I, too, am fuckfaced.
This owing from recent stock operations in a certain $MRVL, aka. Marvell Technology. The story starts like this: recently I have been utilizing The PPT with great success. Earlier this week, $FIRE was flashing multiple hybrid and technical “OVERSOLD” signals. Historical results have been fantastic, take a look for yourself:
Tuesday, these signals were popping up on my OS screens and I decided to take action through the purchase of some Sept 50 calls @ 1.80. Well, the trade has worked out very nicely. In fact, the feeling was so good, that late Thursday afternoon, I wanted to parlay my profits from the $FIRE trade into some $MRVL for the “earnings gamble” (going with the Sept. 14 calls).
A number of other option trades I had made using PPT signals were also working on Thursday, so I was “feeling it”. Hell, I even bought more $MRVL calls late in the day.
The count was 3-1 and I was sitting on the hanging slider.
Well, we all know how things turned out.
Now I sit on a pile of essentially worthless calls and am fuckfaced. Not because of the loss (as I was merely using profits from the $FIRE trade), but because I am 100% to blame for my lot in this trade.
In the end I broke two of my most important rules: 1) don’t follow anyone for any reason (even someone who’s market knowledge and prowess I respect as much as “The Fly”) and 2) do not get involved strictly for earnings.
I deserve everything I have received, and these contracts deserve to expire worthless.
I didn’t work for this trade. It was a bullshit whim based on an urge to gamble…not sound research. Pure garbage on my part.
My best to you all.
-EM
One Response to “FuckFaced II (also: How not to Trade 101)”
Raul3
Remember to revisit this post when you’re back on winship lane:)