Sold (to open) 2 August 2014 $124.50 puts at $1.23
Reasons for initiating this trade:
- probability of success: 60%
- bottom of stochastics (see chart)
8/14/2014
bought back both puts at $0.04
(this trade filled while I was still asleep!)
NET PROFIT: $228.44
THE LESSON
- On 7/22, GLD traded between $125.47 and $126.43.
- On 8/14, GLD traded between $126.13 and $126.53 (see chart).
- If I had bought 200 shares of GLD on 7/22 and sold them on 8/14, I would have broken even.
- However, by SELLING GLD PUT OPTIONS instead, I made $228.44!
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