Sundar,
May I add my tales of woe? I was way up on Aug 6th. I saw it coming, and did nothing. I bought more calls, but was smart enough to switch from 1 month out to a Jan exp date. Well, I outsmarted myself. Then I dropped it all on INTC Nov 80s, which are almost worthless. Sold all my stocks (COMS, ASND, etc) which was a good move, as they declined. Took the proceeds and put them into Nov calls, which are not looking great.
Well, here is the plan:
1) dont do anything real dumb
2) go on vacation (mexico) till spring
3) return, get a job
4) buy cheap tech stocks slowly
5) dont buy calls until the next technical breakout
6) dont pay more than 1 for a call (reduces loss)
7) keep option portion of portfolio below 80%, or better yet 8%.
8) short y2k stocks, and high fliers. be prepared to sell and hold.
9) play some index options, especially as a hedge
I'm amazed that I can hand out well reasoned advice, and then ignore it when I make my own trades.
The bad news: Net worth mostly evaporated
The good: EZ money to be made consulting, and net worth was low
The ugly: recent market
better luck next time (really) to all |
