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 $50k in ONE DAY? I'm so screwed that I'm just sitting here eatting the pencills and my nails!
<You're welcome. And lucky -- I lost my sanity and a lot more than you 'lost' with Amazon.
Don't forget your favorite charity on your way out:)>
Shit happens, to everyone sooner or later. This is the best trade for me this year and I ONLY was lucky. I also lost hundreds of thousands of dollars in shorting Amazon and Rimm cumulatively and it reached a point you say"what the F&*@#$%K, the only way the market works is that you have to be mad and do the opposite of your sense telling you to do!", so I did the "obviously" non-intelligent thing and gambled! After losing hundreds of thousands of dollars in shorting, the prospect of getting wiped out completely no longer bothers you too bad. That's why I took a "do or die" atitude this time, and got lucky. It's a very tough year for bears, I know most of them are good, sensible people personally.
With RIMM it's best to own the actual shares rather than gamble with options imo. When RIMM runs, it runs, but when it goes down or sideways, well, you could lose it all with options, but never with the shares.
no, but I lost 10K in a blink of an eye with INTC last earnings quarter as the premium evaporated (-70%) the next day. I at least no how it feels. You should have bought a straddle on that one. RIMM was way to high and news loomed around that earnings would rather be bad. Down we go today
I am sorry for you. It happened to a lot of us who followed the dot craze but now I have changed. I don't but options as market makers usually make half of the profit and never contribute to losses. Buy plain stocks and you will be fine. Based on a momentum screen, I have owned RIMM since July 30 and I have made 38% with this line, I am quite happy with it.