In early 2023, I made one of the biggest trading mistakes by believing a financial guru that the stock market was going to crash in 2023 and went heavy on my short positions. I lost more than $40k in 2023 when the bear market turned into a bull market. It was also during that stage that I sold 5 Covered CALL contracts on Tesla and my other stocks. As we know by now, that was the bottoming period for many stocks and I had since been stuck on my Covered CALL positions for more than a year.
[Trade 1] Closing Tesla Covered CALL With Profits
However, with Tesla having very poor performance (in terms of share prices) in the last few months, my Covered CALL starts to turn profitable. I closed one of the 5 position at a gain of USD738. I am currently left with 2 Covered CALL positions as I have closed 2 positions recently.
Details here: [16 April 24] +USD738 Profits, Closed Tesla CC Position
[Trade 2] Closed Tesla PUT Position With Profits
In my 2nd trade, I closed my Tesla PUT position (with a short expiration date) because the contract value drops fast due to exponential decay of theta (time). The position was made to increase my liquidity so I wanted to take profit before the contract value eroded away as it nears expiration date.
Details here: [16 April 24] +USD74 Profits, Closed Tesla BUY PUT
[Trade 3] Bought Microstrategy Shares
Lastly, I bought fractional shares of MicroStrategy as I believe it will rebound together with Bitcoin price, maybe sometime in the second half of the year.
Details here: [17 April 24] Bought Fractional Shares on MicroStrategy
[Trade 4] Bought Nvidia Share
Nvidia’s share price took a dip as ASML reported bad earning report. I took the opportunity to cover my short positions in Nvidia and added one more share.
Details here: [17 April 24] Bought 1 x Nvidia Share
You can find out more about why I have short positions in Nvidia by reading this article:
My Nvidia Time Bomb (-USD141.5k Unrealised Loss & Counting) | Why You Should Never Sell Naked CALL | The Danger Of Short Selling
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