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!
easy money = easy loss
hard earn money = hard to lose
just use your pencil to draw a circle and you know eventually money will come to you but it may need all your life to come to you. be patient friend
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.
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.
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!
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 can make you feel better. I bought 1,000 sh of RIMM at the IPO, not really understanding what it was. At the time I had a broker who often let me in on IPO's, and I would make a quick profit and move on. RIMM was more volatile than I liked, and after seeing a losing position turn into a gain of a couple thousand I felt happy to get out with a profit. Had I held on it would have been by far the best investment I have ever had. Makes me sick to realize it and I'm still kicking myself for not really taking the time to do my DD and understand the potential. It is very hard to buy at these prices, and if I did I would not buy more than 200 sh at most, compared the the rather large number I should be sitting on at this moment. Congrats to all you longs who have hung in there with this one. Investing occasionally works out like in the storybooks.