"The key to making money in stocks is not to get scared out of them." Peter Lynch

Good Day

I was sort of “in the zone” today, not like last Friday, but it was a combination of relatively good positioning in advance and good trading. Today I set a new record :-| (I’m being very reserved here, you see… hope Hermes does not punish me for bragging.)

These bi-polar markets give one day, and take the next: I got out of (SLW: 26.0101 +1.52%) and (GDX: 43.5107 +1.16%) at the open with minor losses, while last night I had about $300 profit in them. If I had held SLW for half a day, I’d be out at break-even, but who knew that?

Then, covered half (LVS: 48.56 +0.81%), all (UYG: 52.20 +3.30%) and traded (SKF: 47.52 -3.30%) 6 times.

Can’t hold anything long in this market, so when trading SKF on the short side (essentially being long banks) I freak out! But it’s fun. And I want to do it again tomorrow.

Overnight, my positions are short (LVS: 48.56 +0.81%) and short (JCP: 26.54 -0.45%). This is the fewest in awhile. Very liberating in a way, and I’m stocked up on cash, ready for whatever tomorrow may bring.

I’ll post tomorrow’s trade plan later tonight.

 


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2 comments:

  1. R, 12. September 2008, 0:49

    My congrats, such good and volatility days.
    I think, You have to discover already the options universe :)

     
  2. Phantasmix, 12. September 2008, 8:15

    I’m studying them! Using the Zecco guide: http://www.zecco.com/optionstradingeducation/Basics.aspx

    If you know a better resource, please share.

    I understand the principle, it’s not that difficult, similar to the warrants.

    May try soon, but a bit scared.

     

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