The seasonally volatile August started on the first day of the month. The major indices booked a red candle for the first week of August. Vix is up from 13s to 17s. It's near the VAH daily. It appears a pullback or correction is underway. I will watch for the levels above and below to identify the trends.
IBP Netliq is up 3.5% from 320K to 332K for the first 4 days in August. The options' value is down 7% from -192.6K to -179.3K. The leverage is down to 86 from 97. The realized P/L is -$986 during this wild week. The cash collected is $1775. It's less than the $500/day average. I didn't enter any BF trade this week. The total trades were 53 for this 4-day week. It's about 13 trades per day. The total positions are SPX 14 and RUT 4 at the end of the week. One side of the DITM positions will be off the balance when the trend changes again.
The two small accounts improved some with this pullback. The realized P/L is $33370 collectively. IBP and TOS received $692 and $610. The total cash is $1302 for the 4-day week. I have to manage the inverted SCs and SPs from Friday's reversal.
Lessons and Plan:
1. I must learn to change my bias quickly as the market changes.
2. I have to be more objective with the price actions instead of holding my assumption.
3. Be patient with the price levels and willing to miss some trades.
4. The market tends to be volatile during a trend change.
5. Keep in mind that I am a professional trader. Act like one.
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