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I exited my ES put spread the right day but reentered the wrong day with today's large ES drop. But there is absolutely no way to predict these movements. Next time I might enter the right day.
I am new to this site---so not sure if this book has ever been discussed or offered as a resource---and there are over 600 pages in this thread--and have not read every one--so thought I would share name it to those who might be interested
Just in case it hasn't been shared.
"Trading Options to Win"
S.A. Johnston
Most of it involves sell strategies---includes a good discussion on risk management---basic standard deviation stuff--seasonal---and specific strategies. Its mostly options on futures--
I had the good fortune to speak with the author--years ago when it first came out---and we also exchanged notes after he issues an updated [slightly] revised version. He said that much of the content of the book was still valid--but that of course futures markets--and therefore their related options--had changed site a bot over the years.
He is currently writing the great american novel I believe--and I wish him the best of luck in that endeavor.
if anyone would like to discuss the book---please don't hesitate to drop me a note---Dylan
Frustrating when you sell a spread for 2.95 and the next day you could have sold it for 4.25.
In the past there have been times when I exited one day and reentered the next trading day. Yesterday after I exited, futures dropped so that looked yesterday like a good time to reenter.
It's surprising how much luck enters into trading profit.
But this unpredictability is exactly the reason why I like your concept of being invested all the time. We simply do not know what the index is doing in the next hour.
