Wednesday, January 21, 2009

Made mistakes, but that's OK if I am right

Follow Atilla's call and closed FAS,BGU and SSO, for about 1500 losses. This was a mistake! Should I keep them, and just closed SRS put, I will be $1200 richer!
  1. Actually, sold FAS at 8.04, then it did hit low of 7.6. Didn't buy back, now it's 10! My losses is $75. That's a miss of $1000.
  2. Did buy C at 3.18, now it's 3.68. That's great. Make up some of the FAS losses.
  3. Closed SRS puts, otherwise, another 100 loss.
  4. Add 200 TNA, this makes up the close of BGU.
  5. Sold 6 TNA 20 puts for 2.4. This may very well earned already.
  6. ST and FD are in SSO and TNA and BGU. My IRA are in SSO and TNA. So I am good if the market can continue to run.
  7. Actually, it's good in the future, just sell OTM puts on the stuff I want to buy, and then keep buy the underline stocks, options are too risky.
  8. Another thing, if TNA goes up too much, either sell or sell the covered calls.
  9. If what Atilla said is true, it will double when SPY hits 1100, and I will earn my first real money.
  10. Yesterday I bought TNA calls for 1.7, not Friday, today it's 0.8. Just two days passing. If the rally continues, I'll get it back. Before that, don't trade this. And I could very well lose the money if it just hit 34 before Feb.
  11. The sequence should be:
  12. 1x.
  13. 2x
  14. 3x
  15. options on 1x
  16. options on 2x.
  17. etc.
  18. Keep enough cash in Etrade. 17K is about right.
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