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Closed SPX November Elephant on Tuesday earlier than usual. A
$1,119 profit.
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Adjusted Put side of RUT October Elephant on Friday. A
$3,088 loss.
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Adjusted Put side of RUT November Elephant on Friday. A
$2,973 loss.
- As for the second November position, I wanted to play SPX and was giving it a chance to reach fully oversold mode. Didn't quite get there for SPX and I'm going to give it another chance on Monday. If no oversold environment is materialized on Monday, then I'll go with an Elephant.
It was a painful week. No way to sugar-coat it (not that I ever want to). In retrospect, the mistake was closing the SPX position instead of a RUT one, given that, it was RUT the symbol where two positions existed that had the same defense point. It would have been definitely better to take October RUT off the table, for a small win, and avoid the potential double loss of Oct + Nov positions. The funny thing is, if you go back to the trade plan, it was exactly to remove one of the RUT positions. But greed took over me. I removed the SPX Elephant simply because it had made way more profit, thinking I would be able to milk more off of the October RUT Elephant, and that, markets would never correct again. In this case, just as in February, it is not the particular position, or strategy. It has been my lack of discipline that has made matters worst. It's been a tough year, both at a personal and a professional level. But, we learn, we use multiple investing strategies, and we move on. My investing/trading approach has varied a lot over the years to the point where Credit Spreads & Elephants are just a small part of my activity. Nowadays, I'm even lazier than before in that I'm more of a long term investor than an active trader. I'll talk about these things in more details as the year wraps up and I'll also make comments about changes on the website for 2019.
