker they could find. Long story short, bought and sold kinda a meme stock as it became one. Did not hold it due to it being a meme now. I only made $1.73 from it anyways.
The other elephant in the room being Nokia ($NOK). Some of you may remember NOK two weeks back being a meme stock during the Gamestop short squeeze. But aforementioned WSB post shows they no longer have a major interest in the company. I do honestly think NOK is a company to watch in 2021. I bought shares a day before the short frenzy of 2021 on my Robinhood account and have been holding since. I’m not going to show a NOK chart because it truly looks like garbage… It looks like someone has been posting barcodes on it all week. Someone/something is holding NOK back and I can see the resistance at the $4.20 price (hehe). Once it breaks past that it’s nothing but clear sky from there. That said I’m holding 5 shares of NOK on this account. Hoping for that breakout within the month.
And that’s it. As of writing this my account value is $116 and change and my positions. Till next time readers