04/26 Daily Summary

Volatility is keeping my money away on the trade. Decided against adding a bearish calendar to cut vega. Bottom line is to continue on wait and see mode, time will eventually deflate these contracts.

04/26 NDX Iron Butterfly – MAY/10

Volatility is keeping my money away on the trade. Today I thought about adding a calendar or something to cut my vega even more case we drop Tomorrow. After going back and forth for a while I decided against touching the trade. Bottom line, there is still time for it to make 10% and if I start adding to it now, may run into more trouble. If we push higher then I’ll add another butterfly and cut&roll, otherwise I’ll have to hang around and wait for vols to drop back. Good thing is that so far all I have is front-month contracts, therefore vols must go to zero sooner or later.

04/23 Daily Summary

Didn’t even watch the market Today, just a few glances here and there, seems like we moved up again in the final hours of trading. I have my contingent orders for the butterfly if we keep on going Monday.

04/23 NDX Iron Butterfly – MAY/10

NDX moved higher Today, the vols didn’t drop by much and until they do I feel the trade will take some heat. Have my game plan updated, may need to cut and roll or add extra butterfly sooner than originally planned. Would be in worse shape if it didn’t have the extra long MAY call that I added Yesterday.

04/22 Daily Summary

What a wild day!! NDX was trading at 2001 some point intra-day, and rallied all the way to 2047! This is not captured on the daily chart, but it happened nevertheless. One thing I’m now doing since I started to focus on one trade a month is to really document my next steps, what are my expectations of P/L and my game plan. See the detailed chart on the NDX trade.

04/22 NDX Iron Butterfly – MAY/10

What a wild day!! NDX was trading at 2001 some point intra-day, and rallied all the way to 2047! Needless to say, market makers made their spreads really wide to compensate for such a sharp movement. The P/L got affected by that, and since it hit my contingent order in the last few minutes of trading, I ended up buying some of that as well. The position is down 5% due to these two factors. I’ve posted my game plan as of Today, notice that based on my estimations I would be down about 1% if this was a normal move to 2047.. It pays to keep things in perspective, bottom line I’m still looking to make 10% on the trade.

04/21 Daily Summary

Started the MAY journey with the NDX Iron butterfly.