70% profit on stock sale

[disneysteve]

Ok, I didn't really make 70% profit but it sounds good. On June 27, I bought shares of FXCB which is a local bank. It went public in 2006 and had gotten up as high as around $15 before dropping back down recently. As I mentioned in another post, I had been looking at bank stocks and I know someone who works for them and their near term prospects looked good. I was just playing around with a minimal amount of money - just fun "investing".

Anyway, I bought for $11.37 on 6/27 and sold yesterday for $12.01. After commission, my profit was $0.57/share or about a 5% gain. Since I only owned the stock for 26 days, that works out to an annual return of 70%.

So I made a few bucks and had fun watching the stock for a few weeks. Of course, the price dipped even farther after I bought it so I jumped the gun a bit and could have made even more but that's hindsight for you.

I go through little stretches every few years where I decide to trade a bit. Normally, I'm strictly dollar-cost-averaging and buying and holding. I just do it for fun now and then. I'll probably buy something else with the money from this stock just for fun, more from my entertainment budget than from my investing budget.

[amarowsky]

hell yea steve

[amarowsky]

im kinda of the same way, except recent i havent had enough money to spare to really play the market with. Couple of years ago when i use to be in school for networking and building computers i was at the top of my knowledge on new computer products. I remember a big new video game was coming out and AMD was also making a new dual core chip that was suppose to be the cat's meow of processors. I was watching the annual high's and lows of the stock for the past year and looked for the seaonsally lowest average time to buy the stock. Long story short i bought it month before christmas at like 12 dollars a share and sold it just after january at about 19 a share, same thing too if i woulda waited it coulda sold it at a ripe 22-24ish. Reguardless i made a little bit of cash and that was coupla years ago when i was only like 18 so it was really cool then. And congradulations on your gain steve

[Broken Arrow]

Congrats!

The financial rally just about fizzled out by now, but if someone was crazy enough, they could've doubled their money in less than a week.

Me, I only got 10%.

[disneysteve]

The one stock I was watching and didn't buy was BoA and I'm kicking myself for that one. It was around $20 when I was looking and then that rally hit and it shot up to over $33. I wouldn't have held on that long, but even if I would have made $5 or $6 per share, I would have been very happy. Oh well. Time to look for something else.

[simpletron]

congrats on your 5% gain.

I don't like your annual return rate idea on short term trades.
for example my best trade this year was google right before 1st quarter earnings report. I made 21% in a day after commissions which is an annual return of about 50,000,000,000,000,000,000,000% or 5*10^22=1.21^250*100%(the nasdaq is open 250 days this year). even daily moves in the S&P 500 can be over 1000% annual return(1%/day).

[disneysteve]

I don't like your annual return rate idea on short term trades.

That was just a joke. Obviously, it doesn't really work that way, unfortunately. Kind of like when I go to the casino and double my money in 2 hours. What kind of annual rate of return would that be if I could play and win 24/7?

[simpletron]

I just was poking fun at it with my 50 hexillion annual rate.

Kind of like when I go to the casino and double my money in 2 hours. What kind of annual rate of return would that be if I could play and win 24/7?

2^4380*100%~3.24*10^1320 or
3,240,000,000,000,000,000,000,000,000,000,000,000, 000,000,000,000,000,000,000,000,000,000,000,000,00 0,000,000,000,000,000,000,000,000,000,000,000,000, 000,000,000,000,000,000,000,000,000,000,000,000,00 0,000,000,000,000,000,000,000,000,000,000,000,000, 000,000,000,000,000,000,000,000,000,000,000,000,00 0,000,000,000,000,000,000,000,000,000,000,000,000, 000,000,000,000,000,000,000,000,000,000,000,000,00 0,000,000,000,000,000,000,000,000,000,000,000,000, 000,000,000,000,000,000,000,000,000,000,000,000,00 0,000,000,000,000,000,000,000,000,000,000,000,000, 000,000,000,000,000,000,000,000,000,000,000,000,00 0,000,000,000,000,000,000,000,000,000,000,000,000, 000,000,000,000,000,000,000,000,000,000,000,000,00 0,000,000,000,000,000,000,000,000,000,000,000,000, 000,000,000,000,000,000,000,000,000,000,000,000,00 0,000,000,000,000,000,000,000,000,000,000,000,000, 000,000,000,000,000,000,000,000,000,000,000,000,00 0,000,000,000,000,000,000,000,000,000,000,000,000, 000,000,000,000,000,000,000,000,000,000,000,000,00 0,000,000,000,000,000,000,000,000,000,000,000,000, 000,000,000,000,000,000,000,000,000,000,000,000,00 0,000,000,000,000,000,000,000,000,000,000,000,000, 000,000,000,000,000,000,000,000,000,000,000,000,00 0,000,000,000,000,000,000,000,000,000,000,000,000, 000,000,000,000,000,000,000,000,000,000,000,000,00 0,000,000,000,000,000,000,000,000,000,000,000,000, 000,000,000,000,000,000,000,000,000,000,000,000,00 0,000,000,000,000,000,000,000,000,000,000,000,000, 000,000,000,000,000,000,000,000,000,000,000,000,00 0,000,000,000,000,000,000,000,000,000,000,000,000, 000,000,000,000,000,000,000,000,000,000,000,000,00 0,000,000,000,000,000,000,000,000,000,000,000,000, 000,000,000,000,000,000,000,000,000,000,000,000,00 0,000,000,000,000,000,000,000,000,000,000,000,000, 000,000,000%

dreaming of a saving account with that kind of return... deposit a penny and have more money than the world's GDP in a week.

[disneysteve]

dreaming of a saving account with that kind of return... deposit a penny and have more money than the world's GDP in a week.

Maybe that would solve the nation's pathetic personal savings rate.

[Broken Arrow]

or pay off Bush's portion of the national deficit.

*drum roll*

Thank you, I'm here all night!