Sure it would have been ideal if I didn't need to reset/punt the original trade but better this than get burried in a losing trade. (read below for trade details)
LESSON: I made the right direction call I just missed the level/mark by an inch.
I made the right call to stick with my conviction and punt the position and give it another week to correct itseld and it did.
*** 3/30 took a stab at a weekly (opex 4/6) iron condor 410/05 - 440/45 for $.66.
I did this 10times so collected $638.95
On expiration day MA was not acting well so instead of taking the chance on it souring with 2hours left, I decided to punt it into the following week. so,
*** 4/05 punted w/2hrs to go from 440/45 short call spread to weekly (4/13) 425/20 - 455/60 iron condor
I did the same number of lots 10x and collected and additional 63.43
note: The high on 4/5 was 442.2 and closed 439.85 so i would have been safe BUT that would have been sheer gambling had I waited it out.
Btw, if you like these posts spread the word+ folo @racernic (twitter and stocktwits). Also peruse rest of my posts including the sides to help finance the java (if you know what I mean ;-). I do these post for free and have no subscription pitches etc.
Conviction is very important BUT more important that we don't blur the line between conviction and hardheadedness. How can I tell the difference? If I've never admitted I was wrong then It's likely to be hardheadedness ;-)
MY TWEETS AND POSTS ARE REAL TRADES WITH REAL PROFITS AND REAL LOSSES. NO PAPER TRADING HERE! I HAVE A FEW INTERESTING TRADES POSTED.
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As with any trade there are risks but in this case the I am very comfortable with the dollars at risk. I always try to know and manage my risk; I ask 'what will I lose if the crap hit the fan in the worst possible way.' If I know the answer to this and am ok with it then I should be ok.
THIS IS NOT A RECOMMENDATION OF ANY KIND. I ONLY INVEST MONEY I CAN AFFORD TO LOSE.
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