Jeff 5:43 am on Friday, January 12, 2024
Tags: SPX1dte ( 1,714 )

SPX trades 1/12

#SPX1dte Sold to Open $SPX Jan 12th 4710/4730-4820/4840 condors for 1.10, deltas -.06 +.07, IV 20.6%

Jeff 7:01 am on Friday, January 12, 2024

Stopped out for 1.35. An impossible week for this strategy. The premium and deltas are starkly different from last January, when we were ALSO in an Upside Warning but the 6-delta condors were 120-170 points wide. The nature of these daily SPX options changed after 1st quarter last year, so directional trading will have to play a bigger role to augment these restraints. I was long yesterday for 4820 and it failed.

I don’t think the neutral selling condors can sustain ongoing profits anymore if not augmented by something else. I’m going to look to have directional trades working more often. Hopefully after we go through another correction the deltas will return to something more workable.
- matt0311 7:22 am on Friday, January 12, 2024
  
  Yes, this is very hard. I was encouraged by the low IVR at the time, but that just meant nothing. This was pretty much my worst week in this trade type.
  - Jeff 11:15 am on Friday, January 12, 2024
    
    Sorry to hear that. My week was worse than it should be because I didn’t follow my stop rule on Monday and ended up stopping out for much more than should have been necessary.
    
    I just sold my Tuesday condor, because I think I need to use next-day rather than same-day more often.
    - matt0311 12:27 pm on Friday, January 12, 2024
      
      #SPX1dte Sold to Open $SPX Jan 16th 4710/4730-4840/4860 condors for 1.05, deltas -.07 +.06, IV 7.3%
      
      Well, it happens. My main downfall was today my urge to make a revenge-trade and open an additional bull put spread. went under in flames. I am also struggling a lot with the stops. They sometimes seem to be too tight or I close the trade way before it is hit. Psychological ware-fare, it seems. Me against myself.

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