About Rick

I am 27 years old and has been investing seriously for 3-4 years.  For two years, I followed the trends and beat the general market.  During that time, I still made my share of mistakes.  In 2007, I let my emotions and media noise impact my decision making process.  I also didn’t understand how and when to scale into a position which limited my profit making. 
  The ultimate rookie mistake I made was falling in love with a stock.  Piggy-backing on that, I didn’t completely understand the life cycle of a momentum stock.  Two of my major holdings at the end of ‘07 were GOOG and APPL.  These were two of the major momentum stocks of ‘07.  The problem was that once they stopped acting like they used to be, I should have gotten out.  For both of the stocks, I waited way too long to get out of and sold near the bottom in Feb ‘08.  From then until about July, I made bad trades with bad entries.  I played AAPL again and bought near the top in May and again held on too long because I couldn’t believe how a company like this could go down.  My grasp on market psychology was really lacking.  
  Once the volatility picked up, I did the right thing and became more nimble.  I gave up trying to pick a stock to hold and instead tried to play during the 10% intra-day swings.  The problem with this was that my day job didn’t allow me to watch the market all the time and with my problem of bad trade entry, I wasn’t very successful.   Since the top of ‘07, I have taken my portfolio down about 50%.  
  Starting in about October ‘08, I started looking for other types of investment strategies.  During my search, I read many books and looked over many finance blogs.  I came across a covered call blog and it caught my attention.  After much more research and discussion, I decided to make covered call writing my strategy for the rest of ‘08 and all of ‘09. 
  I started this blog at the end of ‘08 to help me keep track of my progress and to keep me from deviating from my strategy.  By reporting my progress in real dollars, it will keep me from making non-covered call trades.  At the start of the blog, I held $24,546.40 in cash and already open covered call positions in 4 different accounts.  3 of them are retirement accounts held at Scottrade and 1 is a regular account held at Zecco.  Should the market decide to turn bullish, stocks begin trending up and the new-highs list has more than 2 stocks on it, I will take my wife’s traditional IRA out of the CC portfolio and use it to try trend following again. 
  I am by no means an expert and by no means is this designed as financial advice.  It is for me to be able to look back at how this strategy has played out.  I am always up for a financial discussion and will occassionaly post my thoughts on current market topics but most posts will be updates about my open positions and overall progress.