Wednesday, December 1, 2010

Bombed!!!

Made my second trade today. I bought 25 RIMM Dec 3 $65.00 contracts @ 0.31 and sold them @ 0.25 for a $150.00 loss. This was not even the bad part. I had overlooked the commission cost on the trade! I had to pay $37.50 on each leg of the trade for a total cost of $75.00!!!

So overall I lost $187.50 on the trade and my account now stands at $605.00 from $830.00 last night.

Now I am thinking that I'll have to revise my strategy because $75.00 commissions on a $600.00 account are definitely not sustainable.

Guess I am going to have to do what I should have been doing in the first place grinding it out with swing trades in stocks.

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