The market has been brutal. I got stopped out of NAL. I set my stops at the beginning of the trade, and now I am going to stick wit it.

Never change your trading plan mid-course. It is a slippery slope that will just cause more problems. Take your losses, learn from your mistakes and move on.

~squid

I have had a pretty good percentage of winners so far this month. You can not win them all. I am going to revisit mu rules on adding to a position during a favorable move. Some of the greatest traders add to positions when they are moving their way. Doing the same in options, probably requires some thought, since I am trading a lot of theta now. Not as simple as with a trend following equity system.

But a stop loss is a stop loss. This is why we have them.

I still have 6 calendar days until I close out the trade and who knows what will happen. My other trades are going to be in the black I think. APPL would have to make a helluva move for my AAPL bear call spreads not to finish in the money, and my INTC spreads are cranking out theta every day.

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This entry was posted on Wednesday, June 13th, 2007 at 2:34 pm and is filed under Option Trading.