Well, Traders...I learned a valuable lesson today. How to lock in your profits near the end of your Iron Condor trade. MassMutual Financial Group has a saying..."You can't predict, but you can prepare." Well, I wasn't as prepared as I wanted to be in November.
The trade was still very profitable, and I NEVER complain about profitable trades, but I did not set in some stop-losses to "lock-in" my gains in case the market made a major swing, which it did yesterday and today. So, note to self, if you are deeply profitable a) get out and be happy or b) set stop-losses to get out if things start to move against you.
Of course, I could have waited to see if the market pulled back tomorrow, but if it continues its bullish run, I could have turned a profitable trade into a negative trade and what sense would that have made? As of this moment, the $1750 strong resistance level is holding, we'll have to wait and see if it repels the Huns knocking at the gates or not...stay tuned!
Happy Trading!
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