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October 17, 2012 Morning Trade Update – An easy Bearish Butterfly win!

October 17, 2012 by John Locke Leave a Comment

Hi All,

I had some website glitches last night and was unable to update the site till now.

Yesterday, I added 5 – 810/820 call verticals to the November M3 trade. As normal the trade was posted on SMB virtual trading floor when it was done. I apologize for the delay on this end.

Today..

I have this unwritten rule that “If I am up 20% of planned capital on a bearish butterfly that is only 1/3 entered. I should take the money and move on.” I say this because the trade would be up around 80% of actual invested capital and I really should not expect too much more from the trade and there is not much point in risking a big move only to have to fight the position into expiration at this point.

Therefor, I closed the November Bearish Butterfly today for a $1030, a 20.6% gain on “planned capital” of $5000 OR a 75% gain on invested capital of $1365.

That is it for now and I will update you with any changes.

John

 

Options
Learn how to trade the M3 Options Trading system
Click here for more information
Options
For Step-by-Step Video Instructions on How to Trade the Bearish Butterfly Strategy
Click here for more information

 

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