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The hedge is required because I cannot predict direction. If I could predict direction I would go all in in the correct direction. For positions that go immediately in my favor, the hedge reduces the total profit by a little bit. When they go against me, it increases my total profit in...

12/7: SPY: $6,494.00 Hedge: -$2,054.00 Net for this trade: -------------- $4,440.00

Sorry for not updating yesterday. I was out of town. 12/5: SPY: $6,086.00 Hedge: -$1,850.00 Net for this trade: -------------- $4,236.00 12/6: SPY: $6,118.00 Hedge: -$1,898.00 Net for this trade: -------------- $4,220.00

12/2: SPY: $4,998.00 Hedge: -$1,346.00 Net for this trade: -------------- $3,652.00

12/1: SPY: $5,086.00 Hedge: -$1,370.00 Net for this trade: -------------- $3,716.00

long 600 shares SH @ $41.11.

11/30: Gap up out of nowhere! SPY: $5,102.00 Hedge: -$1,315.00 Net for this trade: -------------- $3,787.00 I wanted to buy a little more SH today around the close but I got busy doing something else. I'll buy more tomorrow if it's around the same level.

I fully support this. Check out this thread: http://www.elitetrader.com/vb/showthread.php?s=&threadid=216617

11/29: SPY: $1,150.00 Hedge: -$241.00 Net for this trade: -------------- $909.00

Whoa, registered in 2009 and first post at the end of 2011 in my thread :D The answer to your question is yes and no. Selling off some SPY and then buying it back, selling it again, etc., may result in extra wash sales. But the main reason is I prefer to treat them as two separate trades...

11/28: SPY: $878.00 Hedge: -$163.00 Net for this trade: -------------- $715.00

long 600 shares SH @ $43.17. Average cost after commission is $43.18.

11/25: SPY: -$1,818.00

Oh just so there's no confusion, the reason the first two entries were below the fib lines is because I had the orders there but price gapped down so I got filled at the open rather than at the actual order level. Next buy is 1000 shares at $115.86.

11/23: SPY: -$1,642 For those of you playing along at home: 200 shares @ 120.24 (after commission) 600 shares @ 118.07 (after commission) Total: 800 shares @ avg cost of $118.61 Looks like the next Ex-dividend date for SPY is 12/16.

Yeah, filled at the open of $118.06.

Missed my buy order by $0.03 today. 11/22: SPY: -$209

11/21: SPY: -$115

Also, limit order to buy 600 shares at $118.49.

The other problem with selling puts is that they don't guarnatee you a position. For example: Say you want to buy 200 shares when price hits $100. So price is a bit above $100 and you sell 2 puts and collect the premium. Say the next day, price drops to $99.50. But your puts don't get...