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.
|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|
|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)