Another rough day in the markets and yet another new high for my portfolio. The portfolio is now up over 20% from the start of my trading, well off the 50% losses I was experiencing only a couple of weeks ago. Today’s closing trades included profits in XL, LM, CY, and SINA with losses in HRB. HRB hit my generous stop of $22 and so I’m out with my max loss. The winners combined for a total of $1500 in profits.
Today’s Profits / Losses: +$1219.00
Contracts traded: 17
*** New Portfolio Highs ***
Although my portfolio has hit its highs, my current risk allocation will remain unchanged until the end of the month. I need to make sure my new trading plan is working and that this run on the new highs isn’t based on sheer luck. I am expecting some writedowns in the next couple of days which will damper the fun a bit but nothing ever goes straight up or straight down.
They weren’t kidding when they said markets generally close higher the first day of the 2nd half of the year. I was rather disappointed at the bounce this afternoon. It felt more forced than anything else. In any event, I went ahead and lightened my put positions a bit by selling off a third of the financials I held. I currently have 1 contract of XL and LM remaining. I also sold off a contract from my CY puts. The bounce, while it didn’t feel well, still didn’t leave a great taste in my mouth. If anything, I can always reload tomorrow.
Profits/Losses Today: +$664.00
*** New Account High! ***
Today looked to be a fairly mild day until about 15 minutes before the close where everything began to tank. I’ve been running a fairly heavy negative delta portfolio so I benefited quite a bit from the last minute sell off. I went ahead and trimmed my positions in XL and LM by a contract each, reducing my negative delta by about 120 points. I still own 2 contracts of XL and LM and expect both to continue their downward spiral along with the rest of the financial group.
Total Profits / Loss: $336.50
You can also get updates from myself (hopefully) and others in the newly revamped Virtual Office hosted by Tokyo Trader. ありがとうございます Tokyo Trader。
But I’m now officially positive on the Profit / Loss statement with my options portfolio. And guess what? It took almost exactly 1 year. The experienced traders weren’t kidding around when they said it normally takes a year before someone can turn a profit in the markets. The goal now is to hold the line as best as possible. Over the past year I’ve learned quite a bit. Let’s see if I can stick with it this next year.
Today was an utter bloodbath for the bulls. Everything that could hurt the markets did and as a result all indices were down 3%. How’d I do?
Off to pack for my trip to Orlando. I’ll be back later on this evening. Enjoy the rest of your evening!
