CPSL

Once I realized that selling deep in the money calls was not going to get me rich, but really just make me a few pennies to pay the broker, I unrolled all of my current calls for CPSL and MEA. For MEA, it wasn't too bad, although the call had gone up in price, so did the stock. It was a painless. I then sold the 100 shares I was long.

CPSL on the other hand, had been deflating like a bad fart. My call, however, was cheap as dirt to buy back. It had dropped in value from 4.2 to 3.3. I bought it back to close my short position. And took a nice profit.

With CPSL though, I did not liquidate. I stayed long. Perhaps I was waiting for another rebound in the future. The big bounce back up and recapture lost stock value; combined with all of the options I had sold and subsequently bought back at a cheaper price, this wouldn't be too bad a show for someone first starting out--profit.

I then wrote a call OTM at 7.5, and decided that if it got called away I would have a profit, and if the call expired worthless, I would have a few extra bucks. In my first month of trading options, I was able to walk away with a profit. My options had resulted in a %22 return on my initial investment, but this was still offset by my long stock position.