Most of the criticism is done with class. One of the primary purposes for publishing my journal is quite selfish. It forces me to think deeply about things I may have glossed over during the development of my strategy. It exposes me to market regimes that I have not yet encountered. This has caused me to modify my management rules to better cover very unlikely but highly damaging market events. As long as I am learning, I'll endure some of the very classless posts. Sometimes with humor, sometimes not so much. :eek:
My credit spread trading mentor told me that he did not mind if I traded options naked, but I was forbidden to trade naked options.
Howard, You may also want to consider 'broken winged butterflies'. Or, you can embed a bwb on your current position. Just to confirm, buying the next month 'put' does create a calendar if using the exact same strike as the short front month option. But if you using a different strike it has a similar effect to a lesser or greater degree. Howard, you're up early! I'm still on Asia time Dave
I operate asynchronously with the sun unless I have a meeting or am actively trading. I sleep when tired. I'm "instant on" when I wake. 2-4 sleep session usually total 7-8 hours in a 24-hour period. Besides, sleep is just an annoying interruption to doing fun stuff.
Not much has been stated about how you "mitigate" a loss. You've mentioned rolling a position that has earned 80% of the credit, but no specifics about marked-losses. Will you add an opposing short vertical to one that is losing? For example, you're losing on a put spread so you add a call spread. How is adding duration (rolling) helpful in mitigating a loss? What do you do if the underlying gaps to your short strike or beyond?
You have zero credibility with me as a consequence of the content of your posts and your attitude. Should someone with credibility ask specific questions, I will gladly answer them.