Days like today are a little frustrating to me. As I've mentioned before, I carry a very hedged portfolio, meaning I have some short and long positions on at the same time. This is a life saver in a down market, as I will never lose as much as the overall market. Unfortunately this is also true of the big gainer days. Today was one of those.
Don't get me wrong, it was a nicely profitable day... in fact, a day that in most cases I would be ecstatic with. But in the midst of monster index gains I feel like I didn't get my fair share. And everyone knows I want my fair share and a little bit more.
Truthfully, and all frustration aside, a hedged portfolio is the way to go. I wouldn't have it any other way. Reward can be a little smaller, but so is risk; and they go hand in hand. Spreads, such as iron condors, are by definition hedged positions. In fact they are most profitable if price doesn't move at all, being neither long or short the market.
I guess I'll just have to be satisfied with the few extra shekels the day brought and not be greedy... that's what gets people in trouble.
Good Trading...
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