I’m still slowly getting back into a steady rhythm of trading again after my massive losses in January, and things have been going ok. As I mentioned before, I’m not swinging for the fences anymore and instead I’m just focusing on small base hits of around $100 to $300 per month. I’m also doing a pretty good job of resisting the urge to think of stock trading as a get-rich-quick scheme. So far so good, though I am currently down about $500 in my current positions, but I don’t mind. I’m only 11% invested at this point, which is a far cry from being “all in” last January. I’ll never do that again.
I’m still focusing on trading crude oil only. UCO (a Proshares ETF) is my vehicle of choice, primarily because I’ve been trading it for years and I know how it reacts to market conditions. The chart at the top of this post represents where it sits today. A far cry from where it was last year, but as long as I keep focused on small wins instead of trying to get rich overnight I’ll be fine. At least I hope. But like I said – so far so good.
UCO (and some other Proshares ETF’s) had a reverse spit today, with the UCO split being 1:5. Of course it doesn’t matter all that much, but the only thing I don’t like about it is that it’s going to cost a lot more money to buy the same amount of shares. I like the way 2X ETF’s like UCO moves, so the more shares the better. Oh well. I knew this reverse split was coming so all I can do is look forward and trade what’s available. The flip side to this is that the share price will be more volatile at these levels. A 10% move at $10 per share was good for a $1 gain, but in the mid $40’s like this it means big $4 moves. That’s pretty nice as well.
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