Tuesday, April 30, 2013

Re-Grouping 4/30/13

Afternoon All,
Last Friday 60 of my weekly options expired worthless... Total loss of $1,600.00 ... Not a good trade... chased it all the way up,looking for some kind of correction... but there was none.  Actually, I was looking for a Head & Shoulders Pattern and once it broke that pattern, my options were toast...
I still have 2 viable options, however 1 expires this Friday and it's a 155 that I bought for $30.00 ...
I checked my June 155 Put and it is down only $70 from my entry point, however this is all I got for trading the SPY, so unless something happens... This side of the house is tapped out... I may close the acct and transfer the balance to the futures options side of the house and resume tracking my beloved corn...
Last night I considered buy a July 650 Put for 21 cents, but currently am low on courage... I did not check the last traded price, but the underlying contract was down 10 cents, so you could figure a $500 move on a $1k investment... The questions is, does it continue down...
So, here's the plan... take some time off... get some homework down... track corn and prepare for the planting/growing season...
I must alert you though, Tomorrow is May and farmers still haven't put down any corn in some areas... gonna make for some interesting trading this year... Lets hope we catch it right and make a ton... May The Force Be With You...

Thursday, April 18, 2013

4/18/13 SPY - Free Trade

Good afternoon folks,
Been a while since I updated the blog, been gabbing on Stocktwits.... anyway, Sold all of my April 19 155 put options for a nice profit...approx 50%... this profit covers the cost of the remaining put options that i still have... (2) April 26 157 Puts and (1) June 22 155 Put.  These were doing nicely as of yesterday, and as I am afraid to do something stupid, I have not opened up the acct... SPY trying to break my magic 153.90 as I write... as i plan on holding these 3 positions overnight to see what the earnings will bring...
I am in a nice place... overall I am still down... but if I can exit this trade in the 152.xx area, I will be sitting nicely after getting killed earlier this year...
May The Force Be With You...

Wednesday, April 10, 2013

4/10/13 SPY

Its been awhile, bought 9 April 20 155 puts on Monday for $95, no trading at $29... bought 5 more this morning for $36.00, also trading at $29.00... watched the market soar and bought 2 April 26 157 Puts for $101 then at 158.16 I bought 1 July 155 put for $247.00... currently down over 50% and we reached a high today, so far, of 158.38.. as I write, its at 158.31 and looks like it wants more... UGH... This market is Possessed... Good luck......at the highs... right now..ugh.. ugh... theres the pop 158.49...

Wednesday, April 3, 2013

SPY, dont even want to talk about it

Hello all,
I exited today at 155.88 for $59.00 each...  was able to pull $5.00 off each option, Nice little $116.00 trade or 10%, however as I write we are trying for new lows near 155.00... left 88 pts on the table... Was Holding 28 of them and just do not have the courage to check to see what they are worth now... I know I left at least $500.00 ...

I am super frustrated that I wasn't able to hold onto the winner, and held it as a loser for over 2 days..Matter of fact, I was holding a $600 loss just yesterday.....

 Anyway, I will not be trading again until I have caught up on my homework... then I will have to review my trading strategy and figure out a way to risk less and capture gains.  There is no reason for me to be carrying 28 options unless I have some cash in the bank.... considering going back to smaller positions, smaller time frames... more trades... I cant continue to be locked into something and watch other opportunities go by because I am all in on something else... I enjoy the rush but until I am able to better my entry points and exit points, I can not continue to trade in this fashion... I will get burned... So, I plan on taking the next 5 days off.. maybe more... I wish you all the best of luck and let your winner run and cut the losers short...