as you may know i screwed up yesterday and sold short 20 NUE puts. Yikes !! needless to say i was up early and ready for the opening bell. I did not think Nue had upward strength and even more importantly i did not like the amount of risk i had in the position. i thought about various price levels, the losses associated and what i was willing to do. it opened and i must have been half asleep, because i sold at the Ask price, which is the upper limit of price offered. I didn't haggle. must have been confused, i mean i was short a short...Huh :) Luckily, that was a very good move, because unbeknowst to me, commodities were tanking and Nue tanked big time also. But, after I sold and realized my loss, a burning anger filled me and I said DAMN you Nue and shorted it again. (Actually i felt it had more downward potential). Get this it goes down like 20 cents and i had 20 puts, i sell and make 20 and it tanks 2 dollars. No kidding. I left 3K atleast on the table. now all this is happening at break neck pace. minutes literally. i see it go down and i buy calls on it, it goes down a little more, i buy more calls and then it rally's strongly and i make a lot of money. i also bought some RS at the lows and got in the rally. basically, i was all over the map early in the morning.
at about 11 am i decided to go to Murky's. Rest of the day it trended higher and i shorted BNI, MER and NFLX. I sold my LONG term play NCC for a $50 profit. I misplayed it, should have gone long stock and played for the bump. I sold my MER puts at the close, because it was rallying too hard. Bni and Nflx didn't give me a decent opportunity, so i am comfortable holding them for another day.
coffee makes me too jittery, i am switching to juices from now on. or i should. it's Miller time now and there are plenty of juicy leftovers in my fridge.
Thursday, April 24, 2008
i work hard
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1 comments:
Nice trading sunny, I need to start trading options more on these liquid stocks to free up more captial.
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