Unless something changes bigtime in the next hour or two I am going to be posting a big loss for the day on JPM. I made an options trade that did not work out as well as I hoped.
Well things SLIGHTLY improved. But still took a big hit. So much for getting out of the negative for the month today. Just put myself right back to square 1. I was profitable and actually hit my initial target but I thought it was going to keep going the direction it was but it reversed and I didn't sell until WAY too late. I did learn something valuable about volume that I have never paid much attention to. I watched volume and noticed it was drying up a little after the open, so I thought oh well the stock will start coming back down then.... What I didn't realize is that was the stock running out of sellers so the stock just kept on ticking up. Hard learned lesson of the day: 1. Stop trading the damn weekly options on a friday. 2. When I hit my target sell! Posting this stuff helps me realize what I am doing right and wrong though. I got too fuckin greedy.
-74 Net...the losing streak continues...similar situation to FCXoptions, I was holding AFFY for too long and got burned on the sell off...
-58 Net for 7/16 +123 Net for 7/17 Happy with the way I traded today...no hesitation today despite stock setups not working out too well for me lately.