This was a great trade! I still think there is room for improvement, as there were a few unecessary adjustments. I'm learning to let the trade run a bit more and adjust a bit less. But then again, this is an on-going process. Bottom line, it was over 14% ROI for the month!
09/10 Daily Summary - Started the trade
09/11 MNX Iron Butterfly - OCT
09/14 MNX Iron Butterfly
09/15 MNX Iron Butterfly
09/16 MNX Iron Butterfly - The market pushed higher Today and I added the second half
09/18 MNX Iron Butterfly
09/22 MNX Iron Butterfly - At Today's closing I felt the need to control the deltas, they were getting out of hand, so I added a long NOV contract.
09/23 MNX Iron Butterfly - The position got a break Today as the market sold off in the final hour of trading
09/24 MNX Iron Butterfly - NOTE: NOV long had to be sold: MNX pull back was not as strong as the RUT, only my first contingent order got triggered, the position adjusted itself and is now looking good!
09/25 MNX Iron Butterfly - Ooops, I didn't notice I had a long NOV Call and didn't dumpt it at the end of day Today.. I have a contingent order to sell it Monday Morning if we tick down to 169
09/28 MNX Iron Butterfly - With Today's strong up-side swing I was glad my order to sell the Nov 185 Call was based on price trading bellow 169
09/29 MNX Iron Butterfly - Position is progressing nicely! Notice the up-trend in the P&L chart, that is always nice to have!
09/30 MNX Iron Butterfly - I resisted the urge to make any adjustment Today, we were trading really close to my first down-side adjustment and I decided against jumping on it, that was a wise decision, as the market bounced up pretty hard after comming within .10 points of the adjustment.
10/01 MNX Iron Butterfly - As MNX crashed down, one of my contingent orders didn’t fire up properly, luckily I was there and caught with if right before any major damage was done.
10/02 MNX Iron Butterfly - The position recovered great after a quiet day Today. I rolled the last delta hog at the end of the day to cut deltas and to make sure it doesn't become a big problem if we keep going down next week.
10/06 MNX Iron Butterfly - I have started to peel off spreads fom the trade, I couldn't keep up with the market early AM, so I decided to cut my gamma exposure by removing spreads out of the trade.
10/07 MNX Iron Butterfly - I've started to "condorize" the trade by moving my short contracts further out of the money.
10/08 MNX Iron Butterfly - MNX was moving about 1 st. deviation when I rolled the CALL spreads, by the end of day I rolled the second contract, I'm moving the short calls and puts as further away from price as I can, and notice how this drops my Gamma risk and keeps some theta in the trade to justify staying over the weekend.
10/09 MNX Iron Butterfly - Continued to exit the trade, took off one more put and call spread and left the remaining of the potision to go through the weekend
10/12 MNX Iron Butterfly - I removed the last spreads out of the position, leaving only 1 Put and 1 Call that are further out of the money with plenty of longs to compensate in case the market crashes down.
10/13 MNX Iron Butterfly - MNX barely moved
10/14 MNX Iron Butterfly - Closed the last 2 remaining short contracts (Put and Call), closed as a PUT/CALL strangle P&L on the trade will be about 14%.
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