GCO - The deed is done!
I got up at 5:30 thanks to my disciplined husband (who has lost a ton of weight and is getting into terrific shape!) I bowed out of the gym choosing to do step aerobics while catching Fox News and CNBC headlines. (I made it for 20 minutes - yeah me!)
Next was what I call quiet time - I'm reading the "One Year Bible" and the New Testament selection finished the book of James. My days are never right when I miss this time of reading, reflection and prayer. I feel like I have help for the challenges I face that just isn't there when I skip this time. I love the book of James! Chapter 1 has a classic section of asking God for wisdom with single mindedness and purpose. A scripture that I memorized is James 2:26 - it always cuts me to the heart: "For as the body without the spirit is dead, so then faith without works is dead also." I have to ask myself hard questions - Are we giving to the poor? Are we taking time to be a real friend to those around us? If a homeless person came into our church, would we sit next to him or her as easily as the people we know? What if the wealthiest man in town came in? Would we treat him any different? These aren't easy but have made for great discussions in our Bible Study group on Wednesday nights.
The futures were mixed (Dow futures up slightly, Nasdaq down slightly.) I have to be honest and tell you that I don't know how to interpret this data. I decided to go ahead and enter a market order for 50 shares.
I also applied for margin trading; again the purpose of this is so I don't have to wait for each trade to settle before my own funds are available for trading.
I'm nervous - I always am. I'd feel better if I could go on-line and see how the market opens. From the looks of the quote I got after keying in my order (I don't do extended trading hours by the way - again I just don't think I'm sophisticated enough) the stock will be up this morning. I just hope I don't buy at the high of the day!!
I'm NEVER nervous about keying in a limit order for the sale of a stock. It could go up 200% today and it wouldn't bother me - I know I could lose money just as easily (well actually more easily!) than make money. I'm content to get in and back out with that small gain.
Remember the goal of this trading is to gain capital and skill to produce income on a consistent basis. Right now, I'm in the high twenties range (I'm making around $28 - 29 on a successful trade.) I want to see this number rise over time and I want to see the number of trades that hit become more frequent.
Deep breath! Relax! Time to get dressed and go to work!