Taking 103K to 1.2million by Year End 2008

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Quote from neke:

On Monday bought 600 SOHU at 92 pre-market after what looked like a stellar result, beating the expectations by 52% or so. I was so convinced it was a winner, and went away without a stop. Shocked to see the stock trading under 80 when I came back.
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Never mind that they were conducting a conference call.

This is not trading, it's gambling. You seem to actually have a pretty good understanding of things and the market in general. Why you keep doing dumb shit like this is beyond me, but it's going to kill you if you don't stop it.
 
Quote from Red_Ink_inc:

Never mind that they were conducting a conference call.

This is not trading, it's gambling. You seem to actually have a pretty good understanding of things and the market in general. Why you keep doing dumb shit like this is beyond me, but it's going to kill you if you don't stop it.
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No, it is not gambling. Yes, it felt a bit strange I did not have a revised forecast when making the trade, and I was not aware of the conference call.

I am committed to ending the year with a decent gain, so I have cut back on potential killers.
 
Hi, Neke,

I thought you may want to reconsider the following exchange:

Quote from neke:

None, other than Yahoo Finance news and CBS Marketwatch (entirely free!)
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Quote from Red_Ink_inc:

Never mind that they were conducting a conference call.
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Quote from Red_Ink_inc:

Yes, it felt a bit strange I did not have a revised forecast when making the trade, and I was not aware of the conference call.
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... just a thought (and I'm aware you work full time and can't keep track of the news like you would like to).

I'm glad to see you up, keep up all the good work.

Bet trading,

Jorge
 
Weekly Update for week 30 ended 08/09/2008

Scrappy week, up $797 (0.5%). What should have been a decent week got recklessly blown up on DECK on Friday.

Made good gain on Wednesday after PCLN reported. Got early in on the PUT option at 9:38am and soon thereafter the stock declined precipitously. Got out 5 minutes later with a gain of 8K. Cool.

Just when I was ready to close a nice week, there came DECK on Friday after their earnings release. I checked it pre-market and told myself to stay clear as there was no reason for a decline after what looks like a great result, the stock having pulled back significantly before then. I ignored that when the market opened: to my detriment. Bought 50 PUT contracts at 4.00, and watched in hopelessness as the stock rose. Got out an hour later after losing 14.6K, nearly three-quarters of the purchase amount gone! I did let down my guard and suffered for it.

Took out 5K for the month ended July, 2008.

The GainsKeeper statement excludes the loss on Friday, being one day off.

attachment.php


Code: 
Opening Balance:               	    	139,930
Net gain for the week 		            797
Cash Withdrawal				 -5,000
------------------------------------------------
Net Balance:                   		135,727
Number of Trades	            	 22
Number of Profitable Trades    	    	 15

Since Inception of Thread   01/13/2008 - 08/09/2008

Opening Balance:                   	102,615
Net gain (Less Margin Interest)		 43,112
------------------------------------------------
Balance Before Withdrawal:            	145,727  (Up 42%)
Cash Withdrawal				-10,000
------------------------------------------------
Net Balance				135,727

Number of Trades	           	719
Number of Profitable Trades        	409

Expected Balance at this time to be on track for Year-End Target : 
				       448,845


Status:			       Behind Target		(Based on adjusted balance before withdrawals)


Top/Bottom Discretionary Trades for the week

TICKER	ENTRY DATE/TIME		EXIT DATE/TIME		QTY	PURCHASE AMT	SOLD AMT	GAIN/LOSS	TYPE
	
PUZTT	2008-08-06-09-38-38	2008-08-06-09-43-14	5000	17000		25000		7905		PCLN PUT
-----------------------------------------------------
QUKTB	2008-08-08-09-34-17	2008-08-08-10-24-41	5000	20000		5500		-14595		DECK PUT
 

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why are you using options at all for these quick trades?why not just use your 4-1 if its leverage that you want, at least you avoid the nasty spread
 
Quote from Daal:

why are you using options at all for these quick trades?why not just use your 4-1 if its leverage that you want, at least you avoid the nasty spread
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Yes, I agree the spread on that DECK trade was bad (kind of bid 2.8 ask 3.5). I shouldn't have gone in at all. Normally, I enter with the intention of holding for the day. So it is not practical or recommended to commit all my 4-1 on one or two stocks.
 
perhaps you should trade remotely for a prop firm and get 20-1. I mean with this kind of vig you got to be awesome to make money. 0.7c spread on a $3 trade. thats 23% right there, thats a pretty darn hard vig to beat
 
Quote from Daal:

perhaps you should trade remotely for a prop firm and get 20-1. I mean with this kind of vig you got to be awesome to make money. 0.7c spread on a $3 trade. thats 23% right there, thats a pretty darn hard vig to beat
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That's right. I know I should trade an option only when a certain level of conviction exists on the trade, especially for bigger spreads like the above. Like I said, I should have avoided the trade, but for ... destructive enticement. Once in, it dawns on you this is a bad trade, and you are instantly 23% down. You wait and hope to get out at break-even, and it never comes!!
 
Weekly Update for week 31 ended 08/16/2008

Nasty week, down 16K (11.8%). Got broadsided by WYNN, with not a lot of positive trades to compensate.

On Monday, bought 150 WYNN 110 PUT at an average 2.43 (through averaging in on a loser - pitiful!). Forced out at average 1.24 for a whopping loss of 18K, as the stock climbed higher (went as high as 119). Wasn't surprised to see the stock go lower for the rest of the week. Had I endured till the next day, or even till EOD Friday I could have sold at 4.00 (stock closed 105.97), not only recovering my loss, but making 23K, a difference of 41K to my account. That is hypothetical of course - when you subject yourself to such pain through leverage, it is hard to endure and trade to a target.

I hope these set-backs end soon. I need to finish the year with a decent gain.


Code: 
Opening Balance:               	    	135,727
Net loss for the week 		        -16,120   
------------------------------------------------
Net Balance:                   		119,607
Number of Trades	            	 20
Number of Profitable Trades    	    	 11

Since Inception of Thread   01/13/2008 - 08/16/2008

Opening Balance:                   	102,615
Net gain (Less Margin Interest)		 26,992
------------------------------------------------
Balance Before Withdrawal:            	129,607  (Up 26.3%)
Cash Withdrawal				-10,000
------------------------------------------------
Net Balance				119,607

Number of Trades	           	739
Number of Profitable Trades        	420

Expected Balance at this time to be on track for Year-End Target : 
				       471,475


Status:			       Behind Target		(Based on adjusted balance before withdrawals)


Top/Bottom Discretionary Trades for the week

TICKER	ENTRY DATE/TIME		EXIT DATE/TIME		QTY	PURCHASE AMT	SOLD AMT	GAIN/LOSS	TYPE

GPYTO	2008-08-12-13-26-22	2008-08-12-14-07-35	3000	19800		23700		3835		GS PUT
----------------------------------------------------------------------
UWYTB	2008-08-11-09-43-20	2008-08-11-14-22-29	15000	36500		18640		-18135		WYNN PUT
 
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