Friday, September 4, 2009

Position Update

I did exactly what I was describing earlier - I gave in to the Market Makers and allowed them to get those puts back for super cheap.

- Covered ES around 1012 (this was the position I had been holding for over a month)
- Also exited 50% of all my puts here
     - exited september at 10% loss after being up 100% - yikes
     - minimized my oct 95 and dec 85
     - picked up some more of the mar ones though

If it were not for the long weekend I would have kept most of the positions, but not going to take this risk here.

My main reason for exiting is that I am exposed to max pain, meaning, my positions are down more this week at much lower prices then they were last week. Its a bit of an emotional exit I have to admit, will probably regret this exit but it prooves yet again, do not trade during holiday week. Considering how much I had been up early week and to close out now, without having taken a single profit - I am quite frustrated as you can see. Sorry guys, just been a bad week for me and I need to vent somewhere.

Cannot believe that I was up amazing on monday and now see myself down more then I had been at the worst point last week. Someone tell me how that is possible :(

1 comment:

  1. as I have said in the past, I have similarly gave up the winning postion and held on to the losing ones. No easy money. But limiting the losses is still the best strategy even if it limits the profit. Chris, You will do all right in future.