Hello all- I haven't been posting my trades for the last month because of work craziness however I have been actively trading all month. We took a beating with energy stocks as they turned bearish on us and we had to adjust like crazy to stay delta neutral.
My biggest lesson this month is to take profits when I get them instead of leaving them on the table to "give away" to the market maker!
I had an I.C. on MEE for about a month that was doing very well, staying within my B/E ranges, but then on the second to the last day of expiration as it suddenly became close to max profit, I went to lunch for an hour and then the stock tanked on me. It was rough and I lost on the trade, however, I know now that I will never make that same mistake again. The famous song "The Gambler" by Kenny Rogers now rings in my head each time I think of this. I am learning how to "know when to hold them, know when to fold them."
Bottom line is: when you have trades on in the last week of expry, especially within the last 2 days, they need to be watched and nursed.
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