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This seems like an appropriate point to review the progress to date in the journal, as well as what is, and isn't, working in terms of strategies. Here are the big-picture numbers as of Friday's close: Starting date: Aug 15 Starting equity: $6,020 Current net liq: $5,190 (inc. commissions...

Sorry to hear it, JT. That was definitely a rough time to be neutral and I am thankful that I was out of the market for it (that is my new hedge around such announcements). Good luck with the rebuilding and I hope you have a good weekend.

Mid on the fly is a little over 7 as I write this, although it's not really relevant at this point. I completely agree with your sentiments. In my opinion volatility trading is easier than directional trading, much less directional daytrading, and my journal trades point to my very limited...

Another obvious lesson re-learned today. I should have waited for a pullback to enter the fly, rather than putting it on right after the market had marched up a few points. I could have entered it at the stop price and would not have been shaken out. The fly is currently at 7.00, but the lesson...

Out of the 20 put for 3.70. Happy with what I have on for the VIX and looking for other opportunities. Nothing special here, but in all over the last several days I was able to put on the October expiry 13/14/15 call fly, 14/17/20 put fly, 20/25/30 call fly, and 14 put from .85. I plan to hold...

Out at 3.00. -22% return on risk. I like this trade and was probably just shaken out with other longs but had to honor the stop. Am still synthetically long through VIX puts.

Long the SPX Oct4 1680/1690/1700 call fly from 3.75. Stop 3.00, target EOD, will protect significant profits if they appear.

Out of the calls for 1.80.

SLE, thank you for providing this very valuable perspective. I have only been modeling the 10RRs and 25RRs across expirations but will begin using these as well.

I have been watching the spreads but have not tried trading them yet. The inversion in the front this morning was tempting for a long though...congrats on the scalps. I was toying with legging into some option flies today on the volatility but I wonder if the spreads might be more fruitful to...

Long the Oct VIX 14,20 puts and 18,22 calls from 5.60.

Thanks; we'll see if it works.

Long the Oct VIX 13/14/15 call fly from .15. Just adding a little bit of downside protection in case the VIX collapses before expiration.

Sold 2x Oct VIX 17 puts for 1.40 average. Am now in the 14/17/20 put fly and the 20/25/30 call fly from .60 all-in.

Sold 2x Oct VIX 25 calls for .65 each.

Long the Oct VIX 14 put, 20 put, 20 call, and 30 call from 4.70. The premise is to take advantage of the increased VIX volatility, and the goal is to fly these off for zero cost or a net credit. Time decay here is non-trivial so will need to cut slingload on this within a few days if the...

JT, thank you for sharing in such detail your exit strategies, that is very helpful. I need to chew on it a bit. I think managing the exit is my biggest weakness right now.

Out at 12.37 for a 6.3% return on risk inc. commissions and the roll. I feel very constrained in my position exits by the fact that I am trading 1-lots (my philosophy right now is that I am generally limiting myself to 1-lots until I am consistently profitable). For both this and the VIX...

Out at .55. 16% return on risk inc. commissions.

I would use the IV (call IV minus put IV).