Hey Guys,
The market ended the day a bit down yesterday, but it's a bit up this morning, and overall the market has been showing strength over the last week.
I had two option positions that reached their time limits yesterday. I manually closed both of them near the end of the trading session, and both ended up in the red.
There was one point in the day when both those positions were green and profitable. Some might ask, "Why not close them when they're green and lock in the profits?" But another person could just as easily say, "The positions are green, so let them keep running." What I do is I sidestep all that in-the-moment analysis and just follow the rules of the backtested trading strategy. In this case, it called for an exit at the end of the day, which meant "letting them run." Sometimes that pays off nicely, and sometimes it doesn't. No one can make the right call every time using in-the-moment discretion, which means every single trade is going to have trades where they don't exit at the perfect time. So rather get caught up in all the in-the-moment analysis, I keep it super simple and just follow the rules of a trading strategy that has a deep track record of success historically according to backtests.
I picked up some new positions today. In the stocks account, I bought positions for WYNN and PNC. In the options account, I bought positions for those same tickers.
If you have any questions or feedback, I'd love to hear from you.