Taking 103K to 1.2million by Year End 2008
- Thread starter neke
- Start date
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One man's reason to cry is another man's reason to shout. Investors are damning the market right now, while some traders prosper in the same market.
Success.
Weekly Update for week 40 ended 10/18/2008
Stellar week, up 138K (52%). Should have been up another 100K but for throwing away that much on Friday.
On Monday, rode the monumental rally. Started by shorting the early rally with SPY put, hoping the market will retrace before rallying. Didn't retrace as much as expected before roaring up, losing 10K. Then turned around and loaded up on SPY calls, and GS shares, finishing the day up 34K.
On Tuesday, waited to load up with PUTs after the market started strong on the open. My crappy broker's server was unavailable. Missed all the early trades. Finally was able to load up on GS put by 9:43am (200 contracts @ 4.80, 32% exposure), as the stock had a delayed pull-back. Closed out 14 minutes later @8.1 for a gain of 63K. Not bad for a 14 minute assignment.
On Wednesday, Got in early on the downward momentum, buying 400 SPY Oct 96 puts @ 2.65 (28% exposure). Rhode the gains all the way to 3.52pm, closing for a 97K gain. (Had I delayed exit for 7 more minutes, should have been an additional 40K. Was just afraid of my broker freezing up at the last minute and forcing me to take an overnight position).
On Thursday faded the early spike in the market, buying 400 SPY Oct 92 Puts @ 2.35 (20% exposure). Closed out 45 minutes later at 5.10, gaining 103K.
Friday, could not heed my instruction to be alert. Bought 150 ISRG OCT 180 PUT @ 6.70 after their earnings release. Too late to the party. There was no reason for seeing that stock and acting that way after it had already fallen much from the open, and loading up with that exposure on expiration day, and ignoring the huge bid/ask spread. Basically threw away almost the entire 100K.
I know the equity curve looks like a dot.com bubble at this time, but as long as the opportunities keep arising, I will keep doing what is right while guarding against complacence.
Happy trading to all.
Stellar week, up 138K (52%). Should have been up another 100K but for throwing away that much on Friday.
On Monday, rode the monumental rally. Started by shorting the early rally with SPY put, hoping the market will retrace before rallying. Didn't retrace as much as expected before roaring up, losing 10K. Then turned around and loaded up on SPY calls, and GS shares, finishing the day up 34K.
On Tuesday, waited to load up with PUTs after the market started strong on the open. My crappy broker's server was unavailable. Missed all the early trades. Finally was able to load up on GS put by 9:43am (200 contracts @ 4.80, 32% exposure), as the stock had a delayed pull-back. Closed out 14 minutes later @8.1 for a gain of 63K. Not bad for a 14 minute assignment.
On Wednesday, Got in early on the downward momentum, buying 400 SPY Oct 96 puts @ 2.65 (28% exposure). Rhode the gains all the way to 3.52pm, closing for a 97K gain. (Had I delayed exit for 7 more minutes, should have been an additional 40K. Was just afraid of my broker freezing up at the last minute and forcing me to take an overnight position).
On Thursday faded the early spike in the market, buying 400 SPY Oct 92 Puts @ 2.35 (20% exposure). Closed out 45 minutes later at 5.10, gaining 103K.
Friday, could not heed my instruction to be alert. Bought 150 ISRG OCT 180 PUT @ 6.70 after their earnings release. Too late to the party. There was no reason for seeing that stock and acting that way after it had already fallen much from the open, and loading up with that exposure on expiration day, and ignoring the huge bid/ask spread. Basically threw away almost the entire 100K.
I know the equity curve looks like a dot.com bubble at this time, but as long as the opportunities keep arising, I will keep doing what is right while guarding against complacence.
Happy trading to all.
Code:
Opening Balance: 267,475
Net gain for the week 138,753
------------------------------------------------
Net Balance: 406,228
Number of Trades 22
Number of Profitable Trades 14
Since Inception of Thread 01/13/2008 - 10/18/2008
Opening Balance: 102,615
Net gain (Less Margin Interest) 318,613
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Balance Before Withdrawal: 421,228 (Up 310%)
Cash Withdrawal -15,000
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Net Balance 406,228
Number of Trades 946
Number of Profitable Trades 557
Top/Bottom Discretionary Trades for the week
TICKER ENTRY DATE/TIME EXIT DATE/TIME QTY PURCHASE AMT SOLD AMT GAIN/LOSS TYPE
SWGVN 2008-10-16-09-48-12 2008-10-16-10-33-29 40000 94000 198000 103349 SPY PUT
SWGVR 2008-10-15-10-15-11 2008-10-15-15-52-26 40000 105782 204000 97597 SPY PUT
GSVE 2008-10-14-09-41-44 2008-10-14-09-57-39 20000 98050 161592 63211 GS PUT
SWGJR 2008-10-13-11-32-44 2008-10-13-15-47-40 20000 68500 96000 27207 SPY CALL
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AXVVE 2008-10-17-10-32-46 2008-10-17-12-47-35 15000 100000 12280 -87930 ISRG PUT
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