I did the (ITMN) ITM CC that IWO suggested. Sold the Mar $12.50, cost average of $9.95 after the call. I did 5 contracts. I'll take the extreme risk for a possible 25% return for 3 weeks. The max risk is $5,000 and that is allocated to the pure speculation section of my portfolio that I've roughly got targeted for 10%, or $23,000.
Many of you have been reading this blog may have noticed that my blogging frequency has increased over the past few weeks as I got short the market. As you can imagine I am down money since getting short the market, this is the time when most people pull away from posting. But my goal is to stay active and involved and show you that trading is not always rainbows and butterflies. It is times like these that the things I have been sharing over the past couple of weeks are so important. You need to trade small relative to your account. I have a decent short position in the market and my portfolios are set up to make some awesome returns if we finally turn lower. But something I would like to point out is that my account is 70% Cash. I learned a long time ago how important it is to live by the rules you preach. Because of my discipline I am able to continue to hold my positions, I have time and capital on my side. I can't stress enough how important it is not to get to big....
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