Ouch 🙂
A tough week, no doubt about that. They don’t come much tougher.
A couple of bright spots I’ll pull out:
- I’m out of all non-currency positions, albeit after a sharp hair cut
- I managed not to lose all the money I made the week before
Selling is tough. Buying is much easier – and when things are going up, you don’t want to sell. Who knows how high things could go? So I believe you have to wait for the down turn. And manage to get out before you give all of your profits back.
So I sold earlier than I normally do (I normally wait for a 15-day low…my week would have been much worse if I had waited for that…I’d still be holding many positions, in fact). Just had to get out, and I thought this correction could be nasty. I have to admit the magnitude and velocity of it was shocking – I was caught flat footed on a couple of positions, and got out later than I would have liked. But at least I’m out, and will live to trade another day.
Open Positions
| Date | Position | Qty | Month/Yr | Contract | Strike | Call/Put | Entry Price | Last Price | Profit/Loss |
| 02/28/08 | Long | 1 | MAR 08 | Japanese Yen | 0.9501 | 0.9786 | $3,562.50 | ||
| 01/02/08 | Long | 1 | MAR 08 | Swiss Franc | 0.899500 | 0.9796 | $10,012.50 | ||
| 03/07/08 | Long | 1 | MAR 08 | Swiss Franc | 0.978400 | 0.9796 | $150.00 | ||
| Net Profit/Loss On Open Positions: | $13,725.00 | ||||||||
| Current Cash Balance | $107,716.73 |
| Open Trade Equity | $13,725.00 |
| Total Equity | $121,441.73 |
| Long Option Value | $0.00 |
| Short Option Value | $0.00 |
| Net Liquidating Value | $121,441.73 |
Cashed out: $5,000.00
Total value: $126,441.73
Weekly return: -15.6% (ouch)
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