My plan:
Indices futures pushed up strongly after European opened. ES had a 30 point gap before open. All of my indices bull puts positions are in good shape now. My task is to manage my bear call positions although I have only 3 in RUT. Be cautious on adding any new bear calls as the Christmas party starting now. We may see a new high before the year end. I don't have enough margins to trade in IB for now. I will use Etrade and IB personal account for indices.
Grains moved up overnight leading by wheat with another 2% up. I am deeper in the water now. I am laying out some risk reversal. A hard lesson is learned a hard way. I am in risk of being forced out of this business.
My execution:
Equity market moved up strongly today. ES/SPX went up about 100 points in the last two days. I didn't do anything to fade the market, rather enjoy to see my indices positions to appreciate. The last two VIX positins of 25 and 26 ended worthless which covered part of my losses. Letting them expiring near the money is too risky and I shouldn't do it again. My primary role is a risk/safety manager.
Grains are showing some signs of weakening. I had to rollover and reverse some of my wheat and corn bear calls to reduce my margin which is dangerously low. Some of the positions are 2nd or 3rd time rolled over which means I took losses once or twice already. I got slapped on both directions. I noticed that some of the bear calls I didn't take stops when they reached my stop limit originally. They eventually snowballed. I think I have too many positions and markets to be be managed effectively. I may exit my soybean positions all together to break even and release some margins as a starter. I will map it out tomorrow.
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