Play the Markets Contest is Up!

IHateUGAlyDawgs · Post by **IHateUGAlyDawgs** » Tue Mar 18, 2008 10:54 am

see, I thought I messed it up and then tried doing another order on those shares...

so now I have double of each of those two stocks.

a1bion · Post by **a1bion** » Tue Mar 18, 2008 11:04 am

Sometimes you want to have multiple lots of a position, Jim. If you pick a winner and it starts going up and stays uptrend, you can add to your position--that's called pyramiding your trade.

Same thing if you're shorting and the short is going well--short some more shares to add to the position. Then you can ease out when you're ready to close.

And each time you make a buy or sell, the entry points you establish on the trades are your tax lots. See all the jargon we're throwing your way today!

IHateUGAlyDawgs · Post by **IHateUGAlyDawgs** » Tue Mar 18, 2008 12:00 pm

jargon overload for sure, some of it I'm picking up on, some of it I hope to later.

IHateUGAlyDawgs · Post by **IHateUGAlyDawgs** » Tue Mar 18, 2008 12:36 pm

how useful is it to pay attention to my Annual Return %?

IHateUGAlyDawgs · Post by **IHateUGAlyDawgs** » Tue Mar 18, 2008 12:54 pm

damn...I went short on crocs and it's up 4% right now...fuck.

apexgator · Post by **apexgator** » Tue Mar 18, 2008 2:44 pm

see, I thought I messed it up and then tried doing another order on those shares...

so now I have double of each of those two stocks.

I managed to do the same thing.

Tipmoose · Post by **Tipmoose** » Tue Mar 18, 2008 2:49 pm

There aint no way Im buying anything in the face of an FOMC meeting. Now tomorrow...after this nice suckers rally er...runup...I may have to go as short as a fuckin penguin.

a1bion · Post by **a1bion** » Tue Mar 18, 2008 3:11 pm

There aint no way Im buying anything in the face of an FOMC meeting. Now tomorrow...after this nice suckers rally er...runup...I may have to go as short as a fuckin penguin.

I bought my straddle this morning on the anticipation that the market would bid up hoping for the rate cut. I sold the calls to close that side of the position about thirty minutes before the announcement. Made a nice profit there. I'm expecting the pattern this year to hold and the market will come back down within a few days and then I'll close my puts.

apexgator · Post by **apexgator** » Tue Mar 18, 2008 3:24 pm

I'm up 1.48% for the day just on straight purchases. I'm going to dabble in some of these other strategies (straddle or whatever) tomorrow.

apexgator · Post by **apexgator** » Tue Mar 18, 2008 3:27 pm

I'm sorry, it's 1.90%. I forgot about the 20 minute delay.

IHateUGAlyDawgs · Post by **IHateUGAlyDawgs** » Tue Mar 18, 2008 3:27 pm

I still haven't figured out what straddle means...but I'm up 2.51% on my straight purchases (none of them down), but my shorts aren't working out so well...one was down big all day and was making up for my crocs nightmare, but it just rallied and is up now.

a1bion · Post by **a1bion** » Tue Mar 18, 2008 3:28 pm

Straddles are a good play for volatile markets. You buy and equal number of calls and puts in anticipation of a big move to either side. I was expecting the move up today, so I got my profits on that side. Now the market just needs to follow through on the other side, so that I can close the puts and get paid on the other side.

IHateUGAlyDawgs · Post by **IHateUGAlyDawgs** » Tue Mar 18, 2008 3:29 pm

that said, I'm only down 1% ($93.00) on the shorts, but I'm up almost $1,800 on the straight purchases.

apexgator · Post by **apexgator** » Tue Mar 18, 2008 3:34 pm

How come when i go to rankings it says that there are no players to rank yet?

TheTodd · Post by **TheTodd** » Tue Mar 18, 2008 3:36 pm

So a1, you bought long and short. The market went up today so you got paid on your bullish outlook and you hope your stock will go down tomorrow to pay off on your bearish outlook. Correct?

a1bion · Post by **a1bion** » Tue Mar 18, 2008 4:06 pm

So a1, you bought long and short. The market went up today so you got paid on your bullish outlook and you hope your stock will go down tomorrow to pay off on your bearish outlook. Correct?

Exactly. That's called a long straddle. It's simply a play on volatility.

IHateUGAlyDawgs · Post by **IHateUGAlyDawgs** » Tue Mar 18, 2008 8:23 pm

finished the day at 2.91% gain ($2,063.40), no change on my short sells...not a bad first day for a first timer.

newsgator · Post by **newsgator** » Tue Mar 18, 2008 9:49 pm

All right - I'm registered! I don't know a lot about Wall Street so I guess the best way to learn is with Monopoly money ... I'm going to bed now before the twins have me up, I'll look into some stocks to buy tomorrow [img]{SMILIES_PATH}/icon_wink.gif[/img]

IHateUGAlyDawgs · Post by **IHateUGAlyDawgs** » Wed Mar 19, 2008 9:59 am

how's everyone holding up today?

IHateUGAlyDawgs · Post by **IHateUGAlyDawgs** » Wed Mar 19, 2008 9:59 am

and when does this thing start ranking us?

radbag · Post by **radbag** » Wed Mar 19, 2008 10:10 am

this is a trial run...we should reset and have a formal contest once josh figures out how we can check standings.

MinGator · Post by **MinGator** » Wed Mar 19, 2008 12:51 pm

good thing today. all the stocks i bought overnight are tanking.

IHateUGAlyDawgs · Post by **IHateUGAlyDawgs** » Wed Mar 19, 2008 12:58 pm

I'm down a little today, but not much...and I'm not down nearly as much as the S&P...

the good news is that my "short" sells are looking good today.

TheTodd · Post by **TheTodd** » Wed Mar 19, 2008 1:19 pm

I'm still looking good.

annarborgator · Post by **annarborgator** » Thu Mar 20, 2008 12:35 pm

I've been reading the tutorials on Investopedia for the last 2 days now. Good stuff--nuts and bolts info, which is exactly what I need.