I finished up a strong May, but right now my June is a bit shaky. I've definitely got some problem areas to manage. So lets dive right in!
Remember that blog last week were I was talking up how awesome I was because I knew when to cut my losses? Remember that boastful and fine diatribe? Well... I'm not taking my own advice! I've just about let my SPY June credit call spread run away from me.
Like a stubborn fool, I've held this trade as we've continued to make new all-time highs. A smart trader would've closed this position out as soon as the SPY closed above 190. Not me though, NOOO! I'm still in the trade and down $300. So here's what I'm going to do, once we pullback to the 20 day moving average - I'm OUT!
On to another problematic position, TWTR. Oh goodness, I sold a June $47 put on this thing back in March, and it's been a thorn in my side ever since. Since I don't want the shares, I'm going to roll it out to maybe October and hopefully down to the $45 strike.
Moving on to my newest position, TGT. I got into this play last week and it's been up ever since. I'm looking for a move back above $57.
Lastly, I'm short a June $55 covered call against my DDD shares. I've got no plans to close this trade. I'll either keep the full $81 premium dropping the cost average on my shares to $51.90, OR I'll get my shares called and take a decent profit. I'm fine with either outcome.
For all you folks out there finding this blog for the time, I'm the Option Rider. I play with a wide open hand, for better or for worse! Please feel free to look through my open positions, my winners, AND my losers. Any advice, thoughts, comments or helpful tips are welcomed at firstname.lastname@example.org.
I'm just a regular guy who has had a little success as an option trader looking to get better!