Ignoring today
I decided since RIMM is up (and I have puts) and FXP is down (and I have calls), I’m not meant to trade today. The only difference is that today I decided to change my trading rule. This new rule will have either dreadful consequences, or get me past rash decision making.
Instead of waiting for an option to go up or down based on the day I bought it, I’m going to wait for two days after getting an option. Unless something huge happens and I need to sell, I think this will allow me to avoid the emotional outburst of selling at the wrong time.
Today the two positions I took up yesterday are lower, so tomorrow I will sell them. If tomorrow they happen to go up, I will hold them until there is a down day. If they continue downward tomorrow, I will sell and get out of the positions.
If that doesn’t work, I have plenty of time to screw up more rules before finally finding one that works for me.
2 Responses to “Ignoring today”
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[...] and GOOG paid me today. One contract each. If I were smart and followed my own rule (* as posted here), I would be up greater in the paper trade but wouldn’t have had a chance to mark a positive [...]
[...] Maybe… maybe not. Today will be a day of selling for me, based on my only previous rule: I’m going to wait for two days after getting an option. Unless something huge happens and I need t… Posted: February 21, 2008 at 7:30 [...]