I kind of lost my will to be in this position. Besides breaking its uptrending channel and making a series of lower highs, it doesn't pay a dividend. So arguably I should have only been in it using a spread and not cash secured puts as I really wouldn't want to own. It's a bit too volatile for me. I sold to open at .45 and just closed out for .27. That's only $165 after commish and not the $400 I was hoping for. But not bad considering I got short Wednesday at the close.
Many of you have been reading this blog may have noticed that my blogging frequency has increased over the past few weeks as I got short the market. As you can imagine I am down money since getting short the market, this is the time when most people pull away from posting. But my goal is to stay active and involved and show you that trading is not always rainbows and butterflies. It is times like these that the things I have been sharing over the past couple of weeks are so important. You need to trade small relative to your account. I have a decent short position in the market and my portfolios are set up to make some awesome returns if we finally turn lower. But something I would like to point out is that my account is 70% Cash. I learned a long time ago how important it is to live by the rules you preach. Because of my discipline I am able to continue to hold my positions, I have time and capital on my side. I can't stress enough how important it is not to get to big....


Comments
Post a Comment