I can't believe a whole month (almost) has gone by since my last post. That is not the way to keep a blog going. It's about time! Or lack thereof. Trading is a full time job the way I've been doing it. Problem is, I already or should say still have, another full time job selling real estate and this is the start of Season here in S. Florida so I am: busy.
Back to the subject at hand, my last post was about the best week I'd ever had in trading. This past week (Friday and Monday) were the worst 2 days I'd ever had in trading. In those 2 days I managed to wipe out an entire months worth of profits. These were not high risk trades in fly-by-night companies. We're talking IBD 100 stocks (MON and RIMM for example) with good entries.
To add insult to injury, the puts that I thought would balance out my position and had me almost delta neutral went UP!! WTF????
I know for a fact I am not alone in this upside down market. So many of us traders were in the same boat. Good seasoned traders got their clocks cleaned this week. I stopped out of all my bullish trades, took some (meager) profits in my bearish trades and decided to take a break until after Thanksgiving. I'll be out of town starting this week for a week anyway and do not want to babysit option trades.
It is really difficult for me to stay away from the market however. I tried to take myself shopping today and came running back by 2 PM to see if there were any compelling trades. There were lots of them! But I was good. I only took one. Bought a small position in Dec Put on STI. I've been watching this creep back up since I took some great profits in it last month and I think it's time to do it again. We'll see....
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