• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Locke In Your Success

Locke In Your Success

Learn how to create income from options trading

  • Home
    • About
    • Testimonials
    • Our Team
      • Sherri Locke
      • Stephen Hammit
      • John Locke
    • Contact
    • Privacy Policy
  • Coaching
    • Fundamentals In Trading Library
    • Options Trading for Income Weekly Webinar
    • GO Ask A Trader Sessions
    • Trading With The Pros
    • Trading Performance Sessions
    • Market Outlook Weekly Webinars
    • Personal Coaching Sessions
  • Become A Member
    • GO Membership
    • PRO Membership
    • Trading Performance Membership
    • Market Outlook Membership
    • Basic Membership
    • Membership Level Comparison
    • Trade Alert Services
  • Trading Courses
    • Options Trading Strategies
      • The Bull
      • Quick & Dirty Broken Wing Butterfly
      • The Super Bull
      • The Bear
      • Unbalanced Butterfly 1 and 2
      • M3.4u
      • V32
      • X4 System
      • Bearish Butterfly
      • M3
      • The ROCK
      • M21 System
    • Trading Performance Courses
      • Advanced Personal and Position Management
      • Broken Wing Butterfly Master Course
      • The Trading Triangle
      • Trader Transformation Workshop
      • Ultimate Income Trader Workshop
      • How To Best Utilize Calendar Spreads
    • Enriching Sessions
      • Performance Parking Portfolio
      • Boost Trading Results Through Proper Back Testing
      • Managing Risk When Entering, Exiting, or Rolling Positions
      • Far Out M3
      • How To Build Winning Trade Plans
      • Reading Your T+0 Line
      • Trading Lab – Design a Trade
      • Trading Lab – M3LT
      • ROCK’in 2018
      • Trading Lab – Roll Baby Roll Index
  • FREE Resources
    • Free Options Trading Consultation
    • Options Trading FAQ
    • Trading Performance Podcast
    • The Winning Trade
    • Successful Trader Presentations
    • TRADING SUCCESS BLUEPRINT
    • FREE Basic Membership
    • Calendar
    • Recommended Reading List
    • Brokerage Firm Selection Process
    • Fundamentals In Trading Definitions
    • Trader Inspiration
    • Financial Freedom Classroom
  • Blog
  • Log In

Off To Camp We Go

August 26, 2016 by John Locke Leave a Comment

Blog 23_JW_boots-1193477_1920Do you remember those days at camp?  Smelly socks, making new friends, hot dog eating contests, care packages, etc?  A couple of weeks ago my two girls went to camp for the first time, two weeks in Colorado.  It was the exact same camp I went to for ten years during my youth so that was special.  The good news, they changed their underwear more than I did during my first two-week session.  One is hard to beat.

What did I learn during this two-week hiatus from kids?

One, spending time with your significant other without kids is required…that was the first time we spent more than 24 hours together during our entire 12 years of marriage.  Pretty cool.  Jenny has already signed them up for next year.

Second, a good water filter is important on a 3 day backpacking trip.  Opps.  My bad.

Third, a wet dog (Aussie Shepherd) makes the tent experience just that, an experience.

Fourth, don’t go on a 3-day backpacking trip with a fully loaded trade count.  Yep, this gives a new meaning to the term “road trip trade”.  Let me paint the picture.  Before setting off into the Maroon Bells for three days (I highly recommend this place if you haven’t been, located outside Aspen) I decided not to close or reduce the size of my trades but chose to hedge my M3 trade by buying a straddle.  Before doing so, I backtested the concept to see how it may play out.  This band-aid approach looked good for 1-2 days, so I went for it.

Well, I thought I was ready to go.  So, there I was trying to take in the smells and views of the beautiful mountains, but I found myself only thinking of my T+0 line.  Not good.  How did I fix this?  I asked my wife if I could run back down to where I could get wifi, close my trades and then come back.  That’s exactly what I did.  Luckily, I was only 5K out from any wifi, but I went for it.  Ran down, traded, ran back, then continued the hike completely exhausted but satisfied that I could finally enjoy the moment.

What did I learn?  Just because you have backtested an idea doesn’t mean you can do the same when it becomes “real”.  I thought by buying a straddle would give me comfort.  In the future, I will do one of the three things when “out of trading range” for a small period of time:

  1. Close all of my trades
  2. Close only the front month trades while leaving on the back month trades assuming there’s plenty of room for large market movements
  3. Reduce my size across the board to a reasonable level
  4. Bring a water filter that works!

Happy trading,

Written and contributed by John Wilson, Successful Options Trader of the Month – May 2016

 

Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Share on LinkedIn
Linkedin
Pin on Pinterest
Pinterest
Email this to someone
email

Filed Under: John Wilson, Written blog post Tagged With: APM2, bearish butterfly, bearish options strategies, Bearish vs Bullish, broken wing butterfly, Bullish vs Bearish, Dave Thomas, john locke, Locke In Your Success, m21, m3, Master Class, options, options strategies, Options trading, options trading for beginners, options trading strategies, rock, SMB, SMB Capital, stock, Stock Market, stock market crash, Stock Market for Beginners, stock options, stock options channel, Stock Options Explained, Stock Options for Beginners, Stock Options Trading for Dummies, Stock Options Trading Strategies, Stock Options Trading Tutorial, super simple spreads

Reader Interactions

Leave a Reply Cancel reply

You must be logged in to post a comment.

Primary Sidebar

Recent Posts

  • The Winning Trade Episode 84
  • Stock Market Emotions!
  • The Winning Trade Episode 83
  • Trading Reality Distortion
  • The Winning Trade Episode 82

Categories

Search

Copyright © 2022 · Locke In Your Success, LLC. All rights reserved worldwide · Site Maintained by Nustart Solutions