10/26 Daily Summary

Nothing much to say, except that volatility went up Today due to this morning's gap down.. even though we traded back up during the day, this swing kept volatility higher and this is keeping my profits out for now. The position is doing good and no major change on my game plan from Yesterday, except a few changes on PL due to the volatility spike.

10/25 Daily Summary

We went beyond my 2120 area and I added the extra long NOV call as planned, the contingent orders triggered and now the trade is back to B/E, I usually try and avoid using this long call if the market goes straight down from my entry then great, if we bounce up a bit then I get the extra long to reduce my delta exposure, that is the case this month. Game plan updated accordingly

10/22 Daily Summary

No major update or news Today, looks like the very first step towards a good month has been accomplished: go through the 1st weekend with profits, this to me seems like the very first step to a good (and profitable) month.

10/21 Daily Summary

I entered the remainder of the position Today and the market proceed to gift me with a great volatility drop and % returns. I am super grateful for it, thank you! So grateful indeed that I spent some time cleaning up my game plan sheet, it now shows my next adjustment points and automatically calculates how many st. Deviation points I am from adjusting (based on historical vols, not implied). I hope you enjoy, cheers!

10/20 Daily Summary

Started the NOV trade Today, I tried filling more than one contract but was not able to do so at a decent price. As the market traded lower by end of the day. I will scale in the remaining contracts Tomorrow either early AM before my day begins or by end of day during my lunch hour. The key here is getting started, overcome that initial mixture of fear and adrenaline rush of a new position and start to get the toes wet once again.

OCT 10 NDX Iron Butterfly - Day-by-day Review

Trade Result: +2%

Started the trade with less than optimum position, since I didn't have Internet connection at the hotel in Geneva and had very limited time to evaluate and prepare with contingent orders. When the market moved against me, I had 1 set of contingent orders missing and therefore the position went further into the red than I anticipated. By the 27th, I put together a game plan to recover, did another cut and roll and add the extra butterfly, it took a few days but the volatility finally dropped on the OCT contracts and I started seing the money early in October.

Of course, by the 5th of October I got hit with a huge whipsaw, the market stroke the down-side adjustment one day and flew up 3+ st. deviation the very next day, making me hege with a long call and put, this reduced my rate of recovery, yet by then I was already locking in profits.. By the last week we kept moving up and I ended up closing all my call contracts, locked a few bucks this month, certainly better than taking the loss as it was looking like by end of September.

9/20 Daily Summary
9/27 Daily Summary
9/27 Game Plan
9/28 Daily Summary
9/29 Daily Summary
09/30 Daily Summary
10/1 Daily Summary
10/4 Daily Summary
10/5 Daily Summary
10/6 Daily Summary
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10/08 Daily Summary
10/11 Daily Summary
10/12 Daily Summary
10/13 Daily Summary

10/13 Daily Summary

We had to move up higher Today, hadn’t we? Well, closed the last remaining call spread, with NDX trading this close I couldn’t afford to leave it on, specially not in the last few days. The put side is still there, and I might just take them off or leave them alone & let it expire. All and all, I’m very grateful for being able to pull this trade out of the whole and into profits, landed another month with profits and no major damage. As far as my 5% goal, got close, but no cigar,, I’ll have a beer (or two) instead Cheers! :)