Stats given cover closed trades for the 27th August - 2nd September
My total realized profit from the past week is -0.40% Overall the portfolio is up 1.30%
Profitable trades closed: 47
Unprofitable trades closed: 15
Most traded instrument: $AMD (17 Trades)
Another week rolls by to close out August with a small increase to our portfolio value after one of my busiest trading weeks of the year. I closed over 40 trades in stocks this week, following some great volatility in AMD specifically. On top of this the evidence for a turn-around in cryptos appears to be growing as several major altcoins have grown by upwards of 30% over the past week as Bitcoin continues to stabilise
Given the volume of trading I’ll keep the news short this week. $EOS is continuing to smash transaction records, this week hitting over 25,000 transactions in just 1 hour twice. This growth has been driven primarily by various gambling and gaming dApps moving to EOS from Ethereum or launching new features
$SQ has had tremendous gains this week after their patent for a cryptocurrency payment network was approved in the US. The design appears to be an evolution of services offered by Coinbase, Bitpay and BTCpay. To quote from the patent; “The payment service described herein can facilitate real-time (or substantially real-time) transactions, allowing a customer to pay in any currency of their choice, while the merchant can receive payment in a currency of their choice.”. Essentially Square plans on allowing consumers to use Square Cash App to buy and store various cryptocurrencies, and enable their sellers to accept payment in those currencies and convert it to whichever currency they prefer. The idea here is to create a two sided market with enough liquidity that Square themselves rarely need to sell or buy currencies from the wider market once the system is up and running. This is big news, and something I’ve suspected Square were working on for many months now. It should be great for the long term growth of the stock
$AMD Received a price target upgrade to 30 by Rosenblatt this week. The core reasoning cited was the weakness in $INTC within the server and CPU market, AMD’s strong leadership under Lisu Su, and the strong performance of Epyc specifically. While I agree with this target, the market appears to shave strongly over-reacted after breaching 20 dollars at the start of the week
Cryptos
$ETH - 1 trade, 2.3% profit
$BTC - 3 trades, 6.4%, 1.3% and 2.7% profit, I was taking profit here to invest more into altcoins ahead of what I believe could be a bullish Q4
$EOS - 14 trades, all but two closed in error by eToro. The two I closed manually were at 9.9% and 5.2% profit respectively. As mentioned earlier EOS continues to grow rapidly, I’m very bullish in my outlook for the project.
$MIOTA - 2 trades, 9.4% and 3.9% profit - IOTA has been one of my favourite projects for some time now, demonstrating their ability to form huge partnerships and innovate more than almost any other project. Unfortunately this has lead to many problems over the past year. Regardless I see IOTA as a strong crypto and have began to both trade and adopt long-term buy positions
$DASH - A 4.7% loss on a short which went against me
Stocks $SQ - 8 trades, between 0.06% and 22.1% profit - Following the ews mentioned earlier I have tried to trade the hype as the price surged. I wish to keep a large position in Square long-term
$AMD - 17 trades, 10 long trades, the highest being 36.8% profit. And 7 quick shorts for around 2-5% gains each. Only one trade here was a loss of 4.5%. Overall I’m delighted with my trading here and consider this some of my best day trading of the year so far. The profits made between $AMD and $SQ almost entirely eliminated our loss from the EOS positions
$SEDG - Realised a 17.2% loss to free up funds
$MSFT - Microsoft also benefited from the Nasdaq rally, enabling me to close 3 trades for healthy profits
$ETSY - 1.1% profit on one trade
$NVDA - 3 trades, 8.8%, 13.8% and 0.4%, the hype surrounding ray tracing is real, but I fear the benefits will not be seen for some time and that NVDA could struggle until the 2nd generation hits the market. As such I’ve reduced exposure
$WIX & $SHOP - a 2% and 1% gain closed on both
$ATVI - I managed to close out a 1.3% profit ahead of a downgrade for ATVI
$BABA - A super quick 2% day trade
Looking Forward
There is a whole bunch of big crypto events taking place in London this week, World Blockchain Forum, Blockchain Live and EOS’s 3rd global hackathon event which is expected to be the biggest by far. I’m hoping to attend the last two so come say hi if you’re attending.
Comments and questions are welcome!