Progress Report 54 Bearish Wolf What has been keeping me busy today: University. Exams. No market update today, markets closed Observations: Many people are haters. There are plenty of people out there that say you can’t make it. Now, two possibilities: Or I am one of the outliers that actually can make it, or people just complain too much. It could also be I am delusional. It could also be a combination of them all. But I think it’s more that people can’t stop complaining.
Progress Report 55 Bearish Wolf What has been keeping me busy today: University. Exams. Community. No market update today, markets closed Observations: None.
Progress Report 56 What has been keeping me busy today: University. How has the portfolio done today: Continuing Trades (Open Before Today): TQQQ Covered Call. 100 Shares TQQ @ 95.2 (long) Raw Daily P&L +$608 100 TQQ JUL27’20 95 CALL @ 7.98 (short) Raw Daily P&L: -$563 UVXY Jul10’20 29.5 CALL (short) Raw daily P&L $14 Opened today: None. Closed Today: None Observations: Some stock prices are not about fundamentals anymore, but about FOMO. Think of Tesla, or SHOP. It would be interesting to see if in a couple of years, the trends that we have seen developing in the last months lead to a type of investing that is not based in value anymore, but towards a general philosophy towards company valuation in which “this company is cool” is a better indicator of stock price outperformance than other metrics that call more for a fundamental view of investing. This might not be too far off, considering the new generations that will be holding the power to drive valuations via selling and buying are also the generations that are criticized for buying avocado toast for €10 just because it looks cool. I was just reading an article on the FT calling the end of fundamental investing, and to be honest, I could not agree more. The idea of trying to predict the future based on a sheet of Excel is so unnatural that it is downright laughable.
Progress Report 57 Bearish Wolf What has been keeping me busy today: University. Three more days, two more exams, and I am done. Right now, most of my time has been gone to university. Had a presentation by another prop trading firm in Amsterdam. They require a little bit more of a programming background, but I think I can handle the challenge. How has the portfolio done today: Continuing Trades (Open Before Today): TQQQ Covered Call. 100 Shares TQQ @ 95.2 (long) Raw Daily P&L +$20 100 TQQ JUL27’20 95 CALL @ 7.98 (short) Raw Daily P&L: -$43 UVXY Jul10’20 29.5 CALL (short) Raw daily P&L $14 Opened today: None. Closed Today: None Observations: VIX is doing funny things. I have been talking about how I want to engage with my own trading, because of the high returns that I could possibly get from it. But even if that were true, even if I could reach a high a high return percentage, it does not make me more money that finding a part-time job at a trading firm to later convert that in a career path for a couple of years. My initial capital is a bit too small. So why not just go play for the big players and start my journey there? Honesty: for yourself, for others. One of the only things that really matters. Honesty.
Progress Report 58 Bearish Wolf What has been keeping me busy today: University. Two more days, two more exams, and I am done. Right now, most of my time has been gone to university. Spent some time looking at software interviews at Jane Street. They have some really good content, and they are now in my watchlist of companies to work for in a near future. How has the portfolio done today: Continuing Trades (Open Before Today): TQQQ Covered Call. 100 Shares TQQ @ 95.2 (long) Raw Daily P&L +$169 100 TQQ JUL27’20 95 CALL @ 7.98 (short) Raw Daily P&L: -$147 UVXY Jul10’20 29.5 CALL (short) Raw daily P&L -$3 Opened today: None. Closed Today: None Observations: I have to be careful when applying for firms. I don’t want to get locked out from investing/trading on my own terms if some of them have weird compliance requirements.
Progress Report 59 Bearish Wolf What has been keeping me busy today: University. One more day, one moer exam and I am done for this academic year. New CV is almost ready. I cut out a lot of things that did not matter, and it’s looking fresh AF. How has the portfolio done today: Continuing Trades (Open Before Today): TQQQ Covered Call. 100 Shares TQQ @ 95.2 (long) Raw Daily P&L +$225 100 TQQ JUL27’20 95 CALL @ 7.98 (short) Raw Daily P&L: -$257 UVXY Jul10’20 29.5 CALL (short) Raw daily P&L -$57 Opened today: None. Closed Today: None Observations: Volatility up today. Hurting me a bit, but bulls can’t be that bullish when considering we are reaching new highs in a pandemic. I don’t know if I am just sitting on my own bubble, but are people starting to hate media as much as I am?
Progress Report 60 Bearish Wolf What has been keeping me busy today: University done. Now it’s full focus on options. Divided into Career and Trading. New CV is done. LinkedIn Profile has been updated. How has the portfolio done today: Continuing Trades (Open Before Today): TQQQ Covered Call. 100 Shares TQQ @ 95.2 (long) Raw Daily P&L +$327 100 TQQ JUL27’20 95 CALL @ 7.98 (short) Raw Daily P&L: -$211 Opened today: None Closed Today: UVXY Jul10’20 29.5 CALL (short) Raw daily P&L +$130 Observations: My ego is either dead or in a deep slumber.
Progress Report 61 Bearish Wolf What has been keeping me busy today: First concept for the motivation letter is done. Mental mathematics are about there for the tests. I forecast that I will be able to have enough capacity to pass the tests by Thursday next week. After mental mathematics, I will focus on quantitative questions. No market update today, markets closed. Observations: None.
Progress Report 63 Bearish Wolf What has been keeping me busy today: First draft for motivation letter is done. List of trading firms to work for is done. I am setting up a tracking system to see how I am improving in the necessary interview skills needed for trading. What doesn’t get measured, does not get done. How has the portfolio done today: Continuing Trades (Open Before Today): TQQQ Covered Call. 100 Shares TQQ @ 95.2 (long) Raw Daily P&L +$76 100 TQQ JUL27’20 95 CALL @ 7.98 (short) Raw Daily P&L: -$58 Opened today: None Closed Today: None Observations: My paper trading account is a lot smaller, mirroring my real buying power. Many of the positions I had opened before are not possible in this new portfolio due to margin requirements. I need to do therefore two things: (1) learn more about margin requirements at IBKR and (2) come up with strategies that require very low, to almost none, margin.
Progress Report 64 Bearish Wolf What has been keeping me busy today: Tracking system for applying to build the skills to apply for trading jobs is done. Summary of 10+ trading firms and the requirements for a job in each of them. Summary of technical Analysis indicators. How has the portfolio done today: Continuing Trades (Open Before Today): TQQQ Covered Call. 100 Shares TQQ @ 95.2 (long) Raw Daily P&L -$150 100 TQQ JUL27’20 95 CALL @ 7.98 (short) Raw Daily P&L: +$138 Opened today: None Closed Today: None Observations: Wow. Getting into quant trading is not straightforward. But at least I know now that there are are a lot of firms out there that I can reach out for an opportunity.