ASX newbie

Love These Topsy –Turvy Days!

What a day! Remember yesterdays post when I bought EGO @IMP?

Well today EGO went up by 16.67% on yesterdays purchase so I sold them. A nice handy little profit for owning them just for 24 hours.
And as for IMP they went down by a further 5% so I bought more of those with the profit that I made today.

If every week was like this then I could retire wealthy. Lucky you say? Possibly, but a couple of things were in my favour

I had cash available

I had the stock on my watch list and was watching its behaviour.

The basic fundamentals of the stock hadn’t changed.

The share price was bouncing between the resistance and support lines without breaking through either of them.

Lastly, I had already put my sell order in already when I purchased the stock. Because it is a very low priced stock it took only a minimal movement in the share price to make a profit.

I wasn’t greedy, after brokerage (in and out) I made $273.00 profit .on a $2,.000 transaction.

I know that it is not a fortune and yes you have to pay tax

But do that a couple of times a week and in a year you have made over $28,000 now that is a nice round figure.

I found out a while ago that always going for the big “killing” for some strange reason 80% of the time I didn’t make it and more often than not I made less. So my advice is “little fish are sweet” And it is another fishing day tomorrow.