It was only a papertrade today, but a win sure feels good after the biggest LOSING streak I ever had while trading options..
- t 8/15-125
- f 8/18-150
- f 8/18-165
- th 8/24-135
- f 8/250-45
- m 8/28-25
not very comforting to see that. Thankfully, the market is getting better now, in terms of VIX normalizing.. Maybe today's win is the start of a good time for me and my trading. 馃寛馃槑馃
Let's go over this morning's trade..
Step 1 - I checked the 1-hour chart and it showed that price was
in a Bull trend.
Step 2 - I look also at the 15-minute to confirm that Bulll run..
Step 3 - Last chart I look at is the 5-minute, to make sure the current price candle is GREEN, showing the bulls are in charge, and it's a good time to enter..
That's it for the analysis part.. I jump to the 'trade' tab to enter my sell order. I choose the option with a strike price at delta 14..
8:48am - As soon as it triggers and fills, I enter an OCO (one cancels other) order.. with a target price, and also a stop loss. (the price I will close if my pnl ever gets that negative.)
At 9:15am my trade's delta has lowered and is now nicely UNDER delta 10, which eases my mind a lot..
9:23am and the trade hits my target! I bought back my option at .10, and since I sold it and received .55 in credit (times the 3 contracts I sold) the total result is.. .55 - .10 = .40 x 3 contracts = 1.20, or $120 in real life. 馃憤馃槉馃挵