Losing thousands of dollars
What’s it like to lose over $7,000 (yes, over seven thousand dollars)? Well.. it pretty much sucks. I don’t know another single word definition to help what I’m feeling, well, not one that I would put on this website at least (this site is SFW, though not work related to most people). Let me share my pain.
First we’ll start with a call that I should never have entered. Especially me. I’m not a glass half full kind of person. I don’t root for the good guy (one of my favorite movies is Fallen). Why would I choose to go long, expecting a banking stock to go up? I’m out of my mind.. I don’t reall what made me decide on February 4th to buy calls on C (Citigroup), but I might have been drunk. I surely didn’t listen to my own post when I wrote I would sell the next day. That would have saved me from having a loss of $1,850. Ouch, yes. Maybe I would have lost a few hundred dollars, but not nearly two grand.
(doesn’t look like there’s any hope of upward movement here)
JCP. JCP. JCP. I knew this stock wouldn’t be climbing forever. We’re in a recession here, and retail stocks don’t thrive in a recession. So my problem here was buying puts, it was buying too soon, I shouldn’t have been buying for February, I should have bought March. Also, when my half of my position was sold I should have realized the other half wasn’t meant to be and sold immediately.. hindsight also gets to me. This will cost me a lot, more than $5,000. That will suck the suck. F’ an A’.
(though not totally worthless, it’s close enough)
I learned this lesson a couple years ago when I ate a 5 digit loss on MRVL. That was before Retard Trader existed. I might have been pulling a boogster if I were blogging at that time. It’s a rookie mistake and I shouldn’t have made it. Stupid Retard me.
BIDU is going down. It’s too logical of a direction for it not to go. I wish I had over $25,000 in my account, I would have just waited until last night and shorted at $290. Intead I bought a put, and the time until expiration was better, being March. I even chose ITM (in-the-money) which was good, at the time. Of course, it’s currently OTM (out of-the-money) but that’s hopefully just a minor issue of a couple day’s time. Since a majority of options expiration weeks are bullish, this will be tracing down next week.
(future doesn’t look too clear from here)
Now the question is how much money will I have when tomorrow ends. The answer is, no cash and very little in positions. Let me do some math here.
JCP positions 4 x $5.50 = $2,200
BIDU position 1 x $16.00 = $1,600
total would be about $3,800
Wow. Suck. I let a lot get away from me. This will be a good time for me to hope that the current JCP puts I have (Mar08 $50 puts) will continue to gain value and that the BIDU put also climbs in value.
I’ll be taking the official loss on Friday (unless there’s some HUGE news about JCP bad or C good) of about $7,270. That’s going to suck.
11 Responses to “Losing thousands of dollars”
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hey retard, every trader goes through this. your option trade does not make sense with the low capital base you’re operating on. the name of the game is to protect your capital first before aiming for big bucks. i noticed that lindsey has become dormant. how abt resetting your and getting me in the race. i do futures only, it will be interesting to see how futures and equity fare side by side..
Michael is my boss so whatever he does is genius, pure genius - his strategy of losing money is no doubt part of a cunning strategy to lull the market into a false complacency and make a killing. Lindsey’s workplace installed a content filter and she can no longer surf at work (bastards!). She is planning on re-entering the race with a re-load so she can day trade which is her preference every so often. I would trade but can’t spell NASDAK and am pretty sure that options have to do with running an offense with a single running back and stacking wide receivers.
michael: did u used to frequently comment on boogster’s blog, and go by ****midget
Yep, that was me.
i remember u swung some huge positions…this is pocket change for u…gl
can i say, “that really tans my hide,” or would i be giving it away…u can delete this comment if it blows your cover
The big time trading was before I started here with just $5k. When you start with $5k, get it up to like $10k and then lose $7,270 it stings. A lot.
You remember me for sure.. and I would have to say that losing over $7,000 well, that really tans my hide.
Sorry tardo.
The best way to handle a loss like this is to find someone else to blame. Start with your parents and then work your way through your siblings to your current relationship.
After that, turn on the idiots driving SUVs. From there, you’re only a hop skip and a jump away from blaming the sugar industry and finally, “the powers that be.”
Or, you could blame Timothy Sykes.
-DT
[...] like Timothy Sykes psychic detective, Trade Authorization: No, and the lead into this post which is Losing thousands of dollars. The reason for the potential higher reading count, I have [...]
sage08, I’m interested in changing the site’s layout. We should talk…
Michael, thks for your interest. Let me know your conditions, will await your email then.