Saturday, May 8, 2010

05/07 Daily Summary

Watch the video again. Which trader are you? Today (and forever as far as I can help) I am the trader on the right, the guy who observes the market conditions and surfs the wave without freaking out. I navigated Today’s up/down/up roller coaster and got myself out of my iron butterfly with PROFITS! Remember, I was down 15% Yesterday. I didn’t go crazy bearish, in fact I actually changed my contingent order to be slightly less bearish than I had planned Yesterday. What happened was that my JUN put hedge suddenly exploded in value, not by my design, but because people in the market were freaking out. So, my job as a trader was to keep it cool, and SEIZE THE OPPORTUNITY :)

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