Basically, since I have no way of predicting where price is going to go, there's no reason for me to sell any calls since I'd probably pick the wrong direction anyway.
7/26: Open positions: SPY: $2,904 SH: -$836 Net for this trade: $550.64 (estimated dividend payment) $2,068 (net SPY/SH position) ----------------------------- $2,619.64
"I never get in at the bottom and I always sell before the top" -quote from Reminiscences of a Stock Operator, when Livingston is quoting 'old man Rothschild'
I think I'm going to start a new thread for my next trade. This one is too long. I'll post the totals for this trade later. It's not as high as I wanted but what are you going to do? Had I known price was going to go higher I wouldn't have closed my position.
7/27: Closed positions: SPY: $4,360 SH: -$1,377 Net for this trade: $550.64 (estimated dividend payment) $2,983 (net SPY/SH position) ----------------------------- $3,535.64 So this trade kinda didn't go anywhere despite being open for a few months. And of course, as soon as my sell order gets filled SPY shoots straight up another full point I sold SPY at 0.04 less than my initial SPY purchase on 4/8/2012, so I guess I did better than buy and hold. I will make a new thread for my next trade. This thread has gotten too long and was originally started with daytrading which I haven't even done in a while.
This journal is done. It's too long so I don't want to keep using it, plus I'm not trading intraday anymore and that was the whole purpose of this journal at the beginning anyway, so it doesn't make much sense to keep it open. My next journal can be found here: http://www.elitetrader.com/vb/showthread.php?s=&postid=3585526