The majors booked another losing week in a Doji formation. We may not see a Santa Rally in the bear market this year. It may be range bound for the end of the year. The major indices are under their 20, and 50 SMAs daily and weekly. It's a bearish indication.
The IB Netliq ended at 183K, up 3%, 5.4K for the week. The leverage is down slightly from 240 to 230 as the VIX stayed low. The realized P/L is a mere $250. It recovered from a 10K loss on Thursday's GDP selloff. The premiums are $3,988. The spread and butterfly hedges contributed to the gains.
The 0 DTE strategy didn't perform well. Many other traders have indicated the same results in the FB group. It only collected $965 for the week. I didn't trade in IBP for 2 days because of news events and missed entries. I used hedges to void S/L. The effect is limited to low vols. I need to stick to the S/L rules.
Lessons Learned:
1. Do not relax my self-discipline. I can't use the hedge strategies to replace the S/L rules. It could only reduce the losses to a degree.
2. Patience is the key. I tend to change my plan because I am impatience. It often leads to poor performance.
3. Identify the type of day for trading strategies. Analyze the trend at beginning of each day and mark the key levels.
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