The mid-June pullback was short-lived. The major indices rallied in the week of the month and quarter end. They ended the week by challenging the mid-June highs. It will either be a break out of the 2023 high or a double-top pullback. My accounts suffered drawdowns with the rally for the week.
IBQ Netliq is down 3.8% from 320.7K to 308.6K. The options' value is up 9% from -177K to -195K. It wiped out last week's gain. The leverage is up 11% from 87 to 98. The realized P/L is up $9.2K. The SC positions were rollout and further deep ITM. The premiums collected are only $1430. I didn't trade any BF according to my rules. I made 103 trades for the week. That was about 20 trades per day. Some of the trades were executed before this week. The number of my positions decreased while the delta stayed negative.
June was the first monthly drawdown for IBQ. The realized P/L is -$20,656. The cash collected is $10,318 with about $1,600 in interest. The actual premiums are about $8.7K. I didn't follow my plan to act quickly and decisively based on the price actions.
The two small accounts went deeper into ITM for the week. The pullback of last week was shallow. The total cash collected is only $1,592. TOS got $559. IBP made a little more than $1K. My mistake cost the losses.
The small accounts booked a drawdown of -$25,551 for June, the largest in 2023. The total premiums collected are $5,117 only. TOS and IBP each got $$2,517 and $2,600. It was a waste of time and opportunity. I will enforce a stop loss of 1-2X premiums from now on.
Lessons & Plan:
1. Be aggressive and decisive in position adjustments. I often take more than one adjustment for a position. I should measure the levels and make adjustments accordingly.
2. My plan for eliminating these DITM positions by the end of July is not likely accomplished. My new target is by the end of August.
3. Keep my goals in mind and act accordingly. I need to calculate the positions' values. Then break the goal into small steps.
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