Paul Meyer Buys Houses

Cheapness and greediness gets you no where – Trading Competition – QQQ’s

Okay so I’m half way through my trading competition with my eldest sister and she is about to quit trading all together. She actually traders smarter than me, but I suppose after trading and focusing your life around practice trading for over 7 years and you still aren’t making money you throw in the towel. I told her after our competition to take a year off. I take 6 months to a year off when my trading just sucks.

Currently in the competition I’m down -50% in my QQQ and S trades. I bought so out of the money expecting the early rally in October to continue but it never did. Well it has but more less gone sideways. I really see the QQQ hitting $60 so I ridiculously bought Nov 63 Calls for $.09 trying to make a small fortune within 2 months. So only time will tell if my options hit between $.50 – 1.00 which is my target sell price. Sprint (S) is going through hard times but I really think opening it up to selling iPhones might get more traffic through their stores and since they are in every RadioShack it gives them double the exposure. You know they were the first to come out with 3G and 4G. I don’t think the company gets enough credit. So far the stock after I purchased Jan 2.50 Calls has been rather soft and bad news/negative news has come in. I usually NEVER purchase a stock under $20. It seems anything under this price moves like a snail and just has problems politically or financially within the company. However, I figured if the QQQ and DOW would move up than S should move along up with it. I don’t plan to make a killing out of it. I have 3 months to be right or lose $700 in the trade.

I hope my big sister doesn’t give up trading. When we started learning together we were told its about trading a lifetime. However, for most normal people trading a lifetime if you aren’t making money will basically ruin your life. It sure has ruined mine. I think I have over $40,000 in student loans I traded and ended up being at a loss. But fuck it. I’m going to show all you fuckers I can beat this game if it’s the last thing I do alive – of course if I die then I got beat. I trade with less now. I’m not going to make my 8 years of trading and paying my market tuition go to waste.

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