Last week didn't go so well for me. What could go wrong did go wrong. The market started up on Monday and Tuesday but just crashed after the Fed meeting. My strategies work very well when stocks do not move a lot one way or the other. Last week that happened and I lost a lot (about $4500). My account balance dropped all the way back to $9,700. I'm still up from May 15th were my balance was $6,800 but it hurts to lose that kind of money in one week. That really shows the damage trading options can have on one's account. So please make sure you are not taking more risk than you can handle and do not trade options with money you can't afford to lose.
With all that said, I think this week is a perfect time to put on Iron Condors. I see a lot of downward pressure but after last week I can't see any huge down days this week. Most likely we'll see some flat days. I put on all my put debit spreads this morning when the market was down big and then started selling my call credit spreads. I've diversified more this week. I have 6 contracts in Apple, 3 contracts in Amazon, 4 contracts in Google, 1 contract in Mastercard, 3 contracts in Netflix, 4 contracts in Priceline, and 3 contracts in Tesla.
Things are going well so far and I'm up $200 on the day. I'm taking on less risk this week just to make a profit. My goal is to make about $1,000 this week. My original goal was to get my account balance up to $100,000 by year end. This is going to be much more difficult but still very possible. I need to make the right choices and will try to post my trades as I go.
Jonny
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