As I am writing this, it is already Jul 23.
We are already more than halfway through the year 2023! Time flies, doesn't it?
At the point of writing, it is now 2 Jul 23 - so as usual, it is time to take stock of how much cash flow we have collected in Jun 23.
The reason why I am doing this is to (1) document my journey and (2) to inspire others on this journey as well.
If you are ready - then let's dive right in.
In the month of Jul'23, I collected a total of $1,759.00 (these are all closed trades, so its all realised profits here).
Here's a snapshot of the trades which were closed.
Reflection
I closed a total of 6 trades in the month of Jun'23 and 6 out of 6 was profitable.
If you noticed, there were some trades like "V" and "MPC" which I only sold one vertical spread.
The reason for that is because I have a lack of option buying power at that time due to selling of naked options - but still, I wanted to put on a trade to see if the strategy plays out.
As always, I like to think back and see what I could have done well and continue to duplicate this success. Hopefully, if you are reading this, you gain some insights from my sharing as well.
What Works Well
In the this month, I continued to implemented the "double-support strategy" - and continued to do so for this month. This means that I am trading lesser, but with higher probability - which accounts for the above successful trades.
Let's take a look into EOG for example.
You can see that the green arrow represents my entry date. During that time, there were multiple support levels - which suggested that it was a strong support.
Not only that, my sell strike was at a pretty good distance from the support level. This meant that the probability of winning this trade was extremely high.
I then let the trade played out by itself - and net a profit of $350.
The lesson here?
Open your positions only at key pivotal levels such as support and resistance. On top of that, ensure that your sell strike has a good distance away from the support levels.
Conclusion
I find it worthwhile to always review your trades on a monthly basis - so that I can keep discovering patterns that works well and keep doing it.
Success leave clues. Do more of what works for you and eventually that positive results compound into something larger.
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