Remember last year when you were at this point and then lost all of the gains in just a few weeks. Why not take at least 25% off the table at this point so you can lock in the gains? Personally, I would take off the table what I put into it and then gamble with the house's money.
I know that strategy sounds so Crameresque, however, seeing your history from last year why not play it safe this time around?
I know that strategy sounds so Crameresque, however, seeing your history from last year why not play it safe this time around?
Quote from neke:
Weekly Update for week 39 ended 10/11/2008
Yet another solid week, up 57K (26%). Most of that taking place on Friday.
What a week it was! Almost impossible now to trade individual stocks on their own merit without reference to the entire market. Not surprising the bigger gains/losses this week was from SPY trades.
The week began bad on Monday when I tried to call a bottom on the market, buying SPY shares, averaging down for a total of 4000 shares. Lost 13K. Spent the rest of the week before Friday getting myself back, with FSLR long on Mon, CME put on Tue, and FSLR short on Tue among others. Big regrets have been not holding to my shorts longer, always thinking things were oversold.
Then came friday. Bought 100 SPY calls for 24K when the market tanked at the open. Got out 30 minutes later for a gain of 20K. Much smaller size than I could have. I guess I was scared by the size of the moves. Made some other nice trades. Lost later in the day shorting GS and buying SPY puts shortly after 2.30, thinking maybe another EOD sell-off is on the way: lost a total of 18K. Turned round and loaded up on SPY calls (200 contracts, a bit overleveraged - blame it on revenge) as the rally was underway. Closed that for a gain of 23K.
Took out 5K from my account.
Code:Opening Balance: 215,822 Net gain for the week 56,653 Cash Withdrawal -5,000 ------------------------------------------------ Net Balance: 267,475 Number of Trades 22 Number of Profitable Trades 15 Since Inception of Thread 01/13/2008 - 10/11/2008 Opening Balance: 102,615 Net gain (Less Margin Interest) 179,860 ------------------------------------------------ Balance Before Withdrawal: 282,475 (Up 175%) Cash Withdrawal -15,000 ------------------------------------------------ Net Balance 267,475 Number of Trades 924 Number of Profitable Trades 543 Top/Bottom Discretionary Trades for the week TICKER ENTRY DATE/TIME EXIT DATE/TIME QTY PURCHASE AMT SOLD AMT GAIN/LOSS TYPE SWGJL 2008-10-10-15-13-20 2008-10-10-15-34-17 20000 96000 120000 23679 SPY CALL SWGJL 2008-10-10-09-37-31 2008-10-10-09-59-12 10000 24000 44500 20330 SPY CALL ---------------------------------------------------------- SZCVH 2008-10-10-14-34-45 2008-10-10-15-12-00 10000 61880 50540 -11520 SPY PUT SPY 2008-10-06-09-16-38 2008-10-06-15-15-49 4000 429680 416558 -13165 LONG
