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 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)


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.


Anonymous said...

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


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...


Ken said...

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.


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