It was a choppy but rough week. The majors had wild swings. SPX closed barely above the high of last week while RUT and NQ held the breakout lows after this afternoon's big pullback. The majors closed at the low of today after the morning's gap up and push higher. It feels bearish at the end. The upward move was interrupted by the failure of the stimulus deal and the surge of COVID-19 cases here and in Europe. The unpredictable election is closing in. The market will be uneasy and spooky for awhile. But the uptrend is still intact.
My net liq closed at 112K, unchanged from last week. The leverage is 372. The collected premium is about $3100 after spending $7K to roll 2 bear calls up. The way I roll my deep ITM bear calls couldn't catch up on the market's movement. I am trying to flip 1 each to the long side. I need a new approach to my trading.
I failed to enforce my stop loss rules again this Monday in my 0 DTE trades. I got too emotional when my bear call spreads were challenged but not touched. I had a chance to place my stops in the IF and call spreads but didn't enforce it. I flip them to the put side and reduce the number of contracts. Then the failed stimulus talk new hit the market on Wednesday and the selloff pushed my positions deep ITM for 1.5-2+%. I had to roll out further and wider to keep it afloat. It has been the old, bad practice repeat. I am reliving the nightmare. The bad habit kicks in although I knew it was wrong. It doesn't make any sense to risk thousands to make a hundred. I will not trade the 0 DTE until I recover from this loss. I will not trade 0 DTE and Recovery hedge again without having a stop loss in place. Period.
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