Well, given the current market I certainly wish I had stuck to my original call. I had some discussion with my broker and I suggested that the S&P 500 would rally back to about this level before deciding where to go next. My closest put strikes were the 1040 and 1035, which I closed. The level never hit 1040 but did head under 1050 for a bit. So in hindsight I was right, but decided not to take the risk.
I left my 1025 strikes alone though and placed some recouping call spreads and got into some low put strike trades for March expiry. I am now waiting for my cash to clear trades so I can get into more March trades, likely just the EOM at this point though as the 30 day mark is today or tomorrow.
The trade service trades are going OK, two of my short positions stopped out yesterday for the targeted losses...perhaps the last will cover today as well. The long trades are fairing well enough. I have a reasonable confidence that these two services may actually pay for themselves. I say it that way as I am only trading small under 100 share positions so the odds of making huge gains are stacked against me as breakeven is anywhere from a 20 cent to $1 move in the underlying... on stocks that range from $5 to $50 that is a substantial enough move to require.
Having said that the targeted profits are in the $3 to $10 range so the risk is not so great.
Off to more training today so I will be stuck away from the charts and will have to rely on my stops and targets to monitor my trades for me. Probably a good thing to wean myself from habitually checking in anyway.
Jeff.
Questrade, My direct access discount broker.
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