Position's history day-by-day:
Thursday, June 25, 2009
06/25 RUT Iron Butterfly
RUT went to Break-even Today, provided it has been moving around right after the trade started, it is ok. I have a contingent order to hedge and flatten my deltas if we keep moving to the up-side.
06/25 SPX Iron Butterfly
I was tricked by Yesterday's profile. Because I used the line at expiration, the perspective on my current P&L line looked as if everything was great on the up-side. When you look at the "at expiration" profit potential, then giving up a few hundred dollars is no big deal, however, if you think in terms of what my profit goal is, it is a big deal.
So, the position is hedged and I am now using the Day-step lines for evaluating where the risk is.
So, the position is hedged and I am now using the Day-step lines for evaluating where the risk is.
Position's history day-by-day:
06/25 MNX Iron Butterfly
MNX reached the 147 adjustment point, I cut the deltas in 1/2 and have the contingent orders to continue cutting if we keep moving up Tomorrow.
Position's history day-by-day
06/25 RUT 30-Day Iron Condor *Closed*
I exited the position Today with just about 10% ROI, the main reason was the fact that it took only 10 days to get the profits. So that's a great reason to exit!
Position's history day-by-day
JUL RUT 30-Day Iron Condor (day-by-day review)
I exited the trade with just under 10% in 10 days! Whenever I get profits quickly like that, I take my gift and head to the exit. Thank you uncle Russell! :)
Start: 06/15/09
Finish: 06/25/09
Duration: 10 days
Results: +9.49%
06/15/09 - Started the trade, spent about 20% of credit to purchase PUT and CALL insurance
06/16/09
06/17/09
06/18/09
06/19/09
06/22/09 - Closed 1 CALL spread and the CALL insurance
06/23/09 - "RUT took a hit on P&L, We need it to move back up for a recovery. I have contingent orders to cut the deltas if we reach the 480 level"
06/24/09 - "RUT gave the position a break Today. The volatility drop also helped to bring profits back up."
06/25/09 - Saw just over 10% in my monitor spreadsheet, proceeded to exit the trade.
Start: 06/15/09
Finish: 06/25/09
Duration: 10 days
Results: +9.49%
06/15/09 - Started the trade, spent about 20% of credit to purchase PUT and CALL insurance
06/16/09
06/17/09
06/18/09
06/19/09
06/22/09 - Closed 1 CALL spread and the CALL insurance
06/23/09 - "RUT took a hit on P&L, We need it to move back up for a recovery. I have contingent orders to cut the deltas if we reach the 480 level"
06/24/09 - "RUT gave the position a break Today. The volatility drop also helped to bring profits back up."
06/25/09 - Saw just over 10% in my monitor spreadsheet, proceeded to exit the trade.
JUL SPY Double Diagonal (day-by-day review)
This trade was fairly uneventfull. I exited once I had reached 15 days on the trade, when it started to lose profits I got on my way to the exit. In hindsight, it would be more profitable a few days later, but then again, it could as easily be going the other way.
Start: 06/03/09
Finish: 06/23/09
Duration: 20 days
Results: +4.79%
06/03/09
06/04/09
06/05/09
06/08/09
06/09/09 - "Today I allocated the remaining capital planned for Double Diagonals. I decided to add to the SPY position to keep my portfolio simple enough. "
06/11/09
06/12/09 - " The main thing to notice is that the Volatility has dropped by 12% on this trade, I'm checking the middle of the graph at expiration to see if the P/L there has collapsed or not, so far it is very good, only dropped by about 2%.."
06/15/09
06/16/09
06/17/09
06/18/09 "I took the finger off the trigger on the trade Today. I was itching to exit this position. Given the weekend is just around the corner, and we find ourselves in the middle of the graph, I'll let it ride and look at it again Monday."
06/19/09
06/22/09 - "This is the 3rd week on the trade, and the question I ask myself is: do I want to stay here? We're approaching the level where the adjustment point is no more than 1 st. deviation in the volatility cone, from that point on, adjusting is simply part of the expected law of probabilities."
06/23/09 - "We had this trade for over 15 trading sessions, the profit got up to 8% and when it started to drop back down I decided to close it."
Start: 06/03/09
Finish: 06/23/09
Duration: 20 days
Results: +4.79%
06/03/09
06/04/09
06/05/09
06/08/09
06/09/09 - "Today I allocated the remaining capital planned for Double Diagonals. I decided to add to the SPY position to keep my portfolio simple enough. "
06/11/09
06/12/09 - " The main thing to notice is that the Volatility has dropped by 12% on this trade, I'm checking the middle of the graph at expiration to see if the P/L there has collapsed or not, so far it is very good, only dropped by about 2%.."
06/15/09
06/16/09
06/17/09
06/18/09 "I took the finger off the trigger on the trade Today. I was itching to exit this position. Given the weekend is just around the corner, and we find ourselves in the middle of the graph, I'll let it ride and look at it again Monday."
06/19/09
06/22/09 - "This is the 3rd week on the trade, and the question I ask myself is: do I want to stay here? We're approaching the level where the adjustment point is no more than 1 st. deviation in the volatility cone, from that point on, adjusting is simply part of the expected law of probabilities."
06/23/09 - "We had this trade for over 15 trading sessions, the profit got up to 8% and when it started to drop back down I decided to close it."
JUL RUT 50-Day Iron Condor (day-by-day review)
This trade hit the wall super fast, the only thing on the bright side was that I only entered 1/3 of the position's size. Managing risk by a step-by-step allocation helped me in this case. I did not allocate the remaining lots and moved my capital into other positions that worked better for the month.
Start: 05/28/09
Finish: 06/05/09
Duration: about 1 week
Result: -20.92% (on 1/3 of the position's size)
05/28/09
05/29/09 0.7 st. deviation move up, weekend expected to help
06/01/09 1.4 st. deviation move up, rough on the position
06/02/09 - Take a look at the volatility cone
06/03/09 - First down day (barely)
06/04/09 - "Trying to do too many things at once at the closing Today, I ended up missing a review of all my positions. This trade needed to either be hedged or exited Today."
06/05/09 - Closed beyond max loss.
Start: 05/28/09
Finish: 06/05/09
Duration: about 1 week
Result: -20.92% (on 1/3 of the position's size)
05/28/09
05/29/09 0.7 st. deviation move up, weekend expected to help
06/01/09 1.4 st. deviation move up, rough on the position
06/02/09 - Take a look at the volatility cone
06/03/09 - First down day (barely)
06/04/09 - "Trying to do too many things at once at the closing Today, I ended up missing a review of all my positions. This trade needed to either be hedged or exited Today."
06/05/09 - Closed beyond max loss.
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