Spy closed at 210 with RSI at 90+ which is usually a point where we see a pullback but markets tend to like extremes. I expect a pull back next week after a bit more up. I’ll probably sell two units of call put spreads to complete the put credit spreads I sold a few days ago.<\/p>\n
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In the last 6 months my account is up significantly. Had it not been for the single month of October. I’d be rocking around 60 percent. I used to be a professional gambler and made a lot of money by exploiting POSEV situations. My two biggest losses in trading had to do with my mindset of exploiting odds in a POSEV situation but with no regard to risk of ruin or how a large loss would affect my trading psychology. Trading is not about exploiting POSEV situations. It’s not professional gambling. Of course with smaller amounts it’s ok but risking 10-20 percent of your stake in a situation that you calculate as POSEV is an inappropriate move. It’s about risk management and staying psychologically fit to Stay in the game. Both situations were POSEV but the amount risked was ridiculous. I’ve learned to manage trades by plan and with variance in mind and since then I’ve kept myself out of trouble. The last six months have been a testament to following a disciplined plan. I am very happy with the results <\/p>\n","protected":false},"excerpt":{"rendered":"