by billb
3. November 2009 06:49
I'm guilty. Yesterday while things were falling, I attempted to lower my strikes on IWM from 49/51 to 48/50 and get the same credit. I was close, but not close enough to get filled. I knew what I was doing, but tried to "outsmart" my trading anyway. This is usually a recipe for failure. That failure usually comes in the form of missed opportunities. This time I may be lucky, the market looks like it's going to head lower this morning and I may get a fill after all, but this was a stupid risk. It is simply psychology that must be dealt with. It is no different than a drunk refusing a drink and a fat guy turning down cake. It will forever be a challenge and there is no "cure".
The SPY trade is still on the table as well. I will evaluate those strikes after I right the wrong on IWM.
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