Position Updates - home stretch

Written on July 15, 2008 by OptionsRopeaDope

Unlike alot of traders I see, I’m still in the July cycle, with 3 days to expiration. For the EEM calendar at 130 I had open, I closed half of it out today at 25% gain. That gain is just for the 130 calendar, I lost a bit more overall, having started at with the 140. Half is still on, just in case I can milk a little more out of it (though it managed to drop slightly right after my trade).

My condors are also pretty safe, despite being in dangerous territory this morning. My delta on the shorts is right about 11, which is nice and comfortable, as that should drop sharply each day now.

Overall, my loss has trimmed to 6% for the month, which is perfectly acceptable. Has a great chance of getting to 3% or less. Whew! Losses are part of the bargain, but it is still difficult, and Ive learned plenty during this cycle, and I hope not to make the same mistakes in the future. This time last year that 6% would have been much worse. I can take the 6% every now and then, no problem, compared to a bigger number.

Also planning to get back in the saddle with the blogging tommorrow, with more book reviews, strategy discussion, and of course, open trades with greek magic starting next week. It amazes me that readership on this blog has increased with even though I stepped away the last two weeks, and it’s humbling!

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