Trading week 51/2019 was from December 16 until December 20, 2019 (Monday - Friday).
The original plan was to sell only 0 DTE SPX trades on Monday, Wednesday and Friday, which I did, but last week there was one more trading day on Thursday which turned out almost a catastrophe, but thanks to the friend a mentor we not only avoided huge loss but gained some new and valuable knowledge on how to use futures to hedge SPX
This week I sold 4 SPX 0 DTE trades and bought one ES call future to hedge against suffering SPX trade.
Also I made some dumb mistake on Friday and wiped all earnings from this week in couple of minutes , I had an auto-order to open one more trade on Friday I set a new SPX call bear at 3225/3230 - as market opened at 3222 it immediately got filled, price was climbing close to 3225 and I thought maybe I should buy a hedge using futures, I couldn't fo that as broker were saying that ES contract has expired, anyhow I made a mistake and bought 3225 call as a hedge and paid $240 for that, but it turned out I'm just buying back my own 3225 calls (which I sold to generate income).
Stupid me :) It was a good 0DTE week, after all, I almost made ~ $250 and the futures sale really saved my ass, In the end because of the mistake I have earned just $20 after commissions.
Week 13 trading results
Now, there are some valuable lessons learned this week
- Hedge using Futures (if not this hedge I would report a negative ~250 USD Week)
- Careful with auto orders, better wait for market to open before putting trades
- Do not trade on Thursdays / Overnight trades (no matter what)
- Opening price can be different than that futures are pointing
Hope it will help me next week to make at least $100 safely trading 0DTE SPX