neke
Registered: Nov 2006
Posts: 1008 |
01-15-10 08:18 PM
Weekly Update for week 1/50 ended 01/16/2010
A disastrous start to the year. Down 99.5K (24%). It all happened on Thursday.
Saw the follow-up rally on BIDU on Thursday, and thought it was overdone at 449. Forgot all the harm I have suffered in BIDU on previous occasions, and that this was just a day to expiration. Bought 50 JAN 450 PUTS @ 6.50, as well as shorting 500 shares. Then came another surge and I added another 60 contracts @ 5.80, and extra 500 in shares. Watched all morning for exit point, but instead came another surge by noon, and in vengeance bought 200 contracts @ 4.00. That was the last act of desperation. Watched as the stock climbed and did not look back, while the premiums kept eroding. Finally closed all 310 contracts at prices from 1.80 down to 1.30 as the bids kept disappearing when I put in my limit order to get out. Lost 102K in stock and 14K in options.
Looking for ways to overcome this inability to accept a loss. Right now, I am putting in place an auto-closure of any position that loses 6% of my account AT THE MARKET. Maybe I will learn to adjust my size accordingly and resist the temptation to average down.
Other that the above, the vast majority of the trades were automated trades made with low size -- and too small to appear on the top/bottom trades. I am looking forward to doing more of the automation.
So much for my sad story.
code:
Opening Balance: 410,000
Net loss for the week -99,486
------------------------------------------------
Net Balance: 310,514
Number of Trades 57
Number of Profitable Trades 29
Since Inception of Thread 01/10/2010 - 01/16/2010
Opening Balance: 410,000
Net loss(Less Margin Interest) -99,486 (Down 24.3%)
------------------------------------------------
Net Balance 310,514
Number of Trades 57
Number of Profitable Trades 29
Top/Bottom Discretionary Trades for the week
TICKER ENTRY DATE/TIME EXIT DATE/TIME QTY PURCHASE AMT SOLD AMT GAIN/LOSS TYPE
PCLN 2010-01-13-10-30-04 2010-01-13-12-38-20 2500 522375 531799 9390 LONG
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BIDU 2010-01-14-10-07-59 2010-01-14-15-22-18 1000 465000 450605 -14422 LONG
BPJMX 2010-01-14-10-07-26 2010-01-14-15-57-53 31000 147300 46080 -101666 BIDU PUT
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