Indeed! Tonight I placed an order for my first papermoney trade in a long, long time. So here is the trade:
- With FXP(22.73 +0.00) at ~35.10
- Bought 30 FXP March 2009 40 Calls for 9.9
- Debit $29,700
- Commissions $(54.95)
- Margin Hold $0
Why, well my market disposition is that we are going to go up a bit during December, and then get just slammed in January and Feburary dropping to new lows in the SPX(1344.33 -0.57) and other major indexes. Now, FXP is a double short China index, once that bad boy gets moving, it should run hard up when China starts to show its true colors.
This is a long term trade. Once this order is filled, I’m going to place an order to sell for $55 per contract. I’ll review that as the days move forward and potentially adjust. We’ll see how it goes, but I expect this to do really well.
EDIT: The order was filled for 9.9. Acutal market activity today was at 9.7 so this fill is very much in line with what could be done in the real world. The sell order for 55 is in. I’d expect this trade to be around for quite some time, so that order should fill sometime in Jan or Feb.
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