AMD Leaps

I have tried an approach, where instead of buying the underlying stock, I instead buy the leaps. Then each month, sell the calls and get a greater % return. I did this with AMD, but things have not worked out so well. Here is my record so far:

20080310 - Buy 201001 $5 @ 3.29

20080424 - Sell 200807 $5 @ 0.28
20080821 - Sell 200810 $5 @ 0.30
20090512 - Sell 200907 $4 @ 0.89

Current leap cost: 3.29 - 1.47 = 1.82

Current leap value (20090512) $1.00
So I am losing $.82 or -26% (ouch)