I have to be proud of the fact that I have shown discipline the past 2 weeks of trading options and it has paid off. I have been willing to take losses in order to minimize getting killed. But I have also made money. If I had been reckless, although I would have been right, I would have made roughly an additional 7k to what I have been able to put back on the board this week. I've made roughly 5k since my July 21st low, and that is something to be reckoned with.
Today, I came out roughly 1.6k up (including my options which expired worthless...nearly a loss of 1.1k). Needless to say I'm back in the game and if I continue to chop away at my loss amounts I may not have to claim any on taxes! It would be nice to get that back and buy some stuff for my house that my wifey has been pestering me about.
I did open an order to purchase BP OCT 50 Puts. I have on order 10 contracts at .85. I feel oil is still in a bear market eventhough Ike's damage has been done. We'll see how it turns out. I guess we can attribute these gains to gov intervention!
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