03/26 Daily Summary

Ok, it seems we’re either consolidating or starting a pull back, as long as we don’t go down too deep the positions should be ok. For now I’m going to kick back, relax and enjoy the weekend!

03/26 NDX Iron Butterfly

Didn’t touch the trade, it sucks I had to level the vega on Yesterday’s whipsaw, but then again, it s part of the game, I can’t follow the tick-by-tick of the market and that’s the trade off between being a full time intra-day trader and being an income strategy trader + work full time.

03/26 NDX Fast Iron Butterfly (from 03/22)

I did not open the extra butterfly for the theta recovery Yesterday, as I mentioned earlier, selling a position by end of day on Friday is not the best way to go, plus there is still theta on the trade because we backed off from the edge of the butterfly. So all I did was to “debitize” one of my back month calls by selling a further out of the money call to cut some of the deltas. Depending on where we are on Monday I might open a new butter to bump up the theta, we’ll see.

03/26 NDX Fast Iron Butterfly (from 03/15)

It is time to close this position, I wasn’t ready to shut it down on Friday, I need to re-visit my trading strategy here, when I originally tested this idea, the plan was to let the trade go for no longer than 2 weeks, I let it run through Monday a few weeks back and it worked out in my benefit, last week it was the opposite, then again when you trade live a lot more elements come into play. So I’m adjusting as I go to what makes more sense to me.

03/26 NDX Fast Butterfly (from 03/08)

I closed the trade Today, time to refresh the capital and move on for next week’s position. In retrospect, the position was in much better shape by last Friday, which was the day to take it off as per my plan. I evaded the plan and took a bigger loss, still think that perhaps closing on Monday is a good idea.