Sometimes being “short” is a good thing!

stock_market_crashI myself stand roughly 6′ 2″…a whole 4″ shorter then my younger brother. It sucks that I have to look up to him at times. This short is a different kind of short that I’m referring to though. The kind where I take a bit of a gamble on some stock that it’s going to go lower, then blow right passed another number and I’ll make some money on the difference. It’s quite exciting and an awesome opportunity to make some quick cash…if you know what you’re doing.

I myself am no self-professed expert. In fact, I’m a little naive and am extremely hopeful that analysts and gut reaction are correct. I’ve got a short sell account with TD Waterhouse and I’ve had it for quite some time. Now I’m going to use it…for the first time (I hope) to net myself almost $800 in less then an 8 hour period. I did some Google-ing to find out about various Stock Market Order Types and got some great examples and more information.

I’ve placed two orders. A short sell for stock X at $11.70CDN (it’s closing price) and one a Buy to Cover at $10.00 (still above it’s 52-week low by about $1). 500 shares on each. Now what? I sit and wait until the stock begins trading in the morning and hope to hell that I’ve set it up right. I’m contemplating calling the brokerage itself, but am too full of myself to do so. I guess within 24-hours we’ll all know how it went. Wish me luck…or skill for that matter.

This entry was posted on Wednesday, September 9th, 2009 at 4:37 pm and is filed under Life. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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