It was a lite week in terms of P/L. There is only one ES in S5 expired worthless.
I have been very busy spending most of my time on grain market and trying to shift my focus back to indices. I followed my last week's plan regarding to hold or reduce grain positions this week. The market has been in range bound slightly bullish. I have rolled up bear call positions and locked in profit in positions above 30-60% returns. But the losses are still bigger than gains. Most of my directional options have been chopped except one wheat calls returned 300%.
Due to my margin limit and bid/ask spread in SPX and RUT I started to try SPY and IWM. The approach may work better giving the same rules of engagement.
No any entry errors happened this week. Keep up the good work.
Next week's tasks:
1. Continue to manage my grain positions. The goal is to reduce risk and margin.
2. Spend more time and energy on indices option selling. Clarify my rules of engagement between Karen's longer term trades and my shorter term trades.
3. Enforce hard stops and roll over in 2-3X losses. Risk management is still my weakest link.
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