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.
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