I’m too much like a daytrader now

I'm too much like a daytrader nowBeing classified as a daytrader with an account balance over $25,000 would be fine. Being classified as a daytrader or a pattern daytrader without that balance gets people on the principals bad list, and you have to clap erasers afterschool or clean gum off from the bottom of lunch tables. Or they freeze your account. Then you make like Lindsey and fall off of trading blogs.

I exited the C (Citigroup) trade earlier than I thought I would. It was more due to either exiting when I did or holding the position overnight and into the morning, and when the market is as wacky as it is, I’m not looking forward to holding onto a financial company options during times that I’m unsure of their direction.

The good news is that there was a profit. Of course, I didn’t pick the top to sell at and holding it longer would have gotten me at least double my profits, but I’m happier to end with a profit than a loss.

Sold:
C Apr08 $20 calls (CDD), 20 @ $1.91
Entered 3/18 @ $1.80, exited 3/18 @ $1.91
6% profit for +$180
stock price entered $20.19
stock price exited $20.45

C Apr08 $20 calls (CDD)

I would like to thank the Fed’s Ben for helping the market go upward, which I will take more advantage of tomorrow when I hunt for my put options play.

GOOG?

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Posted: March 18, 2008 at 1:45 pm

Posted By: Michael

News Category: C, Options, calls

 

 

3 Responses to “I’m too much like a daytrader now”

  1. Why would you be hunting for puts tommorow. Do you believe the mkt will down?

    fiaz on 18 Mar 2008 at 6:44 pm

  2. fiaz, I do believe that there will be many stocks down tomorrow. Without knowing what the pre-market hours and news will be, here’s a quick list of my predicted droppings tomorrow: C, LEH, MER, GOOG, GS, FSLR, ISRG, CME.. I guess I could try writing out other initials, but I am mostly just pulling them out of my poophole right now.
    Tomorrow I’ll make a play early in the morning (within the first 30 minutes) and will probably cover by day’s end. It will be a put position unless something in the pre-market hours indicates that the market will continue into strength. The problem at this point is that only great news is strong enough for the market to be up upon, while good news to no news to bad news will bring it down.

    Michael on 18 Mar 2008 at 6:55 pm

  3. Well fiaz, did you take my predictions for a profit today?

    Michael on 19 Mar 2008 at 4:11 pm
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