Learning points from the first ever correction since I trade live

General notes on my trading activity this week
As anybody - reading my blog - would have spotted it my positions are loosers (save WFT) by my own rules. Thus they should have been closed out. Especially, PCR.
As I have mentioned already, but there is not enough of self remembering, there were a few (partly costly) learning points I got under my belly this week:

1. Money management really counts: See if I would have made two trades then PCR would have been only one of them and I would be at -$200 with that position. Maybe the other one would have been a looser as well but chances are against this.
2. Exiting is tricky with options when you are not with the market along the day: I clearly remember the feelings that tumbled inside when PCR started its chute. Until it has reached my looser exit (position value at -50%) point I was cool. But then simply it made the dive when I was not following the market. Also, I am not sure but probably a bid down trailing stop would have done it set for -$100.
   

Open Trades as of EOD 27 July

Live

Symbol

Description

Stock

Qty

Cost Basis

Total C/B

Price

Market Value

.PCRJP

PCR OCT 80 Call

56.64

1

$5.20

$520.00

$1.20

$120.00

($400.00)

.RIOHR

RIO AUG 57.5 Call

47.14

1

$0.45

$45.00

$0.10

$10.00

($35.00)

				Virtual
Symbol	Description	Stock	Qty	Cost Basis	Total C/B	Price	Market Value	Gain / Loss
.TEXJS	TEX OCT 95 Call	$83.15	1	$6.60	$660.00	3	$300.00	($360.00)
.WFTAL	WFT JAN 2008 60 Call	$55.27	1	$5.90	$590.00	4.1	$410.00	($180.00)