Sunday, March 09, 2008

Weekly Positions Update - 03/09/08

Ouch :)

A tough week, no doubt about that. They don't come much tougher.

A couple of bright spots I'll pull out:
  • I'm out of all non-currency positions, albeit after a sharp hair cut
  • I managed not to lose all the money I made the week before
Selling is tough. Buying is much easier - and when things are going up, you don't want to sell. Who knows how high things could go? So I believe you have to wait for the down turn. And manage to get out before you give all of your profits back.

So I sold earlier than I normally do (I normally wait for a 15-day low...my week would have been much worse if I had waited for that...I'd still be holding many positions, in fact). Just had to get out, and I thought this correction could be nasty. I have to admit the magnitude and velocity of it was shocking - I was caught flat footed on a couple of positions, and got out later than I would have liked. But at least I'm out, and will live to trade another day.

Open Positions
Date Position Qty Month/Yr Contract Strike Call/Put Entry Price Last Price Profit/Loss
02/28/08 Long 1 MAR 08 Japanese Yen 0.9501 0.9786 $3,562.50
01/02/08 Long 1 MAR 08 Swiss Franc 0.899500 0.9796 $10,012.50
03/07/08 Long 1 MAR 08 Swiss Franc 0.978400 0.9796 $150.00
Net Profit/Loss On Open Positions: $13,725.00

Current Cash Balance $107,716.73
Open Trade Equity $13,725.00
Total Equity $121,441.73
Long Option Value $0.00
Short Option Value $0.00
Net Liquidating Value $121,441.73


Cashed out: $5,000.00
Total value: $126,441.73

Weekly return: -15.6% (ouch)

6 comments:

Anonymous said...

These currencies should be rolling over to June soon. How would you handle that?

Thanks Ken

SugarHigh said...

Ken, I usually wait for the volume to even out between March and June - then I roll them.

Nothing fancy, I'm sure there is probably a textbook way to handle it - but I'm not sure that it matters much.

-Brett

Anonymous said...

I agree Brett- Thanks for the response. Unleaded Gas weekly and monthly breakout here. Check it out

Ken

Stephen Oakes said...

I see you have tracked Agora a bit. I'm one of their editors and would like to discuss some opportunities with you if you have the time...

-Stephen
stephen.oakes@gmail.com

Ken said...

Brett
How does the Aussie dollar look to you?

Thanks Ken

SugarHigh said...

Hey Ken - I love the Aussie, but the damn thing hasn't rallied like I thought it should have! I believe due to the carry trade unwinding.

I'm still watching the Aussie closely, but can't decide on a good entry point. This might be one you have to band trade - buy when it hits the lower end, sell on the high end. Damn carry trade goes on/off so fast it's really hard to time.

Brett

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