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I try to stay mechanical with these trades. It’s impossible to tell when a trade is going to be a good one or a bad one, only after the trade is closed. With that said, risk management is key. I know people think that selling premium when VIX spikes is the best time to do it but the reality is that we get sharp moves when VIX is ‘high’ and that makes managing a trade a little harder.
Leaving only put side in 23JUN and 7JUL after SPX traded down to 2350 would be best if we knew that SPX will make new highs a week later. Since we didn’t know, we did our best to keep drawdowns small. We do have traders that use their own discretion and skipped the bear call part, they’re probably on their way to the bank right now.