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Lessons Learnt

My post on 7/22/2008, “Be Patient” was meant to serve as a reminder to myself that I have to be patient.

 

I wrote the post after I realized a quicktrade to close 5 PRQTN @ 1.4 and miss the ride to 8.50 the next day!  The trade to close PRQTN was meant to switchmy cash to FREJB, a more volatile option with a bigger swing. The switch was meant for a quick gain and quickgain I got; I closed FREJB two days later and had a realized $400 in twotrading days. However, if I could bepatient and wait out for the Costo earning call, I could have a gain of $3,550! Anyhow, a lesson learnt.

 

Even after I wrote the post, I made anotherbad move on FREVB because I wasn’t patient enough and miss the ride onThursday. Be Patient!

 

So, by COB 7/25/2008. I went back to where I started.  I was only $50 away from my goal of $1,000 ingain. I lost two big rides and back towhere I started!

 

Go into next week, I am short on cash andlong 15 NJWIP.  I speculate that afterSenate passed the housing bill on 7/26/2008.  I am betting on FNM will gain its ground andmove north. My plan going into next weekis simple, just be patient! I set theexit point for NJWIP @ 4.0 (my cost was 2.5 for all 15 contract) and I believe it’sreachable, maybe not this week but should happen within a month. Let’s wait and see what next week bring.


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