Looking back I probably should have sat today out and waited for our big catalyst tomorrow, ended up green for the day but it was time consuming and more stressful than it needed to be. Scalped some SPY calls to start the day for modest gains but position size got to be a bit larger than I wanted so gains were pretty small. Then scalped some puts off the $386 bounce for much better profit % but had eaten through most of my BP for the day already so it was a very small position. Also scalped some COST calls on the $498 bounce for 10%.
Overall +2.8% & +1.62% for the day. Need to work on taking some days off when SPY is choppy and be ok sitting out. Had a lot of capital at risk the last two days for very small gains, risk/reward just wasn’t there. Tomorrow I’ll play FOMC/JPOW, my goal is to be patient and not take any large positions until closer to catalyst time and then ride the trend. Will report back tomorrow night, hope everyone stayed green or ate some popcorn and watched this morning.
Scalped some SPY calls early this morning but burned a lot of BP doing it. Tried to play COST a bit and ended up with a bigger position of 550’s for this Friday than I wanted with average down. Should have cut them for close to zero and played the remaining BP that I had to play an overall dump on SPY like I thought was coming but instead used the opportunity to average down on COST a bit more and sold those last calls green but all my BP was gone and I missed the good final dump. Was a long day and should have realized I could have caught the trend when I actually had time but bigger mistake was using a lot of my BP this morning and getting too deep on a way OTM with what I had left for the day. Losses were still a lot smaller than I’ve had in the past but I need to stop playing these way OTM scalps and stick to SPY or just take time off if life is too busy. Great to see how the server handled the day just wish I could have capitalized a bit better on it. More lessons learned and some reminders that I need to work on.
Scalped SPY puts early this morning and did extremely well in the first 25 minutes of trading, took some 9/30’s so profits weren’t as good as shorter dated but trying to make a little smarter plays and felt if we did end up bouncing this morning and having a green day as my trading was risky that I could average down and get out at some point before the weekend. Was about a 20% of port position to start the day but it worked well and sold for solid gains. Was going to take a break here but had been following SPY so closely from open I jumped in a rode a few calls and puts between early support/resistance and then finally was done for the day even though I came back way sooner than I initially planned. Overall my day ended up at 8.58% in both accounts +8.99% in one and +7.99% in the other which was a great day for me after a kinda frustrating week. Was also nice to step away for awhile today as I had some work to get done. Added some DD on a longer play I’m going to start to enter tomorrow (January calls), may actually grab a few shares with profits from when I’ve come back to hold even though I struggle with that and my overall bearish mentality that the market still needs to correct quite a bit more. Hope everyone stayed green today, the community is headed towards a great place where I think we can all make some great money scalping these big overall market moves and how the callouts have been going. Looking forward to tomorrow!
Scalped some SPY puts this morning for 5-10% gains and got some fills at open on CANO for 1/24 - $10’s @ $1.45 average (8 contracts total) that I’m going to hold anticipating an acquisition announcement. Tried to scalp some SPY calls this afternoon but it just kept dumping and I got SL out. Overall my realized gains were down $3 for the day but showing +2.91% overall with my unrealized CANO gains.
It was a frustrating week for me, spent a lot of time trading for not great gains but the bright spot is my losses were substantially less than they used to be due to practicing some discipline with position sizing and cutting before things get too red. Ended the week at +12.29% and +10.76% in my two accounts which I’ll take. Hope everyone has a great weekend.