Net S$271 in Sep?!
Hey friends — Joe here.
📊 Trades on the Table lands every Saturday. One real position, why I opened it, and what had to be true.
Nothing here is advice. Just what's on my screen and how I think about it.
September's investment report is closed. Here are both versions of the month.
The headline. The book realised about +S$44,800 of profit overall. Two long calls did most of it — the Meta January-2028 US$320 call I wrote about last week, up roughly S$21,800 on the contract I sold, and a Google December US$395 call position closed on 23 September, up about S$20,100.
The actual September. Of the 14 trades I opened in September, the net result so far is +S$271.
Both are correct, but why is there a big gap?
That S$44,800 was from trades placed before September — old positions closed. The trades I actually placed in September are mostly still open; nine of the fourteen. Their outcome isn't knowable yet.
A monthly P&L figure mostly grades decisions you made months ago. It tells you very little about the month you just had.
Where am I investing the income?
In September the wheel side collected about S$12,700 in premium — cash-secured puts on businesses I am looking to purchase.
I then spent roughly S$12,750 on two long-dated calls: an NVDA January-2028 US$100 call.
That's the structure now: the wheel generates income, the income buys time on businesses I want to own for years.
Premium funds LEAPs.
Meanwhile, the capital gains from my Meta LEAP call are set aside for other Put selling and GOOG's short calls have been used to fund the long put to protect my heavily concentrated GOOG positions (what I wrote about here).
Take a longer timeframe view on results
Since I started sharing my monthly performance online, I also started to feel the pressure to perform monthly.
That's what I would try to avoid - tracking number every month and forcing trades into a thirty-day box.
The truth is, market doesn’t care about your monthly goal.
It’s wiser to have a full year view and let any single month be as lumpy as it likes.
Full trade report available here for paid members if you are interested.
Hit reply if you have any questions.
Keep growing!
Joe
P.S. 🎓 The October cohort of the Second Income Academy is now open for enrollment. If you are looking to start building a second income and buy back your time, book a call with me to see if this is the right program for you.
This is a description of trades I personally made — not investment advice, and not a recommendation to buy or sell anything. Options are leveraged instruments and long calls can lose their entire value. Options aren't suitable for everyone. Figures are as recorded in my broker account for 1–30 September 2026; realised figures are after commission. All amounts are shown in SGD, my account's base currency, converted from USD at 1.2720 — the rate implied by the statement's own conversions for the period — and rounded. Strike prices are the contracts' own USD strikes, shown as US$. Figures cover single-stock and ETF options only; index options sit outside this report. Unrealised marks are as at 30 September and will have moved since.
The Income Stack runs three times a week — 💡 One Idea on Tuesday, 🛠️ The Solopreneur Stack on Thursday, 📊 Trades on Saturday.