Didn't trade today. Missed the open and didn't want to jump in midday on a Friday. I believe that this was a good call. I'm trying to be better about waiting for a favorable entry rather than playing catch up to recover from a bad trade.
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 ...
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