Many lessons for me this summer but I can see this CC strategy working. As I said before, I should have unloaded my entire position at $16, not just 50% in my taxable account. I should have not re-bought some in the high 13 range either....So I was faced with a decision to either cut my losses or stay-in. My focus was being pulled by many family demands and my finger was on the unload trigger but instead I read your messages with Jim. Then writing CCs made sense and a viable solution. So with the help of Jim I placed my hedge. The CCs and Jim's advice are helping me gain perspective and I hope to regain the edge I had as a trader before this past July. Let me say its never easy for a trader to be long in any form so this is an adjustment for me.
Who would have thought GNW would be in the $11 dumpster right now. YEah, I wish I wasn't doing trades either but you and I both know that its pretty hard to ignore the markets even when your wife and kids are at your back, especially on vacation. Also Jim put me onto ATPG & ARIA which is also a big bonus. Soon the gulf moratorium will end and ATPG will move higher.
Hey, I wasn't happy either now.... not doing it. I have learned my lesson. You should give a little patience and me some credit as I have changed my strategy almost completely in 2 key accounts as I saw the wisdom of writing CCs. I found day trading was becoming all too consuming... Would you do the same so fast? Any way: Here's my wife's CCs.