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'Wayne R'

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DERBENSKI   Saturday, 10/25/08 06:52:49 PM
Re: Wayne R post# 74
Post # of 90 
'Wayne R'

Most money I ever made was in options in 2002. The rand significantly devalued and the miners labor was already locked in per contract. Nobody was paying a lick of attention as to what this would mean for earnings. They got a full quarter of a rising rand gold price. It went from 6 or 7 rand to the dollar to about 10 by the end of the quarter. All miners put out the quarterly in mid may so there was no early warning as to what earnings would be. I took about 30k and put half of that on the ASA options with less than a month to expiration, playing it to the fricken wire. the rest I put out longer term. Meanwhile the rand kept rising... got up to 13 rand per dollar.

Anyway, the options were just slightly out of the money. Going into earnings the price rose and I panicked and sold half to get my money back lol, too much stress. I still made bank but I kick myself in the butt for not sticking to plan, I would have made $10 a share easy and I think I only paid about .25 or so. Stressful as hell holding an expiring option like that.


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