Yeah like I got smoked out during Bre Yes like the time I got smoked out during Brexit! Oh but wait, I didn't did I? Love your logic!
Don't throw stones in glass houses; you will be an old man too one day. (infact, you already look kind of old) What goes around, comes around
How many times has it been pointed out that you had your ass saved during the post Brexit rally. That's not even normal behavior or anything that can be depended upon. A much better example would have been 8/24/15 whereby you either would have bailed out due to already getting beat down on 8/22-8/23 or absolutely would have gotten smoked on the 24th. You're basically short vol at VIX16 and heavily dependent on the status quo continuing with basically zero protection against any black swan let alone a gap down.
You are a broken record. Give me time and let me bow up, ok? I don't need your constant reminder. It's getting very old.
Or you could listen to some of the advice given in thread and avoid blowing up. You don't have the holy grail.
You keep thinking we're trying to shit talk you because we don't like you or something. That isn't it. What it is is that this strategy has already been beaten to death over the years and it always ends up the same: lots of pain when the market throws a curve ball that doesn't come back. You either have to have great intestinal fortitude/margin to double down on it (crazy) or ride it out (unlikely unless you love pain or happen to totally luck out [brexit]), or close and take a huge hit - erasing a significant chunk (potentially even all or more) of prior gains.
Bobby--from what I can see from your log, you're currently short 6 puts and 12 calls. This seems a little aggressive at first blush given a $184k NL while 6 contracts represents ~$640k in notional. I would reduce sizing to 4 x 8. To maintain your theta, you could be more aggressive with your strikes with more straddles or tighter strangles. I just wouldn't be comfortable with a notional/NL ratio greater than 2.5.
I am pleased to announce that the experiment is now complete and the proof of concept was a success according to my standards. There is no need to further debate the merits of the strategy and I feel that such debates add nothing to my body of knowledge. Thanks to everyone who participated in the discussion and tried to offer constructive comments regarding my strategy. I will be restricting access to my trade log in the coming days. If you would like to continue studying the trades and my spreadsheet, please send me an email request at bethandbob203@yahoo.com. Best wishes and happy trading to all! Bobby