Weekly Positions Update – 03/09/08

Weekly Positions Update – 03/09/08

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)