SPY 0DTE Pointers
Looking for advice on how to improve. Long story somewhat short, I have been studying options to the best of my ability and studied for a few months prior to going live. About 2 weeks ago or so I deposited my first $500 into Robinhood. Had plenty of consecutive wins of small amounts bringing my account to roughly $3500 and was feeling good. My strategy is scalping watching MACD, RSI and Price Action for trends usually somewhere between VWAP, 50 and 200 day SMAs, and Bollinger Bands.
Everything was going good until this past Friday on the triple witching day. I lost approximately $1100 on a single trade. Being a novice at best, I knew I shouldn’t have traded that day but I figured what better way to learn than trial by fire. I laughed at my loss and drove on.
Yesterday I was back up $490 and feeling good again, and today I’m down another $1100 or so. During my trades, I ensure keeping my emotions in check, make sure to not get greedy, and have done zero revenge trades. I prefer to only do one trade a day, usually after the first 15 to 30 minutes after market open and out long before lunch.
I have noticed SPY is slowing down with the lowered volatility making my strategy somewhat harder to implement in these conditions. Is the part of it? Did I pick a bad time to learn? What is some recommendations from guys who have been doing longer than me? I’m open to strategy improvements, reading material, literally anything that I can improve my self.
Also as of now, I will be withdrawing my current port (still up almost $1200 over initial deposit) and using it for something worthwhile and deposit another $500 when I feel my strategy has improved.