Welcome to the thread, Dick. You've got ABTI scars too, huh? I lost a great big chunk of my portfolio on that one too. I also lost big on INVN and UGLY. All in all, I've dumped $15,650 into the market, and my current net worth is just $6209. I'm working my way back up though; my low point in early January was under $2000!
My main strategy now is to be invested in Creaf (which rose just a bit above my net cost today) and to do 100 share buy-writes when I've got enough buying power, and I can get at least $2.50 - $3.00 of time-value. So far I've got 800 shares (net cost $23.2357) with 4 outstanding option contracts: 2 Jul 22.5 @ $2.6624, 1 Jul 15 @ $7.4749, and 1 Oct 22.5 @ 5.4749. (The nets are all after commissions.)
Assuming Creaf stays above $22.50, in July and October, these option contracts are worth $10,077, and they cost me around $8600 in stock, which is a 17% return. Not bad, considering that I started the year down 90%!
Anyway, I'm still learning how to do this stuff too; I only started last May. If you feel my feet are worth sitting at, I'd be very pleased, but I'm no master; at best I'm a yellow belt (or whatever color is one step up from novice.)
Doug. |
