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Showing posts from August, 2022

Daily Report 24 Aug

 So, immediately after talking up a big game about not taking on too much risk I go and do the exact same thing the next day. Except this time I can't salvage the trade. I'm back dating this post because this really shook me up and made me feel like an idiot. Took me awhile to come back and write about my trades.   This one hurt and really made me question what I was doing. Ultimately this was a good thing because I needed to question myself for a long time now. While I did address several bad habits after blowing my account up there was still one critical thing I wasn't doing properly and that was risk management. On August 24th, I expected the S&P 500 to have another down day and loaded up on puts to cash in on that. That didn't happen and by the time I realized I wasn't seeing a temporary spike I was already deep in the red. I thought I could just make quick trades and stay ahead of market movements but that clearly didn't pan out. I was painfully exposed

Tuesday Daily Report 23 August

 Today was probably the riskiest trade I've made since starting my new strategy. I was busy at work, missed the market opening, and then decided to make a quick mid-day trade. I entered a SPY put position right as it was plunging. I figured things would drop further and I could be in and out with no issue. That didn't happen. I bought in near the low for the day. This was stupid and risky. See the chart below, I circled about where I bought in.    Luckily there was a deeper plunge and I exited my position for a slight gain but that was not worth the risk I took on. If things had gone differently today my gains for the week would've been wiped out. I need to remember that my primary goal is to protect my capital. I would've been better off sitting today out if I didn't have time to monitor things properly. On a positive note at least I survived the day and still made a gain. I've closed out my positions and I'm not very far from bringing my account back into