Monday, June 18, 2007

 

Sell - 22.50 Jul Call @ 10.30 (Bought 12.50)

Sold this on a break below 33. I felt it was holding 33 as support for a while, and once it gave way, didn't want to hold this any longer. This trade went against me the moment I bought it. The only reason why I bought it was because it looked oversold at that time and I was anticipating a bounce. That's no good.

Looking at the way RIG and POT have behaved the past few days, makes me feel pretty crappy that I sold them a couple of days ago. Left a lot of money on the table. I wouldn't have sold them had there been more time on the expiration.

So I've decided to put in another rule -
Buy options at least 3 months out.

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