Quote of the day: “As a general rule of thumb, simplicity beats complexity because simplicity travels light.”
“Becoming a great trader is an evolutionary process. It’s a series of trial and error transformations, mental map adjustments, and incrementally acquired skill sets, all blended together. And there is no substitute for hypothesizing, testing, and experimenting, with the requirement of organizing one’s thoughts logically and empirical verification serving as the great crystallization.” - Sparrowisms, www.mercenarytrader.com
I set up couple sell calls yesterday as the ES was slowly grinding up. I didn't re-adjust my entry last night to prevent a sudden pop, especially this morning when overnight market clear showed a up drive. Now my this week's ES call is only 12 point away with 4 day left and 17 points for next Friday. They are clear in danger now. Looking back, I didn't use my plan's forward thinking and anticipating parts. Now I will manage to exit these positions to reduce risk. Remember that selling calls are riskier than selling puts.
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