Thursday, September 26, 2019

CCL -40% and partial still open. UGH!

Daily setup: gapping down from a sloppy pennant that was already too oversold.
Entry/play: After a 1 min pullback to vwap, I shorted the rejection bar.
Management: Initial stop above the pivot. But I was in TOO BIG and the spread was too big for me to manage it cooly. First surge down didn't go to target. It didn't even really stall, it just bounced. I got another chance with another run down. It missed my ask by a smidge, and then it went to hell. I hadn't squeezed my stop bc big spreads. I put in a stop/limit, but I yanked it when I should have accepted it. And then it just never got better. Eventually I took off 1/3 to try to calm down. At the end of the day I took off another 1/3 because this piece of s## expires tomorrow.
Psychology: Flippin' terrible. I expended a lot of mental energy on it. I was in too big. I allowed WAY too big a loss. I gave my whole day to it. I lost a lot of money and too much psychological capital today.

Lesson: Don't trade options with big spreads. If I can't resist, I can only go lotto.


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