IrishTxAggie said:

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CuriousAg said:

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Sooo, I am just jumping in this thing and I think I screwed up buying and selling too fast. What is the limit of trades you can make on Robinhood without being flagged as a day trader?

It is telling me I need $25k in the account to freely trade. I can't get out of my current plays as of right now...

...help me.

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Your account balance/value needs to stay above $25k. You can sell open positions, but you can't buy new ones if you're flagged and under. I think the number is 3 or 5 in five days

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within Robinhood Help there's a good explanation, essentially a day trade is about changes of direction on a single position. using a different strike price to change direction (open/close) has helped me avoid the lock out. It triggers after completing 4 day trades within a 5 trading day window, can't day trade for 90 days unless your account gets over 25k

IrishTxAggie said:

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CuriousAg said:

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Sooo, I am just jumping in this thing and I think I screwed up buying and selling too fast. What is the limit of trades you can make on Robinhood without being flagged as a day trader?

It is telling me I need $25k in the account to freely trade. I can't get out of my current plays as of right now...

...help me.

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Your account balance/value needs to stay above $25k. You can sell open positions, but you can't buy new ones if you're flagged and under. I think the number is 3 or 5 in five days

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And that rule only applies to margin accounts. No idea why someone who's new to this would bother with a margin account.

With cash accounts, you can buy and sell all you want so long as you're not getting Good Faith Violations.

IrishTxAggie said:

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khaos288 said:

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IrishTxAggie said:

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CuriousAg said:

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Sooo, I am just jumping in this thing and I think I screwed up buying and selling too fast. What is the limit of trades you can make on Robinhood without being flagged as a day trader?

It is telling me I need $25k in the account to freely trade. I can't get out of my current plays as of right now...

...help me.

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Your account balance/value needs to stay above $25k. You can sell open positions, but you can't buy new ones if you're flagged and under. I think the number is 3 or 5 in five days

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TDA lets you day trade as long as you aren't in margin.

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I think Robinhood is any type. Not sure though. Don't use them anymore

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Yeah RH is locked down more than required. I don't use them any more either for that reason. Lots of weird restrictions.

Unaware of that stuff. I never trade on margin.

In retrospect I shouldn't be too hard on folks for getting into a margin account. Robinhood dupes a lot of impatient people by offering "Instant" access to new transfers.

The answer to this problem is easy. Don't trade on margin. Trade with settled cash. Be patient and let normal bank transfers happen.

I think it lets you day trade stock as much as you want if you're cash, but will track options on cash

We going to cup and handle our way up for a few days?

Every knee shall bow and every tongue shall confess

Think I'm going to go ahead with my strangle for Mar 20 SPY options on this run up...planning for a gap up/down in the morning again or big run in last hour

Testing this one.....19/21 strangle on SPXS.

CuriousAg said:

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Sooo, I am just jumping in this thing and I think I screwed up buying and selling too fast. What is the limit of trades you can make on Robinhood without being flagged as a day trader?

It is telling me I need $25k in the account to freely trade. I can't get out of my current plays as of right now...

...help me.

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If you set up as an instant account just to take advantage of a quick transfer, I'm pretty sure you can downgrade to a normal cash account and this problem goes away.

If you actually intend to trade on margin, you'll have to play by those rules (and good luck to you).

khaos288 said:

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Trolley Problems said:

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OA or others more experienced than I -

Is a decent options play to sell covered calls on your long positions on days like today where we catch a bounce, in order to recoup some losses?

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Yep.

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Thanks.

What? No. You just can't day trade after those 3 in 5 days until they come back off your account. You can buy and sell, just have to hold overnight.

Exsurge Domine said:

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khaos288 said:

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I opened a put position. Market should recover now.

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You the real hero

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They're out 10 days so if I can get my bro's a rally to sell on....I'll be the guy.

McInnis 03 said:

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Testing this one.....19/21 strangle on SPXS.

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Is there enough room to move to make options effective here?

Hopefully I'm jinxing the jinx....as you called the pivot perfectly

McInnis 03 said:

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Testing this one.....19/21 strangle on SPXS.

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Curious how it goes. I've always heard that you're better off just strangling SPY. The argument being that supposedly the leverage is baked into higher IV on SPXS so the gains are basically the same and SPY has better bid-ask spreads so you're not in for an unpleasant surprise.

But I'd love to see some real world confirmation of that.

deadbq03 said:

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McInnis 03 said:

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Testing this one.....19/21 strangle on SPXS.

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Curious how it goes. I've always heard that you're better off just strangling SPY. The argument being that supposedly the leverage is baked into to higher IV on SPXS and SPY has better bid-ask spreads so you're not in for an unpleasant surprise.

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I'll let y'all know what happens. I'm envisioning a big move over night so we'll see, and my assumption is another down day but I have a few days to let this play out.

jj9000 said:

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AggieKeith15 said:

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Very new trader here, but I feel like one of two scenarios will unfold:

1) There's another drop off as layoffs start happening, and companies start going under, and markets begin to fail. Meaning the bottom is in a month from now.

2) in the next week or so things stay low and dwindle down some, but eventually more word gets out on how many people are recovering (or not getting sick at all rather) from the virus. Meaning stocks are basically at floor prices already for the most part.

To the experienced traders, not sure what your thoughts are, but mine are to keep some spare cash in case a second drop off occurs, and in the meantime day trade for the next week or so before things start to settle down some and locking in for the big rise. Does this sound right to you all?

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Not trying to be confrontational here, but, what basis are you making your Scenario 1 and Scenario 2 assumptions?

Scenario 1 --> Layoffs starts happening --> Businesses Fail --> Unemployment --> GDP contracts ---> I'll stop here as there's a cascading effect, and nowhere in this scenario is a cure for the Pandemic. Layoffs = Not a recovery on a month.

Scenario 2 ---> What indicators are leading anyone to believe this Pandemic is easing? If anything, it's the other way around. Look at the infection trajectory.

Again, I want to emphasize that everyone here is in the same boat as you are. Is this a great "Traders" market? YES.

But, I get the sense that several folks are looking for this thing to turn on a dime and skyrocket to 3,400 in a week or two, when in reality we JUST started shutting things down.

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Thanks for the response! I wasn't trying to suggest the market will skyrocket , or recover in 2 weeks or a month, or even a couple of months from now. I am just trying to get a feel for what types of triggers could represent the bottom (marking the long rebuild) and determine what actions to take in each scenario.

First scenario: nothing changes, virus hits population hard; isolation continues to stop business -> a month goes by and companies declare; mass panic; big drop -> another month goes by with slow business, but light at end of tunnel; some more closures -> some more panic, but not enough room to sell cheaper, so most of it lost after first round of closures. -> isolation ends; people get sick, but manageable; recovery starts.

Second scenario: 2 weeks people isolate; continued uncertainty; stocks stay low -> people question media death counts, believe virus isn't affordable; Italy is unique case, SK and Italy get a hold on numbers ->people start going on with life more; stocks remain skeptical, but cautiously optomistic -> (speculative) warmer weather lowers spread; global spread looks better; medicines not available but make headlines giving encouragement -> some closures and gov help, but life goes on and rebuild begins.

In the event case 1 happens, it's best to regard the bottom a month out, because there's only so much room for more drops, right? So in the mean time trade, but hold mostly cash.

In the event of case 2, is it safe to practice day trading and attempt to make some gains while we wait for the clear bottom in the next couple of weeks ?

Really I'm just throwing out hypotheticals and trying to configure what the appropriate action is given that either event occurs.

gougler08 said:

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Think I'm going to go ahead with my strangle for Mar 20 SPY options on this run up...planning for a gap up/down in the morning again or big run in last hour

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What strikes are you going with for the strangle?

Don't know if George1992 is reading/around currently, but I wanted to ask what the he/the group thought of TPL right now? It is well below 2-yr lows. Was thinking about adding it in to retirement account, especially at these levels.

Put in an order for $GOOG at 999.99.

brd79 said:

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gougler08 said:

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Think I'm going to go ahead with my strangle for Mar 20 SPY options on this run up...planning for a gap up/down in the morning again or big run in last hour

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What strikes are you going with for the strangle?

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I went +10/-10 from 252 (put is a bit more with the premium)...we've basically held flat since then so I'm banking on a gap up or down tomorrow to make it a win

gougler08 said:

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brd79 said:

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gougler08 said:

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Think I'm going to go ahead with my strangle for Mar 20 SPY options on this run up...planning for a gap up/down in the morning again or big run in last hour

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What strikes are you going with for the strangle?

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I went +10/-10 from 252 (put is a bit more with the premium)...we've basically held flat since then so I'm banking on a gap up or down tomorrow to make it a win

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Would have done this with more capital so with that said, I'm still in the SPXS play

What are we expecting overnight? I bought spy puts

C'mon please close strong!

McInnis 03 said:

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deadbq03 said:

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McInnis 03 said:

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Testing this one.....19/21 strangle on SPXS.

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Curious how it goes. I've always heard that you're better off just strangling SPY. The argument being that supposedly the leverage is baked into to higher IV on SPXS and SPY has better bid-ask spreads so you're not in for an unpleasant surprise.

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I'll let y'all know what happens. I'm envisioning a big move over night so we'll see, and my assumption is another down day but I have a few days to let this play out.

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Im in with you, with a small taste.

S&P up 5% for the day with 4 min left, all I can think is selloff tomorrow, lather rinse repeat.

Sell rally, buy crash.

McInnis 03 said:

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S&P up 5% for the day with 4 min left, all I can think is selloff tomorrow, lather rinse repeat.

Sell rally, buy crash.

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I'm really just hoping for a gap so I can profit...would of course rather it be up so the rest of my portfolio bounces a bit too but can deal with a sell off

Same here.

Alright Texags.. when is the O&G market going to start climbing again? I bought GASL for $0.12. I'd like to see it get back up to $10 like in January.

Aggies1322 said:

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Alright Texags.. when is the O&G market going to start climbing again? I bought GASL for $0.12. I'd like to see it get back up to $10 like in January.

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I guess I dont understand how this works. This cant go lower than zero, right? Nat gas may actually bounce as oil rigs go down and associated gas comes off the market. What's in this ETF?