Chapter 3 Trading journal #131–07/19/2019 +$10
Had some cushion into the close and decide to risk it the options. The idea was right, and the risk was worth it. I should have just closed the trade when I got 60% in of the possible move. Learned something new today. (more thoughts on the options at the end of the day)
Trades:
MTP +$31 Tried long here. need to discuss on Wednesday
OTLK +$31
ATRA +$11
SKX -$4
CEI -$7 wrong stop out here. Need to discuss this on Friday.
Put and calls at the moment 11:57, Right after IV peaked. There is NO Delta neutral IV crush midday setup, as all the options that have value — lost all their extrinsic value.
Options Notes:
- The only Friday plays are IV crush (entry has to be around 9:35–9:50 and potentially close at around 11).
- or Long bounce (via writing) after the volatile move (but again, this is almost only intrinsic value at this point)
- When playing end-of-the-day trades on Friday — this is a scalp, and taking 40%-50% of the potential move is my goal. And this is totally doable. There is no reason to be greedy.
- When scalping, this is extremely important to take profits right over the strike levels over/under — there is no need to wait what it does. Take it and run. This is the setup.
The chapter associated with these trading journals is still in production.
Read from the beginning: Chapter 0. What it takes to be a seven-figure trader, and how it all started.
or read my latest post: Beginners guide to trading mistakes. Common day trading mistakes with 50+ charts and examples.
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