If you’ve traded options before, these instruments sure can make life hard on you. Most people struggle to get direction right, let alone time.
As an option trader, you have to get them both right. It really accentuates the ‘pucker factor’ in trading quite a bit.
The detour that the market took mid-week last week really muffed up my positioning for the month. It was a reminder that when everything seems to be going to planned, you are a complete dumbfuck for thinking what you are experiencing is normal, or that what you are experiencing will have any reason to continue as planned.
That setback cost me some big gains from the week prior, and now has me playing catch-up to get back to levels I was at first week of the month. We spoke on this briefly last week, as I watched monster moves in several names give back gains, and even have a few that turned red in the process. I struggle with greed quite a bit. Fear I can handle, but the most intriguing part of trading in my brain is letting a gain ride for a bigger gain.
I made a few additions here today in $TNA, $PYPL and $AAPL. I view today’s action as constructive, but likely not ‘finished’ in terms of moving forward from the volatility of the last few days. The most important elements here are limited downside in the instrument that lead you lower ($RUT) improving breadth, and recognized leadership.
Got any set-ups you like? Fill me in.
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