8/31 Daily Summary

Ok, I have been a bit away for the past few days, things have been really busy at work and I don't have any live positions on. The only thing I have going are a few cash-secured puts on WMT and KO, but these are on the long part of my portfolio and I'm not tracking them on a daily basis. I have been looking at a few broken wing condors as per recent discussions in the Sheridan Mentoring community, so far these are only paper trades for me and I'm still trying to get a hang of it. I might do them live the next month or so. For now, here is the latest daily Summary chart.

SEP NDX Iron Butterfly - Day-by-day Review

September was a nice month for me, the position yield the 10% goal within less than a week and it was a very welcome result, provided that AUG was a looong trade. :) Here is the day-by-day review.


8/17 Daily Summary
8/18 Daily Summary
8/19 Daily Summary
8/20 Daily Summary
8/23 Daily Summary

8/27 - Daily Summary

Seems like I took out my trade right before a small roller coaster. I didn't watch the market since Monday of this week, and by the looks of it, I'm glad I was out with my target profit. If there is one thing I learned with trading this strategy for over 1 year now is get out as soon as you can. That's one of the things I love about the Iron Butterfly: You can get your money fast, and when the market moves against you, you can still stay in the game and recover.

8/23 Daily Summary

As we started the morning I saw we were trading around 10% so I started peeling off the position. I took 1/3 first and that flattened my deltas so I was confortable with staying till the end of the day to take the rest off. 10% in 5 days is awesome no matter how you cut it! :)

8/20 Daily Summary

Today will be a very brief posting. I am very grateful for the way the market behaved this week and how the position is looking going into its first weekend. More often than not I've noticed that going throught the 1st weekend with profits is half the battle on these trades, as it builds up reserves and allows you to manage the capital without the pressure. That being said, I'm looking for the exit, and as soon as that light goes green I'm out ;)

For now, enjoy the weekend, I sure will!
Cheers!
Gustavo

8/19 Daily Summary

As it turns out Yesterday possible gift was most likely a bad print caused by last minute action and bad quotes at closing time. As we opened this morning the position was no way near Yesterday’s level, we closed in the green Today, which is always good. Now it is a matter of navigating the trade a few more days to get my goal.

8/18 Daily Summary

It looks like the position is giving me a volatility gift! I love when that happens, and I am ready to cash in this gift Tomorrow if things develop as I think they will. Should we trade early AM Tomorrow and shows about 7 to 8% ROI I’ll seriously consider taking a portion of the trade off, I might actually remove the entire position given the fact this will be a busy month for me at work (traveling, long hours, etc).. We’ll see, either way I am very grateful for the gift!