Since starting with my new trading strategy things have been going according to plan. I have had some very successful +6% trades and limited the rest to less than -2%. One thing I hadn’t anticipated (but probably should have because it makes sense) was how quickly stocks reach their 6% goal. Both successful trades each took 5 and 6 days to reach their price targets. Knowing your price targets ahead of time makes all the difference in the world. If you see a stock approaching your target, put in a sell order and see if it triggers. One small pop can trigger your order even if the stock opens and closes nowhere near your target. My three most recent trades:

Short CSTR @ 34.65 on 6/24/08
Bought CSTR @ 32.05 on 7/1/08
TOTAL = 8.11% gain

Short MSFT @ 27.90 on 6/24/08
Bought MSFT @ 26.25 on 7/2/08
TOTAL = 6.29% gain

Bought T @ 33.35 on 7/1/08
Sold T @ 32.75 on 7/7/08
TOTAL = 1.8% loss

The AT&T(T) trade didn't fly because the market was getting crushed at the time. It is always best to be long or short according to overall market conditions. After 5 days and no sign of T trading in the direction I had planned, it was time to dump it and move on. If a stocks doesn't move as anticipated, get rid of it and put the money to work elsewhere.

At this rate I should be at my first 6% goal in no time. Then only 11 more times to double my money. The extremely choppy market conditions are making for great trading. Just remember to set stops, and everything will go according to plan.