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Patience - Week in review (Oct 9 - Oct 13)

Maybe the hardest part about trading is patience.

Patience to wait for a good setup.

Then, when the setup ends up not working out (which is 50% of the time), you still have to be patient for the next setup.

If not, you end up overtrading, and chasing "missed" opportunities.

Slow week; market shot up, then shot back down.

Opened #

Only two new positions opened this week:

Maybe shouldn't have opened the weekly SPY position, because the premium was super low. Just trying to stick to the plan though.

Ticker Action Type Date Expiry Sell Strike Buy Strike Premium Qty Fee Net
SPY open BPS 2023-10-10 2023-10-20 421 409 0.57 1 2.48 54.52
ORCL open BCS 2023-10-13 2023-11-17 115 120 0.8 2 1.37 158.63

Closed / Expired: #

Bunch of trades closed thanks to the up spike at the beginning of the week.

Took profits early on QQQ because I was scared that the war would cause market panic. Ended up being a mistake, should've let it run.

Commissions on IWM are super high. Need to take this into consideration next time.

Took small losses on a couple positions that I wasn't happy with.

Ticker Action Type Date Expiry Sell Strike Buy Strike Premium Qty Fee Net Profit/Loss
MSFT open BPS 2023-08-01 2023-11-17 290 275 1.69 1 1.41 167.59 $85.51
MSFT close BPS 2023-10-11 2023-11-17 275 290 -0.8 1 2.08 -82.08
TXN open BPS 2023-09-28 2023-11-17 150 145 0.96 2 2.82 189.18 -$79.58
TXN close BPS 2023-10-11 2023-11-17 145 150 -1.33 2 2.76 -268.76
SPY open BPS 2023-10-03 2023-10-13 411 400 0.75 1 3.06 71.94 $71.94
SPY expired BPS 2023-10-13 2023-10-13 400 411 0 1 0 0
QQQ open BPS 2023-10-04 2023-10-13 342 331 0.82 1 3.06 78.94 $66.46
QQQ close BPS 2023-10-09 2023-10-13 331 342 -0.1 1 2.48 -12.48
IWM open BPS 2023-10-05 2023-11-17 160 157 0.39 4 5.55 150.45 $68.93
IWM close BPS 2023-10-10 2023-11-17 157 160 -0.19 4 5.52 -81.52
SBUX open BPS 2023-10-06 2023-11-17 85 80 0.68 2 1.37 134.63 -$12.13
SBUX close BPS 2023-10-13 2023-11-17 80 85 -0.72 2 2.76 -146.76
MPC open BPS 2023-10-06 2023-11-17 130 125 0.85 2 1.37 168.63 $82.53
MPC close BPS 2023-10-11 2023-11-17 125 130 -0.42 2 2.1 -86.1

Notes and Lessons #

A small profitable week.

I'm more satisfied about the small losses I took on SBUX and TXN.

Instead of hoping they would bounce higher, I decided to just cut them off. I didn't really like the look of the charts, so I just go rid of them. I can use the capital on another position instead.

Of course, if either of them bounce up hard next week, I'm going to think why the F did I sell early. I guess that's trading 😅