Bought 150 contract of RULJB(the Oct 110 call) @ an average of $3.6 a piece, thinking it would be worth at least $10 Friday. Now it looks I'm set to lost $50k in a frigg ONE SINGLE DAY!!! Did anyone else EVER lost $50k in ONE DAY? I'm so screwed that I'm just sitting here eatting the pencills and my nails!
I actually invested $50k in Mastercard and so far in one week i am down $42k. Sometimes you win some, sometimes you lose. The panic attacks are pretty nice though from losing so much money, feels great!!!!!! Better to laugh instead of cry.
I am sorry for you, remember even the greatest speculators in the world get hurt, remember you have your life and you have hope, God be with you
P.S. I was 200% short when the fed cut 50bps, you win some you lose some
I too was 200% short when the fed cut, but after the cut, I closed my shorts and went 'long and strong'. Now I'm almost back to where I was. But trying those zero sum games at earnings isn't investing. It's gambling. You may as well go to Vegas, at least then, you have some entertainment while you watch your money go away.
A very expensive lesson here. Never put so much on one bet. You're gambling not trading. Most stocks that sell off up until earnings, usually have surprise good earnings. The market is tricking you into selling, thinking that earnings are not good. A stock that usually runs up into the earnings is not a good sign. Always want to sell into the strength. As far as options. A play like this would be to have a "Straddle". To buy the call and put at the same strike price, so that you can cut the one leg of the straddle a ride the put or call. This way you already have your risk loss established.
dont panic just yet. After hours doesnt mean to much here. A lot depends on the jobs number tommorrow. IF we get a poor number the market should rally. You may get a gap down at the open, but the market usually fills the gap before it turns down again. Best advice. Study the market alot more before you bet the house. Good luck.
"IF we get a poor number the market should rally."
A poor jobs report translates to a market rally?? Not trying to be glib, but what's your reasoning behind that assertion? The only way that scenario might POSSIBLY play out is if the market puts on its rose colored glasses (again) and looks at it as another signal that the fed is going to cut again on 10/31, and that's already been baked in imho.
I've lost 200k in a month. I lost 40k on RIMM alone.
But I've made 50k in a day too.
Its only money - They make more of it everyday.
Don't be desperate and go for the quick 10 bagger that will only kill you in the end.
Sorry for your loss. You can get it back and you will NEVER do that again - so think of it like a expensive schooling.
Sorry to hear that u're screwed. Y did U buy Oct 110C? Should have bot Nov / dec. Oct calls will expire in 2 wks. I think the stock price is already priced in with the expectation that RIMM will beat the estimate of 50c. However, they expect RIMM will be higher and a lot higher as they release the new phone, hopefully soon.
Get what ever you can for your contracts. It may go higher than $100.00 but I do want to say that the $100.00 area is proving to be a hard test.
I have lost a heck of a lot more on around 20 plays. The biggest stinkers are IOM and AKAM around 2000. After that, I didn't trade long option except for a small speculation (Less than 1% trading capital).
Wins and losses are part of participating in the market. Take this as a learning lesson and don't ever make a bet like this again. I hope for your sake that RIMM gets a spike and maybe you can recoop a large part of what you paid.
Its 1:30am est, the markets open in 9 hours, the feel is good japs are up and abm looks like to be taken out....rimm just justifed it run and did the same as in this q for next, by the looks wall street and its wealth mechine is ready to pop the cork and contiune the rimm run. U win!
I shorted CMRC at $177 just to watch it run over $320 with in three trading days. What really sucked was, I sold my long position and tryed to time the " Peak ". I put money into my margin account by selling a bunch of my other positions.
Then rode it out. I was OK once it went back down to $240. The I just sat on it for a year. There was some sleepless nights during the internet era. Some nights I feel a sleep with my head in the keyboard! LOL
I have a feeling u will be just fine... tomorrow they will try to run up the stock one more time to 103-105 area.. your calls will probably still fall .... to $2.20 -2.50 area.. at that time ... dont get greedy... take the small loss and get out.. because this will reverse itself real fast... just an opinion