December 24 was another month of good returns and most of it came from taking profits off the CALL options contracts that I bought on an amazing stock, Palantir. Since the flash crash of 5 Aug, where I sold 1000 shares of Palantir shares at USD21, the stock has risen spectacularly and almost 4x the price that I sold.
I bought 3 ITM LEAPS CALL options of Palantir back in early Nov when the stock was trading at around USD50, as part of my strategy to fix my broken Covered CALL contracts on Palantir (I had 5 Covered CALL contract with a crazy strike price of USD8 expiring in Jan 26). The contracts average about USD20.60 per contract and has more than 2x in about a month as Palantir’s share price jumped from USD50 to USD80.
Read more here: Fixing My Broken Palantir Trade (SELL CALL) | How To Fix A Broken Short CALL Contract?
I also had 10 OTM Palantir CALL which I accumulated when Palantir was trading around USD60+ range and I sold them off to lock in the profits.
Here’s a summary of the profits that I have made for my Palantir trades:
You can view the details of my winning trades on my Patreon page, under the Profitable Trades Collection. I usually update my page on the same day of the trade so that my page followers can use them as a reference.
Other Trades
I had not had much luck with my Tesla trades as I either exited too early or I changed to a more conservative strategy that was not yielding any results. Take for example, I closed my Tesla CALL (breakeven) and switched to a BULL PUT Spread position and then Tesla skyrocketed to high 400s.
[13 Dec 24] Close Tesla CALL Position
I then closed my BULL PUT spread position for a very small profit of USD60, though Tesla jumped significantly in share price.
[16 Dec 24] Sold Tesla BULL PUT Spread & Bought Tesla CALL
I bought more CALL contracts as I expected Tesla to hit USD500 by year end but Tesla started to correct after the Fed started to turn hawkish in the latest FOMC meeting
I rolled the CALL contracts to a later expiration date to give Tesla more time to recover back to the high 400s.
[20 Dec 24] Rolled Tesla CALL to later expiration dates
With Bitcoin prices dropping to the lower range of USD90k, I reduced my positions in MicroStrategy and switched the capital to buying more Palantir shares and LEAPS CALL options (expiration in Jan 2027)
[23 Dec 24] Reduced MSTR holdings, Added PLTR Shares & CALL, Rolled TSLA, Averaged Down on FXI
This is my profit/ loss table for 2024 and I had just broken even last month and I am up by S$16k for my entire options trading journey.
I will also be reviewing my options trading journey for 2024 in an upcoming post so do subscribe to my blog and stay tuned if you are interested to find out what went well, what are the lessons learnt this year and how I am positioned for next year.
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