|
PureBytes Links
Trading Reference Links
|
List,
Well, the pain is still present, but thankfully not growing this morning.
As of right now, I'm down 18.65% on this trade (equities and options only as
we won't even follow the futures until the next sell signal)
Even with starting small and adding to my long positions, I've managed to
give back almost half of my June profits on this trade (at least on paper)
as of the close on Friday. Needless to say, it's been painful, as we hate
to give anything back, even on paper. Right now, we've picked up almost 30%
of that loss as of Friday's close. That translates to I only need two more
days to breakeven. Again, that's the problem being right only 3 out of 4
trades (on average). Occasionally, one bites you in the rear.
On the bright side, we got our SIG/700 signal on Friday, which is what we're
going to be using for trading options. My brother bought QVQIL (I think he
paid 5 1/4) and QVQAL @ 11 1/8. Except for 1998 (as I've said before when
it sucked at only 50+% correct) this signal has been correct 100% in 1997,
1999 and 2000 (so far). We will only use this for options because of big
draw downs. We also plan on initiating only one-third of our positions on
this signal, and add to it if it goes against us.
I didn't get my option orders off this morning as I was too busy watching
some 10 year olds running around, but am not too concerned since I still
have 30 OEXHT. :( I need about 9 points to get in the black on these
monsters.
Out of all of my positions, the only one currently in the black is LSI,
which we feel is an excellent buy at this level. That might account for the
fact that we hold 3,000 shares between us.
We missed buying 15 CWYJL Cisco Oct 60 options this morning by 1/4. Oh
well, we'll keep trying.
Guy
Never be afraid to try something new. Remember, amateurs built the ark,
professionals built the Titanic.
|