Thursday, December 2, 2010

Just closed my third trade...

I just closed my third trade in the AAPL Dec 3 $320.00 Calls for another loss. I sold @ $1.13 after buying in at $1.57 for a loss of $141.00. Compared to my trade yesterday this was much better. I only paid $9.00 in total on commissions and I really gave AAPL a chance to move higher. However, it just did not want to. In fact, AAPL was acting very weak relative to the market indexes after I got in an the QQQQ's were the weakest of the bunch. So taking a loss here was really the right option; the AAPL Dec $320.00 Calls are now trading @ $1.04! Always better to take a small quick loss than a big one!

Now I have exhausted my day trades for this week. I cannot trade again today because my account is under $2000.00 and I have made a day trade. I have drawn my account down from $806.00 or so down to $463.46 or 42.5%! This is exactly how to lose money but hey what can I say; I am just gambling with these options!

From tomorrow until I can day trade again I plan to revert to swing trading stocks like the set ups I highlighted yesterday in CPWM and FTNT.

Hope your trading is going better than mine!

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