Stockvator's "why the heck not" Watchlist

I've been having some decent success trading recently so I figured it's about time to annoy everybody with yet another watchlist.

Background:
I am a daytrader at heart, but occassionaly get stuck overnight in a stock I feel has more potential. I trade stocks only, although I am currently trading options with a virtual trading feature offered by optionsxpress.com.

Strategy:
I am a momentum trader. I don't buy stocks at their very lowest. Why? Although they might have good potential, being at a low means there isn't any momentum. I try and find stocks that are in the beginning or middle stages of a good daily run--doesn't matter if it's based on news or speculation. My average hold time on a given stock is probably 30 minutes to an hour and I look to divest with anywhere from a 10-20% profit. If I feel the run is moving so abnormally, especially if it's based on substancial news, I'll look to stay in for more profit. I look to close all positions by eod. I also trade blindfolded.

Disclaimer: Daytrading momentum is not for the faint of heart. If you don't like risk there's no need to keep up with this thread. If you're new to trading, best not to do this until you've practiced for a long time. You need to be disciplined.

One thing you have to realize is that, as a momentum-trader, my picks can change on an intraday basis. Which means I will try my best to post during the trading day if I see a stock beginning to move that I will be investing in.

You will also notice a good amount of pharmas on my watchlist. I believe that this week, based off the ASCO conference, will be a great week for a lot of new pharmas who have been sleeping for a while. Another reason...they run fast on momentum!

Some of my better trades this month:

FAZ: Buy at 5.15 sell at 5.75 (11.7%)
HEB: Buy at .95 sell at 1.34 (29.1%)
HEB: Buy at 1.07 sell at 1.59 (48.6%)
OCLS: Buy at 2.70 sell at 4.30 (59.3%)

Thanks. It helps to have a watchlist here so I can get better feedback too.

I generally make a day trade with anywhere between $2k to $5k. If I can manage $200-$500+ off a trade that has good momentum then I'm happy. I also set a stop-loss 15% below my entry point.

Just wait until I post the bad trades

Actually, the most I've lost on a trade in the month of May was $300. I bought into PPHM at .90 and watched it jump up to 1.10 and didn't sell (stupid)...it dropped down and closed at .90 and my break-even sell order didn't go through last minute so I was stuck with it overnight. Could've sold the next day at a buck but, again, I was stupid and it dropped down into the .70's lol. I ended up selling for a loss at .80 but am still watching it this week.

Not easily, but yes it has happened. You have to understand the chemistry of a momentum play to know that this type of trade has a much higher capacity to go up 15% than it does to go down 15% (unless it's already up big)

Momentum plays are bipolar. They can have a steady increase with very little sell off or they can climb sometimes 100% and then sell off to 50% and climb back up (or stay right there). A lot has to do with timing and honestly it varies with every single trade.

For example, when I bought into OCLS it was already up 60% but it had so much volume pouring into it that I was certain it had at least another 10-15% left in it. To my surprise it had much more than that. And, if the stock would have gone up 15% and started to dip down, I would've put a sell order in before it hit the 10% mark so I could profit incase it were to dip down anymore than that.

Another thing about a momentum play is that it's not an everyday occurence. Some days I don't trade. Other days I settle with 5% and I'm ok with that.

I have found that playing momentum has minimized the risk factor. It means gluing your face to the computer though, so wear sunglasses.

It was actually a joke. But, you brought up a good point that I was inevitably going to post:

Although I research charts, news, and speculation...most of my trades are not based on any of the three. Trades are based purely on strong intraday momentum.

updated

Jumped in a little too early but in AGEN at .92. Good volume, should move up a bit here once the market stops holding every stinkin' stock down. Great day to trade though! GL everybody.

Average volume of AGEN is around the mid 600,000's. It's 9:45 and it's almost hit 2 mil.

Midday assessment updated in first post. Still holding AGEN from .92 (sigh) lol.

EOD watchlist assessment:

CYTK: +3.31
PPHM: -2.44
BVTI: +79.59
KOG: +3.45
TMR +20.43
TELK +55.22
CRGN +4.48
KERX +78.57
CTIC +43.36
ZIOP +4.32
LLY +.23
OCLS -24.30
ANPI -8.33
EMKR -.76
GGWPQ +18.81
ISPH +16.83
EEE +5.88

Looks like the market was ready for the pharma news attack, minus the exception of ctic's late day news which made it move pretty good.