So far I'm up $550 from a starting balance of $900 on two trades. I need to get more active. I had some good predictions that I didn't act on. Namely Research in Motion and IBM. IBM announced strong earnings and went up about 5 points. From the charts it looked like it was good for another 3-4 poitns the next day. Sure enough, the stock did go up at least 2 or 3 points but I didn't trade on it. Same with Research in Motion, the charts indicated it would be bullish and sure enough, it was up about 4 points. IBM has some decently priced options too, Research in Motion's are a little more pricey.
On average, to meet this challenge I need to bring in about $2500 a month or about $650 a week. However, I know that this will be skewed with the bigger profits seen in the later half. So from that perspective I'm doing fine. I'm being overly caution and not as trusting on my instincts which I need to overcome. Since it is a small amoutn of money, any losses at this point will be detrimental. If I can bring in $400 a week over the next four weeks, I should be in great shape to start reaping better results. Playing with a small amount of money forces me to buy out of money options most of the time, thus I need to have big movers to realize any gains. By big movers, at least 2 points. Once I can purchase in the money options, I can make money off smaller movement, like .75 to 1 point.
Off to a good start, need to play a little catch up from my DNDN fiasco.
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