Quick Recap:
Today was a down day on the markets overall, at least here in the U.S. The positions Nick and I are in, however, have done pretty good overall. We've got unrealized gains of $3.50. Whoo hoo! (I keep thinking that eventually it will get bigger. Once we have a larger account to work with, we'll be able to take on more positions for more potential reward.
All our existing positions now have trailing stops in place. So at this point we will never hit our max loss. We're not quite to complete breakeven on them yet. If we were to get stopped out tomorrow, we'll have some losses, but I like that there's an automatic catch in place.
We didn't get into the MSFT position yesterday. The stock didn't hit my condition, though it does look good for the start of an uptrend. However, the deltas are now outside our rule range, so we're not getting into this trade.
We did get into YHOO, and so those stops are on.
New Trades:
We put Iron Condors on SPY and IWM. These both look to be going sideways, so the neutral strategy should work for us. I'll go more into the details tomorrow.
Exciting News of the day!
Nick figured out how to put on an order to open a position, and enter the closing parts right away. The trick is that instead of entering a "single order," you use "1st trig OCO" order. Then, the 1st order you enter is the position opening order. In our case, we sell the position. Then, you create an opposite order, duplicate that, adjust the order as needed to pull in stops, and viola! There's a market order to enter the position with an OCO with closes showing a "Wait Trigger" status.
I'm so excited! We put it on a test to see if it works properly. If it works, we've got our stops on right away, and it eliminates some of the same-day risk we were taking on. I'll know more tomorrow.
I know this is a really short post tonight, but that's the quick update. Happy Tuesday everyone. I'm off to sleep and dream with options and position dancing through my head. (Maybe not... we'll see.)
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