September 2022 Day Trading

Day 2 September 2, 2022 Day Trades

Since this is Friday, I should have just stayed on the sidelines, but I did indeed execute a day trade in my simulator paper trade account, I thought at the time I saw a downtrend, so I bought 3 SPY Put Options at 4.62 at what I thought was a current price of $4.60 – 4.65 price (but in actuality purchased at 4.62, so not bad), and then in only 7 minutes, I put in a market order to sell because the SPY price had declined about a point, and the SPY 9/09 402 put was being quoted live at what I thought was around $4.85 – 4.90 price, which if it were true, would have meant about $65-75 profit, but the sell market order executed at 4.60 so I actually lost $6 on the trade.

So not sure if this is just due to how the simulator executes trades, but I think it is somewhat because even though the 1 week away options were being quoted the prices I saw, the simulator software that Wallstreetsurvivor.com uses may be based on last sale prices (I am just guessing), and if not a lot of trades were happening on the 9/09 Put at that moment, the price probably reflects it, rather than current bid/ask. If only WSS supported all three weekly options this would probably not be an issue, but I will continue to monitor this, and if it continues, I may need to trade maybe only tues-weds-thurs. So below is my live charts used to make today’s decisions:

So when several of my indicators were showing a downward movement at about 10:47am, is when I entered the put trade, and 7 minutes later I put in the market order to get out. So my account balance decreased by $6 to a new value of $5807.98 for next week, as I will avoid any more trading today. Fridays are always bad to me, and Friday afternoons are REALLY bad.

Everyone have a great weekend!! Here’s great book to read this weekend!! Centennial by James Michener, about how Colorado developed from prehistoric times up until the 1970s There is a DVD set available too, I watch it at least once per year.

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