rough day...
Started by
tommyt
, Mar 14 2008 04:30 PM
3 replies to this topic
#1
tommyt
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Posted 14 March 2008 - 04:30 PM
at the casino for me...came in short BSC puts, luckily I covered immediately...but I had multiple other longs...anyone care to join me for a belt or four? you have to buy though
#2
arbman
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Posted 14 March 2008 - 04:42 PM
I had a long OEX weeklies put spread 605/595 from yesterday's close and short OEX weeklies put spread at 590/580 yesterday mid day. So, I actually expected the prices to close around OEX 590-595 today. However, that spike at the end of the day made me do all sorts of stupid things and my profit was cut to its half, very disappointing. I was expecting a decline below 590 and then only a 3-5 points bounce over 590. We had a perfect close at 595.5 for the strategy (basically a gap fill), these markets are really hard to trade with options, especially when the spreads widen so much during the high volatility. I wanted to cover, but I just could not because I was looking for a better fill, big mistake (edit: I underestimated the short covering rally). I think I will switch back to futures/options combos...
Edited by arbman, 14 March 2008 - 04:45 PM.
#3
hiker
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- TT Member*
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independent trader
Posted 14 March 2008 - 04:57 PM
hi Tom,
staying in the saddle is more work these days.
#4
phineas_gage
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Posted 14 March 2008 - 05:37 PM
Are you flat? That's the beginning of recovery for me.
I'll buy you that drink. It wasn't horrible p&l wise for me, but I was up huge pre-open, and down for the day. The last two weeks of trading have put we through a washing machine. I'm pretty disciplined (22 yrs- I started out '87), but if I weren't I could have really blown up several times recently. It's annoying, with the huge swings taking place, but I have been playing for small, short trades. I feel like I'm always missing out on the next 100 pts when I take 'em off, but its keeping me in it to fight the fight and not get carried out.
Not to be an @ss, but I know guys at BSC who are going to have a really tough weekend. Alot of fine and decent people who didn't lend any money to anybody. They probably believed that asshol* Schwartz and bought more. Lucy really pulled the football from us today (me too- I was long from yesterday, and thankfully, I use stops.). But those employees got clubbed like baby seals. They're in a blackout period for earnings and their stock plans amd PA's are frozen anyway- embargoed for the announcement. Can you imagine?
Follow the formula:
Get Flat
Get Readjusted
Get Small
Get Even
Once you've done that you'll be fine. Honestly.
More power to you!
hear hear *clink*
I'll buy you that drink. It wasn't horrible p&l wise for me, but I was up huge pre-open, and down for the day. The last two weeks of trading have put we through a washing machine. I'm pretty disciplined (22 yrs- I started out '87), but if I weren't I could have really blown up several times recently. It's annoying, with the huge swings taking place, but I have been playing for small, short trades. I feel like I'm always missing out on the next 100 pts when I take 'em off, but its keeping me in it to fight the fight and not get carried out.
Not to be an @ss, but I know guys at BSC who are going to have a really tough weekend. Alot of fine and decent people who didn't lend any money to anybody. They probably believed that asshol* Schwartz and bought more. Lucy really pulled the football from us today (me too- I was long from yesterday, and thankfully, I use stops.). But those employees got clubbed like baby seals. They're in a blackout period for earnings and their stock plans amd PA's are frozen anyway- embargoed for the announcement. Can you imagine?
Follow the formula:
Get Flat
Get Readjusted
Get Small
Get Even
Once you've done that you'll be fine. Honestly.
More power to you!
hear hear *clink*
Edited by phineas_gage, 14 March 2008 - 05:40 PM.
