SHORT on $NAT

I opened a shorting position in Nordic American Tankers yesterday 17/09/2012. NAT has been trending short since around Sept/Oct 2010 when the share price was 2800. It fell for a long time until consolidating around April 2012 at around 1600.

It fell a little more whilst it tried to decide where to go and I recently noticed a signal on 15/08/2012 that it would be going short from 1380. My stop sits on the 200 day MA. Since my entry at 1081 its fell to 1043 (at time of posting) so it’s immediately moved into profit for me.

On the flip side I had recently doubled up my position on Easy Space Storage only for it to stop out at a £25 loss today. Thankfully kept my loss nice and small but it was my own fault at putting my stop way too close. My original LONG position on the stock (which I still hold) has a stop on the 200 day moving average. Yet when I doubled I only placed about 100 pts away. I have no idea why I did that. The perils of checking and moving your stops at 1am I guess. Should have placed it along the 200 dma like the first.

Seriously contemplating going straight back in with a double position but i’m concious of overtrading as i’m getting rather close to doing so. I may leave it a little longer and wait for another signal before going back in. We’ll see. Love this stock though. They provide Storage Facilities in the US apparently.

On a side note thanks for all the support and messages with regards to my recent video. I was a little nervous about doing one as I hate the sound of my own voice and looking like a typical youtube goon. But then I saw a few others and thought to myself…man alive…..if THIS clown can do it!…. 🙂

Had lots of positive emails. If you wanna get in touch I’d be keen to hear from anyone. You can catch me on thespreadtrader@hotmail.co.uk

Also, thanks to those regular readers who keep coming back here. The blog isn’t far off 10,000 hits now, and when it reaches that I’ll throw a little party or something (which will possibly just involve me putting on a bit of Pearl Jam in my office and having a 2nd cup of coffee whilst looking at some charts and my wife in the background shouting “are you still looking at those stupid graphs????, it’s 1 in the morning!”, and me saying “yeah but look at that trend since 2008, it looks so good!” *sigh*

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