Public Challenge Account:
Currently Long one March 08 Sugar #11 10.00 Put at .08 ($89.60) in optionsXpress Account
Profit goal for the option is the .21 to .25 area ($235.20 to $280)
Value of option at the time of this writing: .08 ($89.60)
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As a new feature of this blog, I am going to introduce an accompanying Video Blog on YouTube. The very first video can be found here, as well as above in the "Buzz" slot.
The purpose of the video blog will be to summarize much of what is discussed here at my daily blog. In addition, at times it's best to use charts to illustrate various strategies and a video blog will allow for expanded teaching methods. Therefore it gives some of what is discussed a different flavor. Expanded content is never a bad thing. Each time I update the video blog, I will also put the new video above in the "Buzz" slot for a day or so . . .
Onto Sugar #11 news. The market surged ahead yesterday, and then again last night. I'm going to sell the option back to the market as soon as possible to recoup any possible loss. There was a seasonal tendency for the market to be weaker during this period, but the market continues to make higher highs. No sense in holding onto the option if that's the case. Remember, the only way to hold onto gains made from the market, is to not allow our bad trades to wipe out any gains.
So I went ahead and cancelled the profit stop order, and then entered an order to sell at the market. I was filled at .03, or $33.60
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This is not an investment or trading recommendation. The losses in trading can be very real, and depending on the investment vehicle, can exceed your initial investment. I am not a licensed trading or investment advisor, or financial planner. But I do have 12 years of experience in trading and investing in these markets. The Challenge accounts are run for the education of other traders