I sold my April 65 calls previous week on a sudden emotional panic for $2.10 per contract now they are over $9.20 despite the fact I thought NBR would go over $70 again - due to the dip previous week that gave me a 2 minute panic that caused me to sell .
Then took $50,000 of what I had left and bought puts on a steel stock last week and now those puts are near worthless.
from a $200,000 sell today to nothing in less then a week.
and this is after I lost $1.3 million on US airways 2 years ago.
Am I allowed to kill myself.
Why on earth are you taking such large undiversified naked derivative positions? Have you ever tyaken a class in investing? Your strategy, statistically speaking, is a money losing approach, as I think you have found out.
Naked derivatives are not investing, they are GAMBLING.
You need to take your remaining savings, and your ongoing income stream, and DIVERSIFY them into equities, some stocks and some bonds or even CD's.
According to the company's news release of yesterday:
"the split, which will take place in the form of a stock dividend will occur on 4/17 to stockholders of record on 3/31."
Question (dumb? I don't know):
What happens to investors who buy NBR between 4/1 and 4/17 at pre-split prices??
He is full of
i gotta say your post troubles me. Dude, you were not investing, you were gambling. big time. and some other guy actually gave good advice when he recommended covered calls. I have on 3 different occassions made and then lost a small fortune. all before the age of 25. Now looking back i realize i was gambling, not investing. Covered calls are the best way to get 20-30% a year consistent returns for the rest of your life. Seriously, check these out. You say you have a 6 figure job. Work your ass off for few years, save up $50k, and start trading covered calls. And most importantly, STAY AWAY FROM NAKED PUTS/CALLS. man they are nothing but a gamble. You know with that $1.3 mil you said you lost earlier, that could make you at least $150-250k a year for rest of your life doing very very conservative covered calls. You could have been retired. I'm sorry i'm probably making you feel worse.
Just don't do anything stupid, start over, and learn from your mistakes, it sounds like you didn't learn from your 1.3 million loss, but hopefully now you'll learn to become an investor, and not a gambler