Sep 23 2008
Trade log 9/23/2008
Not what I wanted, but I’ll take it. I am back in 100% cash.
Sold 1 XLF Oct 30 put for $9.30. Had gotten it for $8.20.
Sold 2 IWM Oct 80 puts for $8.00. Had gotten one for $4.70 and the other for $5.70.
I am going to regret this. I hate taking profits because it is so painful. It’s not a bad haul for something I put on Friday morning, but seriously, it is very emotionally difficult. It’s like dumping your girlfriend after 1-2 days and it has to happen every single week.
Today I hit $800 YTD in commissions on 170 trades.
I think I will take a break from trading for the rest of the month. I usually ban myself from trading because I am sucking. This time I am banning myself from trading because things are going too well. I cannot get overconfident and blow up my account again. I’m 7 for 8 in the last 5 weeks. Really, all it takes is one big mistake to blow up your account. It’s not the little things that kill you. It’s the one time disaster events.
The above trade log has been annotated so you can match up sells with buys. Ignore #0, it’s just pushing and popping money into and out of a PEZ dispenser. #5 is my only loss.
Speaking of one time disasters, I think I will push some money back into the PEZ dispenser. The easiest way to blow up your account is to have extra cash sitting your account and using it to overleverage on options. It is best to keep the candy inside the PEZ dispenser so that there’s a 1 day time lag on the drug if you absolutely need it.