|Achieving a double in the market.|
About a year and a half ago I started this blog because I was inspired by a guy named Rocco Pendola, who at the time was writing a series of articles on Seeking Alpha. He was chronicling his attempt at doubling his account of $10,000 through the use of options. In less than 2 months, he reached his goal.
I had a feeling I could do the same thing over a one year period of time without using options. I started the account on December 12, 2011. Ten weeks later on February 26, 2012, the portfolio was up 37%. Not bad right? Incredibly, at the time, I was disappointed in the return. February 26 was the last time I updated that account because life started to get in the way and I didn't have the time to update the blog. Feel free to look back at my old posts starting on December 12, 2011 and you can see every trade that I made to achieve the 37% return. (I must warn you-when I started this blog back then, it was the first time I had ever done a blog, so it is a bit all over the place)
The bottom line was that after one year, I didn't reach my goal of doubling the account in one calendar year, but I did get to 90%.
Today, I will again start providing a written account of an attempt to double a $10,000 account in less than one year. On April 18 this year I started with an account of 10k. You can see the trades and the results below:
Open Trade: 5/17-shorted 942 shares of RDN at $13.69 (6% gain)
4/18-shorted 262 shares of UNXL at $38.10
5/17-covered at $29.44 (29% gain)
Start Date: 4/18/13
Starting Balance: $10k
Current Balance: $13,718.00
Annualized Return: 246%