The Brexit vote came the day after I was back at my desk. The unexpected voting result caused markets drop sharply around the globe. I didn't have any instrument nor plan to catch the overnight move. By next morning European markets were down 3-4% already. US indices started bouncing back after open. I saw the big buying tail formed during the first hour. I assumed the bottom was in and fear of missing took over my patience. I started placing put selling orders. Then the sellers came back in the afternoon and pushed indices to new daily lows. The indices ended down 3-4% for the day. I was way too early to get into some long put positions for August. Luckily I didn't I had some firing power left for next day. For the two days of market dropping I turned out to be not patience enough. I jumped in too quick without accessing market conditions. Then on the turn around Tuesday on market rally it was the same lack of patience and planning on the opposite direction. Now I am under pressure on the bear call side after three days of 1 to 2+% hard rally.
I need to tighten up my discipline and patiently wait for market come to my levels.
