3/26/2007

10d,Theta	10d,65%VAR	10d,95%VAR	10d,99%VAR

3.4%	0.0%	14.8%	54.4%

3/22/2007

10d,Theta	10d,65%VAR	10d,95%VAR	10d,99%VAR

3.7%	0.0%	16.5%	55.3%

3/21/2007

Wow, what a market...

The market tends to move dramatically these days. Option sellers are not
charging enough for the premiums :-(

10d,Theta	10d,65%VAR	10d,95%VAR	10d,99%VAR

3.5%	1.4%	12.0%	42.5%

3/19/2007

April Positions:

10d,Theta	10d,65%VAR	10d,95%VAR	10d,99%VAR

4.8%	3.7%	27.6%	72.0%

March 2007 Review

March 2007 Result: -15.0%

Big market drop on 02/27 generated panic selling in the market.
This has caused significant increase of market volatility.

While IV jump has already increased risks and reduced margin safety
in this trading account, I then made a mistake on 03/01 by taking more
risks. The following market drop on 03/05 eventually triggered margin
meltdown, and forced this account to cut loss and close positions to
reduce margin.

This unnecessary risk-taking has probably caused 10% more loss
for this month. This is a lesson that needs to be learned.

03/13/2007

10d,Theta	10d,65%VAR	10d,95%VAR	10d,99%VAR

4.6%	2.4%	21.5%	99.6%

3/8/2006

10d,Theta	10d,65%VAR	10d,95%VAR	10d,99%VAR

5.4%	0.2%	43.1%	150.2%

3/7/2006

10d,Theta	10d,65%VAR	10d,95%VAR	10d,99%VAR

7.1%	0.0%	76.1%	191.7%

3/6/2007

10d,Theta	10d,65%VAR	10d,95%VAR	10d,99%VAR

9.9%	0.0%	99.5%	212.9%

2007/03/05

Cut loss, reduce risk...

Market is volatile, it seems previous action of increasing risk
at this market condition is not appropriate...

10d,Theta	10d,65%VAR	10d,95%VAR	10d,99%VAR

10.3%	4.8%	96.7%	209.5%

2007/03/01

10d,Theta	10d,65%VAR	10d,95%VAR	10d,99%VAR

12.5%	11.0%	94.7%	221.9%

Shift positions and take a little more risks.

No risk, no gain...