I have been extremely busy with work related stuff and did not get enought time to trade, even less so to blog.
The software I have been developing for the last 2 years is going live into production now and like every IT guy knows, the last minute additions and bug fixes will keep you awake for a good 1-2 weeks.
But I managed to squeeze some good OPEXes and some good and bad trades in bettween.
I am back blogging and will continue to post my trades. Stay tuned.
I have been on a hiatus for a while. There have been some changes at my workplace for the better.
The project I am working on is getting extended and my contract is getting renewed for another year. They like my work so much that they are increasing my hourly rate (I am an IT consultant) so thats good news for me in terms of job stability and pay.
On a side note, my green card application seems to be chugging along and the priority dates keep getting closer and closer.
My wife got a job offer from the place she interned during this summer. She will be starting her job next year once her MBA gets done. So she is on her way to great success.
So multiple good news and I have been busy celebrating all month long. I had kept my trading to a minimum this month and did execute a few good trades. I did not update the trades as soon as I took them and I am sorry for that. I will update the blow with the trades as and how I took them along with the date.
$FIG: Fortress Investment group is reporting 2nd Quarter earnings on 8/5/2009 Before market open.
As usual, I am expecting a ramp up all the way to earnings. I am waiting for it to go up to $5 level all the way till 4th Aug. Well this might not happen but lets see…
Currently I have 200 shares of $FIG at a price average of $4.11 which is at a net loss of $33 (4%) see line in orange below.
I am expecting a ramp up to $5 in 2-3 days and wanted to list out a few scenarios on how to play this
I might choose between 3 and 4. Will update this post in a couple of days. Let $FIG play out its game and I am ready with mine.
So, I am not the traditional gambler betting on poker and blackjack tables and spinning roulette wheels but I gamble with the shares of casino stocks
I currently hold 1oo shares of Las Vegas Sands $LVS and a Aug 10 call $LJJHB in my portfolio.
| Symbol | Description | Qty | CostBasis | Avg | Price | GainLoss | MarketValue |
| LJJ HB | Call Las Vegas Sands $10 Exp 08/22/09 Corp | -1 | ($67) | $0.67 | $0.55 | $12 | ($55.00) |
| LVS | Las Vegas Sands Corp | 100 | $816 | $8.16 | $9.35 | $119 | $935.00 |
Now, I am pondering if I am taking too much risk and should just get rid of this position all together Monday on the open.
Looking at it, I am still in a decent profit so far and I have been selling covered calls over this 100 shares effectively reducing my per share cost to about $7.15
If I liquidate this position and get out with a nice profit, I will generate some extra cash to buy in some ETF’s when the overheated market goes lower.
Two ETF’s I am eyeing are $DBC and $DBA
Note that I already own 25 $DBA, I am thinking I will rake up another 75 to own 100 and then start covered calls on DBA. I will update this post with what strikes and premiumns I am looking at on $DBA covered calls.
If I unwind the LVS trade on Monday I will do a quick post on this.
Well, I have added the Performance page today to remind myself that I am losing money.
Click on the performance page link on the left to see what I am talking about.
My stint in this market has put me in the hole for a good 2.5K hmmm…
This is the hard reality of my situation as I ponder over what I am doing wrong, at a cost of 2.5K.
I don’t know about you but for me 2.5K is a pretty deep loss and I can only think of getting even by end of the year.
Talking about end of the year, today is 1st August so I have 5 months to make up 2.5K of losses so on a average I have to make $500 in gains every month. Honestly, I don’t think I can make it to that.
Earlier on in this year, I was happily making 200- 300 bucks a months on an average in Jan Feb and March and then I got too confident and plunged into options without due diligence, and well you can see the chart go off the cliff.
Am I losing hope? not yet… not yet. Well, that’s why I am writing this blog to have more visibility into my trade log and look back into time and see what mistakes I made.
Still pondering over how to turn the direction on my performance chart to make it point upwards….
“The market” or so its affectionately called by many is a place were people gamble their hard earned money to make more money.
This is where my story begins.
I am a software developer who designs and develops software for Wall street firms.
So you must be wondering what is a software developer doing writing a stock market trader’s blog? Hey, its my dream to become a stock market trader isnt it everybodys dream sometime?
Well, I took this dream a little seriously and started my journey through the glamorous world of stocks money and ..umm… massive losses
Well, lets be honest here, I have been losing a lot of money in the market. I decided that I can share my stories with you so you do not commit the same mistakes.
A little about my background in trading:
I have been trading for the last 3 years now, mostly stocks in the US market.
Recently I took a lot of interest in options and the interest has translated into a lot of realized losses.
Well, let me cut the negativity out and talk about something positive. Do I believe that the market has the potential to give me positive returns? Yes I do, that’s why I named my blog TradingRocks, because I truly believe it does.
Does the market rock? I believe it does. You just have to dance the right dance with it…be in tune with it else you will trip and fall.
In this blog I will capture some of my true to life experiences in the stock market my wins my losses my thoughts and strategies.
I will create some pages with my portfolio and positions and trades and my thoughts and rationale behind those actions.
Hope you will enjoy reading this as much I enjoy writing it.
