I’ve decided today to broaden my blogging to address other things I’m interested in. Blogging on tech stuff just hasn’t been motivating enough.
The other day, I decided to toss a few bucks at Mittal Steel Company NV MT in the form of 3 contracts of MTGZ.X figuring it would move a bit and let me get out in a day or two. I figured it was on a quick climb and I didn’t want to miss the buy, so I wrote it as a market order.
In my haste, I mistyped the order and bought 3 contracts of MTGX.X and hit confirm without really looking at the screen. WHOOPS. Instead of buying at something like 50c, I ended up with options priced at $7.20. And.. the spread was $6.80, so I was immediately underwater almost as much as I planned to invest.
I decided it was best to let it ride since I was slightly bullish anyway, although I almost dumped it at $6.90 just to ease my troubled mind. I put in a sell to close order at $7.40 to cover my commissions figuring I could override if I was watching the market and decided to go longer and shorter.
Woke up today and drove to work. When I got there, I discovered the bid was $7.70 and I ended up actually making money.
The bid is up to to $8.10, but I’m the only volume on that option today and I didn’t lose my shirt, so I’m happy!