Fight and survive trading
Had a great May and actually did some withdraw! However the last day went from +2k to -50k! Looking at my plan I failed at always using a stop loss, even on reentry! Definitely got complacent with adhering to max loss! Will have to be extra careful!
Scheduled macro news + Premarket movers
Key support/resistance levels + Gamma levels + RTH/24 hours range
1st half day: S1 -> PCS, R1 -> CCS, neutral -> IC
Stop loss on individual spread at 1.0 – 1.5 loss
Same side: Should cover 24 hour range
Major trend reversal: no ccs when bouncing from s2
This is a post after 3 years of struggling and lost $$$$$$ and here I am. Maybe it’s the one last wild ride.
I had a great month then gave all profits back with the market correction, this is so similar to last year.
What went wrong? My emotions. In addition to the market one way trending, back and forth swings here are my sin:
1) fear of loss – can’t take loss.
2) greed – unrealistic goals and too much reentering.
3) lack of discipline – can’t stick to the rules.
Truth about 0dte iron condors : they don’t work well in high IV market. So the only way to survive would be not trading or take small losses.
When IV is high, we have to be creative:
1) reduce size
2) narrow spreads
3) ride the wave and enter only one side
4) careful about 1dte, may not do it at all
5) most importantly, take 3x loss and move on
Followed by New Hope.