icemans' IRA trading Journal
- Thread starter iceman1
- Start date
--weekly PnL--
sold 4 CME Feb 390p
@ 975 avg
will buy back puts next week
PnL +780
sold 2 SJX NG @ 7.15
PnL +490
1st week realized PnL
+$1270
open PnL
+4 AAPL Feb 75c (@265)
PnL -340
> gtc order buying 4 more @ 1.35
+2 SJX NG (SOX Feb535p) @ 630
PnL -40
+ 2 SJX NH (SOX Feb 540p) @750
gtc order buying 2 more @ 6.70
Pnl -20
well we're just getting started - and like a locomotive we gotta build up speed and momentum. I feel good about SOX puts - this index is out of control right now. It could sell off -10 more next week in no time, and my puts would be +1500-2400 stat.
Quote from iceman1:
--weekly PnL--
sold 4 CME Feb 390p
@ 975 avg
will buy back puts next week
PnL +780
sold 2 SJX NG @ 7.15
PnL +490
1st week realized PnL
+$1270
open PnL
+4 AAPL Feb 75c (@265)
PnL -340
> gtc order buying 4 more @ 1.35
+2 SJX NG (SOX Feb535p) @ 630
PnL -40
+ 2 SJX NH (SOX Feb 540p) @750
gtc order buying 2 more @ 6.70
Pnl -20
well we're just getting started - and like a locomotive we gotta build up speed and momentum. I feel good about SOX puts - this index is out of control right now. It could sell off -10 more next week in no time, and my puts would be +1500-2400 stat.
scratched 4 AAPL Feb 75c @ 2.55
PnL -40
sold 2 Sox 540 puts for +10
sold 2 Sox 535 puts for +.30
PnL +40
hated to close the SOX puts/AAPL calls - but am transferring account to new broker - so exiting will allow a more expeditious transfer. I am short a bunch of AAPL 75p in regular account anyway- so I did participate in the AAPL move - and did buy SOX 540p puts in regular account. However frankly- in hindsight -- my timing on the exit of Feb 75c @ 2.55 on AAPl -- when I noted it had established an outside day -- did suck! But we have 11 more good months ahead.
-account is transferred-
starting balance for Journal purposes 17000 (since beginning of 2006 was actually approx. 13,200)
current balance 18616
2006 goal 75000+ (will post screen shots)
2/8/06
+ 1 GOOG Feb 360c
buy 11.20
sell 14.60
PnL +340
+1 GOOG March 340c @ 38.50
+1 GOOG march 340p @ 10.70
+7 DNA March 85c @ 2.75
gtc order buying 10 EBAY march 40c @ 125
day order buying 3 DNA march 85c @ 215
gtc order buyng 10 APOL march 55c @ 195
starting balance for Journal purposes 17000 (since beginning of 2006 was actually approx. 13,200)
current balance 18616
2006 goal 75000+ (will post screen shots)
2/8/06
+ 1 GOOG Feb 360c
buy 11.20
sell 14.60
PnL +340
+1 GOOG March 340c @ 38.50
+1 GOOG march 340p @ 10.70
+7 DNA March 85c @ 2.75
gtc order buying 10 EBAY march 40c @ 125
day order buying 3 DNA march 85c @ 215
gtc order buyng 10 APOL march 55c @ 195
I guess if you live long enough in this Country - you see everything!
I was now informed by my new broker that I became subject to the PDT rule today (and not knowing that this b.s. rule applied to retirement accounts) went ahead and apparently made 3 trades in GOOG; my account is now locked up until next Wednesday. Unreal !
Apparently if you elect to have an IRA treated as a margin account you then allegedly become subject to the unconstitutional PDT rule that all the sheep have been allowing to remain in place by the scumbags at the NASD, NYSE and SEC who passed or were involved in the passage of this onerous and unnecessary law.
Between that B.S. law and the so-called (anti) Patriot Act this Country- the USA-- has sunk to all time lows in terms of lack of class, dignity and ethics in how it treats it citizenry. I think right now we need to exhume Niccolo Michavelli and elect him as our next President since this country has lost it's mind with all it's securities red tape, overbearing regulations and unconstitutional laws. It is simply amazing how no one has stood up and challenged this absurd PDT rule which is totally arbitrary. Why is it 25K why not 27K or 30K or 20K. Why 3 trades within 5 days - why not 4 or 6? It's insane!
We have the most immoral and unethical scumbags from Wall Street (judging by all the crap we have witnessed in the 80s/90s) deciding how honorable people can invest and trade their own fricking accounts! These maggots felt the need to enact unconstitutional Rules that are totally against public policy -- like the Pattern Day Trading -- to keep the whip on the citizenry who want to trade in their accounts as often as they choose and as they see fit. I mean, we have enough fricking DISCLOSURES and DISCLAIMERS already. We don't need any more ARBITRARY parent patriae laws on the books treating grown adults as if they were ignorant all for the benefit of the large institutions.
Who the f-k needs these jerks at he NYSE and SEC and NASD deciding how often one should trade in their own account with their own funds without so much as even asking or knowing the background, age and experience of the person involved.
Further-- in my opinion ERISA and other related laws govern these retirement accounts - and I doubt if there were amendments to ERISA allowing for PDT to apply.
I have have just now contacted Northwestern School of Law where I attended, and will seek the assistance of their student investor legal clinic in bringing a class action lawsuit to overturn the PDT, and all other current regulatory Rules that were passed post-2000.
This is the final straw!
I will serve as plaintiff!!
Ice
scratched GOOG 340c +20
scratched GOOG 340p +.50
was planning on entering again tomorrow... but account now locked up for 5 days under the inane PDT rule - kinda like being in detention after school. Only this time the government and regulatory bodies are telling individual citizens how they can invest and trade their own funds. What a farce!
What was your original broker (Interactive Brokers - I guess)
They would have let you alone maybe?
What I do not get is why one needs a margin account to buy/sell options? That is one crazy idea, since it is (mostly) settled for cash. I guess the possibility of an assignment of a short position is the reason. Why can't a person elect to close(cover) all assignable short positions and stay in a cash account?
I am in a similar boat as I mostly trade my IRA
I use a lot of rydex funds and take very long positions only, they won't let me use options at all (Scottrade)
They would have let you alone maybe?
What I do not get is why one needs a margin account to buy/sell options? That is one crazy idea, since it is (mostly) settled for cash. I guess the possibility of an assignment of a short position is the reason. Why can't a person elect to close(cover) all assignable short positions and stay in a cash account?
I am in a similar boat as I mostly trade my IRA
I use a lot of rydex funds and take very long positions only, they won't let me use options at all (Scottrade)
Quote from iceman1:
I guess if you live long enough in this Country - you see everything!
I was now informed by my new broker that I became subject to the PDT rule today (and not knowing that this b.s. rule applied to retirement accounts) went ahead and apparently made 3 trades in GOOG; my account is now locked up until next Wednesday. Unreal !
Apparently if you elect to have an IRA treated as a margin account you then allegedly become subject to the unconstitutional PDT rule that all the sheep have been allowing to remain in place by the scumbags at the NASD, NYSE and SEC who passed or were involved in the passage of this onerous and unnecessary law.
Between that B.S. law and the so-called (anti) Patriot Act this Country- the USA-- has sunk to all time lows in terms of lack of class, dignity and ethics in how it treats it citizenry. I think right now we need to exhume Niccolo Michavelli and elect him as our next President since this country has lost it's mind with all it's securities red tape, overbearing regulations and unconstitutional laws. It is simply amazing how no one has stood up and challenged this absurd PDT rule which is totally arbitrary. Why is it 25K why not 27K or 30K or 20K. Why 3 trades within 5 days - why not 4 or 6? It's insane!
We have the most immoral and unethical scumbags from Wall Street (judging by all the crap we have witnessed in the 80s/90s) deciding how honorable people can invest and trade their own fricking accounts! These maggots felt the need to enact unconstitutional Rules that are totally against public policy -- like the Pattern Day Trading -- to keep the whip on the citizenry who want to trade in their accounts as often as they choose and as they see fit. I mean, we have enough fricking DISCLOSURES and DISCLAIMERS already. We don't need any more ARBITRARY parent patriae laws on the books treating grown adults as if they were ignorant all for the benefit of the large institutions.
Who the f-k needs these jerks at he NYSE and SEC and NASD deciding how often one should trade in their own account with their own funds without so much as even asking or knowing the background, age and experience of the person involved.
Further-- in my opinion ERISA and other related laws govern these retirement accounts - and I doubt if there were amendments to ERISA allowing for PDT to apply.
I have have just now contacted Northwestern School of Law where I attended, and will seek the assistance of their student investor legal clinic in bringing a class action lawsuit to overturn the PDT, and all other current regulatory Rules that were passed post-2000.
This is the final straw!
I will serve as plaintiff!!
Ice
I'm trading my IRA at TOS which allows all options with defined risks...only option not allowed is naked calls...am doing calendars, naked puts and everything in between
Donna,
The issue here is PDT rule, which means you cannot make more than 3 day trades (i.e., in and out on the same day) within a 5-day period. TOS will mostly likely enforce the same rule.
I ran into this rule violation inadvertently with IB as well--entered into a vertical, hedged with underlying and closed the entire positon on the same day, and lo and behold, my account was locked, because I made three day trades. They count each symbol/code, whether stock or option, as one instance, regardless that a vertical is one trade from a trader's point of view. It is ridiculous, but what can you do?
I called IB and explained the situation. I was told to send in an e-mail request that the lock be lifted as a first-time offender. Since then, I will just hedge in my other accounts if I am near the borderline again.
Iceman,
Good luck. Hope you succeed in getting this rule lifted.
Opra