Hey Guys,
Well sometimes when it seems like things couldn't get any worse, they do. And in the last 24 hours the market gave us a really tough blow. The S&P 500 dropped another 100-ish points.
That triggered a number of stoplosses for me. I hit two stoplosses in the main account and three in the extra options account. Not only that, but so many of my open positions have gone down in value (although somehow my Gilead and Kroeger positions went up despite the market's plunge). The last seven days have been brutal.
When you look back across the history of the market, so often it pays to "buy low" (which is what my trading strategy does). Even just last month, it paid off all month long to buy low. But over the last 1-2 weeks, it just has not paid off.
And it's not going to always pay off. The task I set for myself is to stick to the plan even at times when it doesn't pay off. But it can be hard, especially during strings of losses like this! It can bring up tough emotions since there is real risk involved.
I bought a few new positions today. In the main account, I bought shares of MPC. I bought the options for MPC in the extra options account. I bought shares of DINO in the low-priced account.
Today I have a few options positions that are reaching their time limits. I'll be closing those shortly before the market closes today if they don't reach their profit targets or stoplosses first.
If you have any questions or feedback, I'd love to hear from you.