Tuesday, June 29th Weekly Portfolio Update and Trading Ideas Portfolio Update

Mea culpa for the lag in updating my portfolio. I am in the process of selling my place in DC to relocate at the end of the summer, so it's been hectic. I also just submitted my resignation (am working til the end of August) to my employer of several years. These are all good changes, but big ones.

The week of June 14th, I traded like a "crack addled gypsy" (credit goes to @kuna100 for another evocative description when he tweeted this a month or more ago:) and lost money on just about everything I touched (AMLN, QCOR, CRUS). The week of the 21st I basically just hung out on the sidelines and nursed my wounds, trying not to obsessively check my JSDA short position every 10 minutes on my Iphone. On the plus side, I sold IPHAF out of my IRA at .40 a day or two before it tanked. I almost upped my sell price and then decided to stick with target, and am happy I did. That freed up some purchasing power in my IRA that I'll sit on for now.

June 29th: $ 48,349.46
June 21st: $45,321.35
June 14th: $49,077.35
June 7th: $49,766.50
June 1st: $48,081.00

Currently, I have only $1,750 in my options account, down from $2,827.21 a few weeks ago. QCOR kicked my tuckus and I am remembering why I don't trade much in options- in short, I kind of suck at options trading. I still hold September ALXA and BIOD calls. I have $46,599.46 in my stock trading account.

Some Lessons I've learned:
1. Beware fear and greed. I could've taken profits the week of June 14th and didn't, turning them into losses. I could've cut my losses and taken some time off, but kept trading with a clouded mind instead. I should've bailed on trading before I lost as much of my portfolio as I did. Luckily, my JSDA short has mostly made up for it this week, but that's just another reminder to set targets, be patient, and keep perspective.
2. I do best when I place 1-2 trades a week and let them sit a bit. Guess that makes me more of a swing than day trader. I get caught up in the adrenaline rush (loss or gain) and find myself trading when I don't need to.
3. TAKE THE PROFITS when I can. Yes, yes, yes, I say this weekly. How long it will take me to learn, who knows?
4. Keep perspective. Be willing to take a break, it's the only way I can get perspective. Story hour with my daughter, the gym, a book. Anything that takes my mind away from trading. Too much of any one thing destroys my clarity regarding it, and appreciation.
5. It's ok to make mistakes- just learn from them.

Trade Playlist updates for June 29th-July 2nd, 2010:
I am traveling again at the end of this week, and the market is messsymessy, so don't know I'll trade much. I am watching VVUS, BIOD, QCOR for buys, but if I pick up some shares, will do some gradually.

I'd love to go all in on some smoking risky trade and end the month up big, but I figure sometimes not losing money is good enough.