Tuesday, June 2, 2009

Trade Updates

I'm a little behind, but I made two trades lately.

Trade Exited: Bought to close 1 UTX Jun 55 Call
With the market being wild lately, I decided to close my Jun 55 Call for a $35 profit while I could. After selling the call, UTX (and the market) oscillated around for a while, so on Thursday, I sold to close 1 UTX Jun 55 Call for $.35, and paid 37.95 after commissions. I originally sold the call for .70, so it was a decent profit. Writing this a few days later, the 55 Calls are now at 1.75, so I made a good call getting out when I could.

Trade Exited: Sold to close 1 SSO 24 Sep Put
I'm so not on a roll with SSO, it's the bane of my trading lately. This was an out of the ordinary trade for me, and I should of acted differently with it. Today, I closed the position at $2.05, which is a loss of $125.00 since I opened the position by buying it for $330. I opened this position with the hope that the market would continue to pull back. After a few days of being in a range, I should've closed the position, and waited for another entry point. Instead I help on, thinking 'It's a September Put, I've got a while before I have to think about it'. Wrong, I should've set exit criteria from the start, like two closes above 25.50 and I should close the trade.

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