Track Record

July 2026 Summary

Two large losses on 27 Jul (AMD put spread, NVDA put spread) outweighed a high win rate on everything else, a real example of why win rate alone doesn't tell the whole story; position sizing on the losers is what matters.

June 2026 Summary

Reconstructed from broker statement cash flows rather than clean strike-pair matching. June was heavy NDXP day-trading with many re-entries at the same expiry, so some legs closed independently of their intended spread partner (flagged as "single leg" below) rather than as a matched vertical spread. Win rate was lower than July's (57.1% vs 81.6%), and unlike July the losers weren't concentrated in one or two blow-ups. Several NDXP single-leg trades in the 11-12 Jun and 22-23 Jun expiry clusters lost over $1,500 each. A rougher month than July, and the record shows it.

Two 10-lot NVDA 177.5/182.5 put spreads (exp 2 Jul) were opened 29 Jun and carried open into July, not included in June's total since the trade wasn't closed within the month. Four positions opened in late May (IREN, META, NDXP, TSLA) expired worthless in June with no further cash flow, and their credit is counted here, in June, since that's when they resolved (see May's notes below for the same convention in reverse). A 10-lot IREN 79/81 call spread opened 28 May for a 5 Jun expiry doesn't have a visible closing transaction in either statement, so it's flagged rather than guessed at.

May 2026 Summary

The best month on record so far, and the smallest position sizing: mostly single NDXP contracts and small multi-lot spreads on META/IREN/TSLA, nothing like June's size. The one real lesson: an LRMR bear put spread got assigned early on the short leg (5 May), forcing a stock purchase at $12.50 that was sold the next day near $4.05 rather than exercising the long put, a small, avoidable loss from not managing early assignment risk on an ITM short option. A separate IREN $48 covered call was also assigned this month (8 May, $4,799.88 received for the shares) but its opening premium isn't visible in this statement, so it's left out of the total rather than guessed at. Two rows below closed a spread whose opening leg was placed before this statement period; only the visible cash flow is counted.

April 2026 Summary

First month trading SPXW/VIXW 0DTE iron-condor-style spreads alongside NDXP and the IREN wheel. High win rate, but 0DTE index spreads that finish ITM settle in cash at the full width of the spread rather than a typical stop-loss amount. The 31 Mar call spread is a clean example: a $43.74 credit turned into a $956.26 loss because both legs settled deep in the money. This is the structural risk of selling short-dated index spreads: small, frequent wins against occasional losses that can run to the full defined-risk amount. The 100 IREN shares from a February put assignment were carried as a covered-call position through March and sold in April for a small loss on the stock itself, separate from the option premium collected along the way.

March 2026 Summary

The earliest month on record. Mostly IREN covered calls written against 100 shares assigned via a short put in late February (opening premium from that put isn't in this statement), plus the start of same-day SPXW index spreads. A late-March iron condor (30 Mar, expiring 31 Mar) carried two legs into April, where they settled for a large loss. See April's summary for the resolution.

August 2026 Summary

A losing month driven almost entirely by AVGO: three separate AVGO spreads between 13 and 28 Aug lost a combined -$8,176.36, more than the month's entire net loss. Everything else was a fairly ordinary mix of small wins, plus one bad NVDA spread and one bad MSFT spread. A high win rate (72.4%) again didn't prevent a losing month, the same pattern flagged in the win rate vs max loss lesson.