Wednesday, April 7, 2010

04/07 Daily Summary

Today I started the morning exactly the way I want to do for Q2: Exercising! I hit the gymn around 6 am, then got myself a cup of coffee and spent from 7 to 8 doing a morning analysis of market conditions. I’ve noticed that my brain and analyzing skills work a lot better when I use them with a fresh frame of mind, after a quick workout, fresh cold shower and hot cup of coffee. This will become one of my performance goals for Q2.
So, back to trading.. I noticed we were trading side-ways with a bearish tone and decided to leave two of my positions alone. I did take some condorizing action in one of the butterflies, wanted to take advantage of an early-morning pull-back to do it, just in case the market changed during the day and became bullish out of a sudden (happened too many times this past month and a half, hasn’t it?). So I condorized one trade and left two alone. Plan to do the same review Tomorrow.
Take note: Another performance goal for Q2 may be this early morning evaluation of market conditions. This gives me some frame of mind going into the day, and actually helps when I see the market behaving against what I was thinking, case in point: Sometime during the day I did a quick peak on price, and noticed NDX trading higher, then re-evaluated my assumptions and realized it was likely to pull back, sure enough it did not hold prices at those higher levels and came back. Not saying this works every time, but it is worth checking and tracking to see how many times it does, right?


g-man316 said...

If I could get up earlier I'd do some exercise too because I could sure use some. Dan Harvey had a "daily options position evaluation" (DOPE) which helps a lot do develop your own daily routine.

Gustavo's Trades said...

Thanks for the heads up Gary, I'll check it out with Dan, maybe it is something I can integrate to my morning routine..

So far so good, 3 days in a row. Up by 5 AM. I used to row back in Brazil, our team had to be up and rowing by 5am, that meant up by 4:30 every day... :)

take care!