Wednesday, September 22, 2010

What happened to our other trades?

Our Bidu Oct100 calls we sold at a 50% loss to try and protect ourselves from the RIMM position. 3 days later we would have made 350%. The Goog Oct500 calls which we had to sell at a break even to protect ourselves from RIMM ended up going up 1500%. The lesson here is we made a huge position management mistake. Pure and simple. NEVER EVER EXPOSE YOURSLF TO A POINT WHERE YOU COULD BE DESTROYED.