It was a week of holding pattern for indices. The swings were still large and VIX hanged around 25. Bulls and bears were canceling each other. All eyes were on Fed and China. Daily and weekly bear flag is still in place. Most traders are still expecting an retest of SPX 1860-1830 area before or after FOMC next Wednesday. Market tends to surprise most people. My focus should be on my own risk control.
My main activities for the week were deleveraging and damage control. I had a break with VIX below 28. My leverage is between 1-0.8. It's still not at my target of 0.5 or below. My losses continued to show up as this week's positions closed. It was another $15K realized. My total P/L is $13K now.
I plan to continue to reduce my position size next week, especially on Monday and Tuesday before FOMC. I must change my mindset of matching size and $ amount for recovery. I can stay out of a dangerous period and try to recover my loss later. Surviving this down turn is my priority!
No comments:
Post a Comment