Couldn't take any more. Took a HUGE haircut.... loss of something like 85% in a few weeks on the Sep calls. Wow.
I had to protect what's left. Moving on to my next trade, but I may take a day off.
Still own 1100 TZA shares that I'm holding for now.
I took a little inventory of my last year of trading to see if I could find out why I'm having such bad luck.
I always thought I was a great individual stock picker and a so-so options guy, but just looked at one of my accounts and had +1K in stocks and +38K in options this year.
I WAS good at stock picking, and thought "I should just buy options on the same stocks instead"... it's worked.
I have already re-tooled my accounts and I'm ready to get back in the saddle. Don't need a break, just going to tweak my investing a little bit and reduce some risk.
Aleady dipped in and bought some ZSL after hours. :)
Also looking to add more DNDN Jan 12 or Jan 13 options tomorrow.
Have a few other ideas too... just need a break from TZA maybe.
wow, have you predicted ANYTHING right? Evee since your Apple bloodnath prediction its been up around $15
I post honestly about gains and losses on here, mostly because it keeps me honest about my losses....and when I post about gains I'm not gloating, just sharing a success story.
bobwins, I thought you were a legit poster and was actually answering some of our questions yesterday... welcome to my ignore list.
wood... how many times do we have to tell you that we are not necessarily all bears here, just trying to call moves in the right direction.
Here's a challenge for you... join the CNBC million dollar portfolio challenge and post screen shots of how you're doing online so we can marvel at your investing prowess. I'll do the same and we'll see who comes out on top. Game on?
There is nothing wrong with taking a TZA beating like you did. It happens to all those that dare to try and pick the crumbs at these market lows.
Take a few days, whimper and cry to your wife, count you losses and cry more, then strap back on that diaper and go market long with TNA and GNK.
joel, i'm new here, did you lose on the tza calls since august?
I've never touched lev. etf options.
Congrats on your past success.
I've noticed a lot of slippage in the lev. etfs so I don't hold them more than a week or so.
Does the poiv on them decline a lot and quickly?
Seems to me market wants to go down next, but the sept. swoons have moved up to august, and I just can't tell, but I do believe index charts are bearish-looking.
Looks like overall more money wants out than in.
Naz pattern looks identical to when it fell from oct. 2007 high.
Fork, I really don't need the condescending advice. I've been very open on here with both my good days and bad... it's well documented on here that I turned about 10K into over 100K in less than a year... and that I've been losing money hand over foot since the beginning of August.
Maybe you didn't mean it, but I didn't appreciate what you were inferring that I am some kind of newbie who needs a lesson on options. That trading vehicle has done me very very well... days like this happen, and I understand that. Maybe this board isn't the place to complain if I don't want remarks.
You're holding 1,100 shares of TZA AND had all those Calls? Don't take this the wrong way but man that is nuts. If anything, you should have bought PUTS to protect your long position. In fact, you could have done a Collar where you sell out of the money Calls in the front month (September) and used the proceeds to buy Puts so you have FREE protection. Sure, you take the risk of it going up and you lose out on profits. You could have gone further out on your Puts so you have much more time to ride this out for FREE.