I started exiting the MNX trade with just around 10% profit, I could not keep RUT under control during the morning as I had just landed from California (24 hours traveling, including a 8 hours overnight flight), so I wasn't in the very best, there wasn't no pre-planning, simply reactive action as I started taking action on the RUT and MNX the market had already taken some of the money away from the positions..
My plan is to exit MNX with 10% or better, and stay in the RUT just enough time for me to reduce its size, cut gamma and make a small profit. If we keep on moving Tomorrow, this will be harder to accomplish, but I think it is still doable.
Bottom line on the RUT trade: It seems to me I'm having a harder time at the "end game" as Dan Harvey puts it.. Come this time around in the trade and the gammas seem to make it harder to stay with profits when the market moves..
Position's Details:
10/06 RUT Iron Butterfly
10/06 MNX Iron Butterfly
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2 comments:
Welcome back! Even being around to watch the trades has proven challenging again this month. Is this the infamous October volatility rearing it's ugly head? I think you're right the gamma hasn't helped especially with all the price movement risk. Notice on your RUT stats we keep hitting 1.5 std in the last week too. No box of gold this month so let's grab as many coins as we can!
Thanks! Yeah, it sure looks like we're navigating a bir of a rough patch. We're in luck though, as this October didn't repeat last year's crash.. Knock on wood, at least for now..
Yeah, if we look at a 20-day calculated volatility, it shows we're moving quite a bit in the past 2 weeks (see the Price action charts I'm posting for MNX and RUT)..
I'm working on grabbing those coins, not being greedy here :)
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