Replies to post #4254 on Boca_Bobby Basics

[boca_bobby]

Just a note to my strategy as far as how much I risk per trade.

I try to use the 10% rule I created for myself. This rule is pretty simple as says I can only risk 10% of the total amount of cash on hand or $200 (whichever is higher) per trade. So as most of you can see from my trades over the past 45 days, I've held firm to about $200 per trade.

Currently my paper trading account which started at $2000 now has a cash balance of about $3,500 and we are holding that Jan13 $165/$170 GLD Call Spread. So my next trades will probably be risking about $300-$350 per trade.

I also try not to have more than 3 "short term" plays at any given time. Some folks can play way more than that but I find myself getting lost in the fray. So again, this is about knowing what your individual strengths and weaknesses are. Then accepting to restrict yourself to those qualities that may give you the best chance at success.

So we have about 2 more months to go before live trading will once again begin. It's getting tough to not just start trading again but I really want to finish what I started. The market isn't going anywhere......


Have a great weekend all

[boca_bobby]

Scorecard Results thru 11/04/12

Here are the current results of our paper trading.

Long term: (total risked = $0.00)



If all positions were closed we would have $0.00



Short Term: (total risked = $420.00)

BUY 4 NOV WHR $105/Calls @ $0.75 (Currently @ $0.55)
Buy 10 Nov17 T $36/Calls @ $0.12 (Currently @ $0.10)

If all positions were closed we would have $320.00


Closed Positions: (total gained = $1,768.00)

2 Jan13 GLD $165/$170 Call Spread @ $0.95 (Closed @ $1.42 gain $94)

Buy 3 Oct26 SPY $145/PUTS @ $0.64 (Spent $192) on 10/18/12
Sold 3 Oct26 SPY $143.50/Puts @ $0.96 (Collected $288) on 10/19/12
Sold 3 Oct26 SPY $145/$143.50 Put Spread @ $0.85 (Collected $255) on 10/19/12
Total Gained from this trade = $351.00


1 Oct AAPL $705/$710 Call Spread @ $1.75 (Expired Worthless lost $175.00)
2 Weekly AAPL $680/Calls @ $1.00 (Expired Worthless lost $200.00)
1 Weekly AAPL $660/$665 Call Spread @ $1.70 (Closed @ $2.20 gain $50) "quick trade today 10/2/12"
1 Weekly AAPL $690/$695 Call Spread @ $0.41 (Expired Worthless lost $41.00)
5 Weekly CAT $90/Calls @ $0.08 (Expired Worthless lost $40.00)
6 Weekly CAT $87.50/Puts @ $0.33 (Closed @ $1.50 gain $702.00)
2 Weekly SLB $75/Puts @ $1.10 (Closed @ $3.05 gain $390.00)
2 Oct PCLN $665/$670 Call Spread @ $0.50 (Closed @ $0.50 broke even)
4 Oct SBUX $52.50/$55 Call Spread @ $0.49 (Closed @ $0.22 lost $108.00)
5 Weekly NFLX $60/Calls @ $0.40 (Closed @ $0.30 lost $50.00)
5 Weekly BIDU $120/Calls @ $0.34 (Closed @ $0.15 lost $95.00) week ending 9/28
3 Oct GOOG $655/$650 Put Spread @ $0.60 (Closed @ $0.30 lost $90.00)
3 Sep ISRG $520/$525 Call Spread @ $0.70 (Closed @ $1.25 gain $165.00)
4 Weekly FFIV $110 Calls @ $0.45 (Closed @ $2.70 gain $900.00)
5 Weekly BIDU $125 Calls @ $0.20 (Closed @ $0.03 lost $85.00) week ending 9/21