 Hey everyone happy Monday today, September 26th I had to run out on Friday and was tied up all weekend So I did not have a chance to get out the weekly video update In its normal form. So just wanted to do touch base this morning just to kind of Give a few thoughts going into this week Obviously so two weeks ago with the CPI number coming out big move lower That was on a Wednesday, and then all of last week was pretty pretty red in as far as stocks go And so what what happened to our positions? Well, we got blown out of some of our Woodpecker butterflies right to the downside. So we had to close several of those out. We also took Some losses had to exit on our couple of our calendar trades our double calendars Because these are just these are just massive moves. So one thing I think is is important. Well a couple things one I've been getting a lot of questions about how do we how do we hedge a you know calendar spreads or you know what's the best way to hedge and the reality is The calendar spreads that we do they are defined risk and we have a very specific way of getting out of those When they're losing trades just because you have two weeks of Massive, you know, I mean these are massive moves. I mean these are beyond the expected move. So You have to you just you have to take a perspective that if this happens you will take losses You can't you can't plan to hedge for that because 80% of the time it's not gonna happen 80% of the time it's gonna stay within that expected range And so you really just have to look at this as These are these are the 20% that you're going to take losses on And and you know, I know I beat this I beat this over and over and over again But it comes down to position size and so I think taking the mindset of all the market conditions are bad So I'm not going to trade this strategy right now. I think that's a mistake I think that you need to take a perspective of hey, we got hit it Pushed out of our range. That's not normal. That's not that doesn't fall within our 80% probability that we usually Book profits on this falls in the probability of the 20% that we that we lose on and that's that's just how it is That's that's part of trading, you know Trying to change what you're doing every time you take a loss and trying to figure out how you could have avoided that loss While while it's good to always be continuing to grow and tweak your strategy I think it's a mistake to constantly change your strategy every time you take a you know, go through a drawdown or Or have a situation like this which just happens some of the time, you know, that's just and we never know in advance when that's gonna happen now With would I say? Reducing position size is an okay thing to do the answer to that is always always always always so, you know having the mindset of you know, just it's the market conditions are bad So I'm gonna stop trading. I don't I think it's a mistake But I think reducing position size in any situation is a good thing to kind of get that Get the flow back in the strategy get the flow back in the market get your confidence back in the strategy or whatever It is that you might be thinking of either consciously or subconsciously reducing position size is always a good thing until you kind of Get to understand or a better perspective or whatever it is And then you can kind of scale back up to your normal position size. I think all I think that's always a good option Obviously so Monday, we're starting out S&Ps are down another 20 pre-market. We've got about 40 minutes 50 minutes until the till the market opens so we'll see what happens, but You know, I will I will not stop putting on our kind of our core positions here Just because we got we got pushed out So I think that was kind of the main the main theme of what I wanted to talk about and then as far as hedges go, you know one thing that I used to do a lot of is Just carry always a certain amount of short delta And I've talked about this in the community several times but I've gotten some some additional questions about it recently and Just to just to help you understand as far as how how I'm managing my my overall different accounts is I am I am I am just Exclusively using NTT as my directional bias. Okay, so let me bring up a NTT chart. So I I've been I've been very short overall in my directional bias now Friday after that big drop I I essentially cut out of all of my all of my short positions that I had futures NTT portfolio positions You know anything else that that was kind of short delta. I pretty much cut out of and And so I'm I'm long right now now We're still in the downtrend her trend candles are still red And I just said I'm using NTT for my directional bias But when when you get a flush like that I also just wanted to take profits on those and I don't mind being a little bit long here I mean what what we know about bear markets is you can see if you can have some very Serious kind of rip your face off rallies, right? And so I don't mind being long here. Will it will it keep going down? Maybe it will will we have a massive bounce today? Maybe we will we don't know but but the bottom line is it's it's more about just kind of taking profits If we do get a bounce, I'll kind of start reloading my shorts But but for now I'm just I'm a little bit biased And that's really just with Delta neutral positions that have pushed to the downside And so now I've got long Delta because I need a bounce back to kind of get back to center. So Anyway, hopefully that helps. We'll be back on track with kind of our standard full go through every position every trade Weekly update next week, but I just wanted at least touch base this morning And kind of give you some initial thoughts that I've been thinking about hope that helps talk to you soon