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Trade

Bought to Close 8 contracts of WSP AX at 1.43

posted 06/27/08 02:40 PM (Note posted about 2 hours after the trade) | Viewed 139 times

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Transaction: Bought to Close
Symbol: WSP AX
Quantity: 8 contracts
Price: $1.43
Value: $1,144.00
Stop Order: No @ $
Target Price: $

I was finally presented an opportunity to close this position without taking a loss.    I made a whopping $10.00 profit on this trade,  but hey,  I'll take what I can get.   That at least pays for my next two trades.

I've been wanting to get out of this for the the last couple weeks.   I plan to keep selling covered calls with my SBUX shares,  but I'm going to use shorter expirations (30-60 days ) and lower strike prices.   I want to try and take advantage of putting faster time decay on my side.

See the following for more info Sold to Open

 

 

 

Edited by UPod at 06/27/08 02:40 PM

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corbinb2

Member since: Nov 07
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corbinb2
Posted June 27, 2008 (03:04PM)

That 10 $BUX should get you a cup of coffee at one of their stores too...barely...lol

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mpc220

Member since: Dec 07
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mpc220
Posted June 27, 2008 (04:30PM)

Glad that you were able to escape without damage, but I gotta warn you: in my experience, waiting to eke out some miniscule profit on a losing position can end up costing you thousands of dollars compared to just closing it out.

 

There's no shame in taking a loss.

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