Progress Report 65 Bearish Wolf What has been keeping me busy today: Various. A bit of an off day. How has the portfolio done today: Continuing Trades (Open Before Today): TQQQ Covered Call. 100 Shares TQQ @ 95.2 (long) Raw Daily P&L +$43 100 TQQ JUL27’20 95 CALL @ 7.98 (short) Raw Daily P&L: +$1 Opened today: None Closed Today: None Observations: Greater goals: Sales & Trading by the BB banks.
Progress Report 66 Bearish Wolf What has been keeping me busy today: Various. A bit quiet these days. All courses passed, diploma is in! How has the portfolio done today: Continuing Trades (Open Before Today): TQQQ Covered Call. 100 Shares TQQ @ 95.2 (long) Raw Daily P&L -$334 100 TQQ JUL27’20 95 CALL @ 7.98 (short) Raw Daily P&L: +$334 Opened today: None Closed Today: None Observations: None.
Progress Report 67 Bearish Wolf What has been keeping me busy today: Various. A bit quiet these days. How has the portfolio done today: Continuing Trades (Open Before Today): 100 Shares TQQ @ 95.2 (long) Raw Daily P&L -$87 Opened today: None Closed Today: 100 TQQ JUL27’20 95 CALL @ 7.98 (short) Raw Daily P&L: +$93 Observations: None.
Progress Report 68 Bearish Wolf What has been keeping me busy today: Various. A bit quiet these days. No market information today. Markets closed. Observations: People are starting to show interest in giving me money to trade. I have been saying no so far, because I first want to get a good track record going for myself. But good to know that there is interest out there.
Progress Report 69 What has been keeping me busy today: Some research on what is needed to become a prop trader. See Observations. No market information today. Markets closed. Observations: Having a quantitative background is key to get into the prop trading industry. Not all positions ask for it, but having it is a big plus. Python is key. Not all starter positions ask for it, but we are moving there. Because of this, it is a good idea to sign up for some courses/workshops to improve my programming skills. Background in Finance helps, but is by no means a deal-maker. I cannot rest on these laurels. Many summer positions are already open. I am applying to a few of these because I check all the boxes. Just the interview process is a bit demanding. A lot of emphasis is on screening candidates that have strong "Analytical Skills". This basically comes down to being intelligent and having trained your intelligence profoundly enough. How do they screen for these analytical skills? By doing ‘brain teasers’. They are basically trying to tease out your level of intelligence with these exercises. Sometimes, firms will also ask for online psychometric tests, but the brain teasers at the physical interview is what makes you or breaks you. Teamwork and strong communication skills are also key. These skills also come across in the interviews. It is a bit self-evident what they mean: "can you get your idea across?" Winner’s mentality in trading is what allows you to consistently perform, so you better embrace it. Ability to thrive under pressure might sound like a cliché. It is not, it is incredibly important to succeed in so many aspects of your life. Adopting stoicism as a life philosophy can set up you up amazingly in this regard.
Progress Report 70 Bearish Wolf What has been keeping me busy today: Various. A bit quiet these days. How has the portfolio done today: Continuing Trades (Open Before Today): None Opened today: TQQQ Covered Call. 100 Shares TQQ @ 121.76 (long) 100 TQQ JUL24’20 120 CALL @ 5.38 (short) LULU AUG14’20 350 CALL @ 6.06 (long) UVXY JUL24’20 25.5 CALL (short) Closed Today: None Observations: None.
Progress Report 71 Bearish Wolf What has been keeping me busy today: Mental Models summary. How has the portfolio done today: Continuing Trades (Open Before Today): TQQQ Covered Call. 100 Shares TQQ @ 121.76 (long) Daily P&L -$311 100 TQQ JUL24’20 120 CALL @ 5.38 (short) Daily P&L +$252 LULU AUG14’20 350 CALL @ 6.06 (long) Daily P&L -$77 UVXY JUL24’20 25.5 CALL (short) Daily P&L -$5 Opened today: None Closed Today: None Observations: Spent a bunch of time today summarizing mental models for decision-making. In total, I have summarized 25, amongst which the most important are ‘Second-order Thinking’, ‘Probabilistic Thinking’, ‘Velocity >> Speed’, ‘Leverage’, ‘Momentum’, ‘Preferential Attachment’, ‘Margin of Safety’, ‘Compounding’, ‘Multiplying by Zero’, ‘Mr. Market’, ‘Seeing the Front’ and ‘Influence of Stress’. I summarized the mental models to be able to showcase bits and pieces of these during the job interviews.
Progress Report 72 Bearish Wolf What has been keeping me busy today: Prepping for job interviews test. Damn, there is a lot. But I am starting to see the clearing in the forest. How has the portfolio done today: Continuing Trades (Open Before Today): TQQQ Covered Call. 100 Shares TQQ @ 121.76 (long) Daily P&L +$50 Total P&L -$261 100 TQQ JUL24’20 120 CALL @ 5.38 (short) Daily P&L +$33 Total P&L +$285 LULU AUG14’20 350 CALL @ 6.06 (long) Daily P&L -$22 Total P&L -$99 UVXY JUL24’20 25.5 CALL (short) Daily P&L +$38 Total P&L +$33 Opened today: None Closed Today: None Observations: Although I have been doing some progress, specially in the career area, I feel like last week I checked out a bit. I have not been sleeping well and etc. I need to get back on track, and that starts this night with a good night of sleep to start crushing goals tomorrow. More attention needs to go to OPTIONS TRADING! Diet, by the way, has such an enormous impact on performance. I am right now at a strict 1600kcal deficit and it is to die for. Happily enough, this ends on Sunday. Just imagine all the energy that will be available to me.
Progress Report 73 Bearish Wolf What has been keeping me busy today: Targeting positions for trading (23 available, from which I will choose). A lot of summer internships, as well. Preparing psychometric tests. These were a lot easier than I thought (good sign). Back to basics: looking at stocks and options and seeing what is best. How has the portfolio done today: Continuing Trades (Open Before Today): TQQQ Covered Call. 100 Shares TQQ @ 121.76 (long) Daily P&L -$931 Total P&L -$1.192 100 TQQ JUL24’20 120 CALL @ 5.38 (short) Daily P&L +$262 Total P&L +$547 UVXY JUL24’20 25.5 CALL (short) Daily P&L -$73 Total P&L -$40 Opened today: CVM AUG21’20 2.5 PUT @ 0.08 Closed Today: LULU AUG14’20 350 CALL @ 6.06 (long) Daily P&L -$196 Total P&L -$255 Observations: LULU hurts. And that was an idiotic trade. I just felt like it, and did not put a stop-loss. Why do I do this to me. CVM is an easy $8 on the pocket. Training trade for naked puts (high IV).
Progress Report 74 What has been keeping me busy today: Various How has the portfolio done today: Continuing Trades (Open Before Today): CVM AUG21’20 2.5 PUT @ 0.08 Daily P&L $0 100 Shares TQQ @ 121.76 (long) Daily P&L -$538 Opened today: None Closed Today: UVXY JUL24’20 25.5 CALL (short) Daily P&L -$119 Total P&L -$159 100 TQQ JUL24’20 120 CALL @ 5.38 (short) Daily P&L +$262 Total P&L +$547 Observations: The movements of the TQQ shares don’t really matter. I only hold those shares to rinse and repeat the covered call. UVXY was not a good idea this week. A straddle for next time. But that’s fine, you win and you lose. As long as you are winning more often than not…