Canadian Stock Pick of the Day - Understanding How it Works

Canadian Stock of the Day is for traders who are looking for a Canadian Stock to trade each day. I base my picks on Canadian Stocks I follow on the TSX or Venture Exchange, watching for a swing in the momentum upward. I keep a tight stop loss on all trades to minimize my risk... and allow the great stock trades to continue rising. These are not recommendations... merely entertainment. Please see the warning at the bottom of this page.

If you have any questions, don't hesitate to contact me @ contactdoctorstock@gmail.com. For a US stock of the Day, look at http://usstockoftheday.blogspot.com. Also, you may not be a short-term trader... for more stable, longer-term trades, check out http://investinthemarkets.com.

Thursday, July 21, 2011

Canadian Stock of the Day Pick for July 22, 2011

Let's take a look at where the portfolio is...

LLL.TO - purchase July 19 @ $58.75 closing today @ $60.42, a 2.9% gain.  I'm kept my stop loss @ $58.95 to ensure no losses in this turmoil and it went to $58.93... for a modest 0.3% gain.  Disappointing but no loss taken... and capital is protected.

WFE.TO - purchase July 20 @ $7.59 closing today @ $7.93, a 4.5% gain.  I'm keeping my stop loss @ $7.87 (it came within 3 cents today)

July 21st I chose MG.TO @ $49.77 with a stop loss @ $49.27.  It did not trigger. 

For July 22nd, I'm adjusting my order for MG.TO to $49.92 with a stop loss @ $49.42. 

UPDATE

So far, I have had five stocks up, one at even, and four losses.. for an overall profit of 8.1%.   

If your interested in a more stable approach to trading, consider the weekly model at http://investinthemarkets.com/ where we cashed out (sold) 6 positions last week... 5 of which were at a profit.  We continue to hold some healthy gains, including one at 24% plus.


See you tomorrow! 

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