Skip to main content

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 the four digits club. I still need to improve, I got lucky today, that's not always going to happen. Risk management needs to be on my mind, not every trade will go my way, and that's fine I just need to insure that it doesn't wipe me out again.





Comments

Popular posts from this blog

Rate Hike 21 Sep

I went all out today and loaded up on SQQQ calls with no hedge. The Fed was going to raise rates for sure and I suspected that Jerome Powell would say something hawkish. So I went big and it paid off. This could have blown up on me and been the end of my "Phoenix Account" adventure. My man JPow didn't leave me hanging, told everyone to expect more pain in the future and sent the market into a nose dive. I didn't hang onto my calls for too long. They shot up in value and I decided to lock in my gains and at least be somewhat cautious. $400 is a fantastic gain for an account hovering in the nine hundreds. My next move is the most important one. I can't let this win go to my head. I broke my rule about not swinging for the fences. It worked well today but if I keep making aggressive trades I'll strike out for sure. The rate hike was a special event, still risky, but the reward was high. Now I need to hang onto it.