The past two weeks have been profitable with a total gain of 59.45 $ES points ($2972.5). The options and futures trades are summarized in the tables below.
The week of April 18th was a profitable week for me, but very dissapointing on the execution side of things. I went short calls to start the week and ended up pretty deep in the hole to start. I typically keep my max risk at 1% of my trading capital. However, I let the trade go against me by about 2% of my trading capital. I had strong conviction that we were too extended and would turnaround, but instead of closing out the trade early for a loss, I held on and even added. Part of the reason this happened is that I got on a plane and had failed to put a stop in place. When I arrived at my destination, the market had moved against me siginificantly. If I would have planned better I would not have been in the situation to begin with. Another lesson learned. Also, it is clear that I was on the wrong side of the trade as it moved against me approximately 35 points. I should have recognized that 2100 was the likely target and either stepped aside completely or tried the long side.
Last week was also profitable and I benefitted from being home most of the day yesterday. This allowed me to trade futures a bit more actively and take advantage of the volatility. I made most of last weeks money trading future yesterday. I was looking for a gap fill down around 2060 with risk down to ~2050. I added longs from 2059 down to 2049, and was more aggressive near 2050. The trade almost went against me by 1% of my trading capital, but it never reached that point. I could have done better letting my profits run. I felt good about my afternoon sales at 2055 and at 2058.25 as those were points of potential resistance, but I should have made my other sales at the same points. Had I picked a better entry point, I would not have been at a loss to start, and would have felt more comfortable letting the position run. I was in a losing position for most of the day and it wore on me. I was happy to get myself back to even when the opportunity presented itself, but I gave up quite a bit of gains as a result.
Week of April 18th $ES Options Trades:
Week of April 25th $ES Options Trades:
Week of April 25th $ES Futures Trades: