Thursday, May 11, 2006

Hee Haw

Played in a satellite tournament at Bodog last night, as part of a series of tournaments they're running for affiliates, culminating in a freeroll for a WSOP Main Event seat. The top 30% get points in each tournament, with the top 30% at the end of four or five qualifying tournaments getting a seat in the final freeroll for the Main Event seat.

I managed to play solid poker for the majority of the tournament, then was seized by the uncontrollable urge to act like a donkey and lose all of my chips in three consecutive hands, folding 1010 preflop to a short stack to my left who came over the top of my raise with what was very likely a worse hand, calling off most of my chips the next hand to the same player on a Q83 flop with 55 (he had 66 and shoved on the flop), then lumping it all in with AQo as a shorty and running into QQ.

Hee haw.

On the bright side (and pardon the petty gloating), I managed to get out of CRYP yesterday at the absolute high of the day, basically doubling up the chunk of change I'd invested in options. I usually muck up the timing on trades like that but managed to get out in the morning before it bled back a chunk of the gains throughout the day. I'm still long CRYP, as I think we'll see 35 within 3-6 months, but I was more than happy to book a nice gain from the options and plow it back into something else.

3 comments:

Rory Cartwright said...

nice blog, good luck freerolling into the WSOP!

Counterfeit said...

Hey Scurvy

I've been doing a crash course in options basics this week. It seems very interesting, both on the speculative side and as a potential hedge mechanism for other investments.

I assume from your posts that you have long call positions in CRYP. I'm just curious how far out you are buying on the calls? That and if you have a favorite site for online trading?

I have some money (not poker money, thats for sure), I need to put to work.

ScurvyDog said...

counterfeit,

I'm pretty much an options newbie myself, as I've only been dabbling there for a month or so.

I started buying May $25 Calls in CRYP back at the end of April, around the 20th or so. The short time frame made me a little nervous but I was pretty certain they'd announce good earnings on May 12th, as every other public company in the same space (casino and poker) had been announcing kickass quarterly results. So I didn't mind buying the May calls near the end of April, as the earnings on the 12th were going to make me or break me.

Completely out of options at the moment after unloading the CRYP May calls (I'm still long on the stock, but via a normal position, no options), so I'm not sure what's next.

I use Scottrade now but I'm pretty "meh" on them in general, and will likely switch over to an Interactive Brokers account in the very near future.