I only have 2 contracts, so I'm hoping to go net free w/ one and then hold the other for a little bit.

McInnis 03 said:

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DFS- Are we thiking there is room to grow over hte next two weeks? I have 1 contract at net free for the 40c......wondering how long I should hold. This is where my skills fail me. (que the "what skill" comment)

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I got profits and kept some runners. Now they're lottos. I've got 1/5 of my position left as a runner

OverSeas AG said:

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So basically, you would pick the same expiry, do the opposite side (If puts, you buy calls - if calls, you buy puts) and then look for a strike that you feel is most likely appropriate. In this case instead of going up to $130, you would say fall down to $115.

thx, learning every day. I get the idea. Appreciate it!

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"buying the other side" really just means going short when others are long, and vice versa. Not necessarily a specific strike or price target.

Callaway up 40% in last 3 trading days. Favorite golf brand and stock ever

Good call on that one. Glad you made some money.

willjohnathan said:

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AgEng06 said:

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willjohnathan said:

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My DAL 5/15 $26 calls have returned from the dead... for now anyways.

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Same

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Do you plan on holding them much longer?

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Touched $24.9, then got scared. Hopefully we can get a push this last hour.

Man, getting caught back up made me feel like we were all at the craps table and everyone's yelling to hit the point. The excitement made me join y'all, but I'm in at $0.88

Also looking into the $115P as a hedge.

Every knee shall bow and every tongue shall confess

What is the exit for the AAPL 6/19 calls? Wait until earnings?

Also remember that while people entered the 130c, it doesnt actually mean they are expecting 130. Profit can be taken along the way up towards the strike price

Looks like everything is pulling back over the last 30 min or so.

I have been testing trailing stop loss, only for when I have hit a comfortable exit point and it decides to start running. I do a trailing stop loss at whatever price brings it back down to that exit I eyed. That way it allows it to run for more profit, but prevents it from selling lower than the exit I targeted. I've been burned once (SPY call last week where it kept running after a quick pop down) and succeeded twice (FB 205s right before it started its downward trend last week, and SPY 286s yesterday, right as it hit its HOD). This helps me to curb the greed that can lose it all while chasing it down, and to lock in a profit target I'm comfortable with when I make the entry.

Every knee shall bow and every tongue shall confess

jtmoney03 said:

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This helps me to curb the greed that can lose it all while chasing it down, and to lock in a profit target I'm comfortable with when I make the entry.

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I need to learn this trait.

IrishTxAggie said:

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stxag8 said:

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What is the exit for the AAPL 6/19 calls? Wait until earnings?

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Whenever you're comfortable.

Y'all really need to think twice before just following blindly into the money flows that I post or the calls that OA makes. Have your own plan and stick to it. People aren't going to post their exits so you can pop in front of them. Yes, they tend to workout MOST times, but the one time you decide to push it too much may be the time it doesn't and you're in deeper than you can afford to be. Yes, I personally do a lot of trading off of options flow, but I also day trade pivots which keeps a relatively constant cash flow for myself.

Not directed specifically at you stxag8, just something I've noticed a lot seem to be doing.

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Until you get more seasoned, you might just enter a sell order in above it at a profit that you'd be happy with. That way, if there's a spike and you're away, it takes the second guessing out. Just a thought.

Even better advice is to just not mess with TLRY or any other meme stock.

jtmoney03 said:

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I have been testing trailing stop loss, only for when I have hit a comfortable exit point and it decides to start running. I do a trailing stop loss at whatever price brings it back down to that exit I eyed. That way it allows it to run for more profit, but prevents it from selling lower than the exit I targeted. I've been burned once (SPY call last week where it kept running after a quick pop down) and succeeded twice (FB 205s right before it started its downward trend last week, and SPY 286s yesterday, right as it hit its HOD). This helps me to curb the greed that can lose it all while chasing it down, and to lock in a profit target I'm comfortable with when I make the entry.

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Note, stop/loss and trailing stop/loss do not protect against gaps up or down, i.e. gaps at the open or gaps caused by sudden, unexpected news.

Even more so on options which gap up/down in much larger percentages.

I appreciate the advice. I'm very new to this but have been following you guys for a while, so just looking for another's perspective. I'll be sure to make my own decisions based off of the info y'all provide

OverSeas AG said:

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@shiner bock, @jtmoney03, @Irish, @Greasen, @OA, @PN_II (and everyone else)


I really appreciate your jewels of wisdom, cutting and pasting them into my trading notebook as I learn.

I know the other noobs appreciate it too.

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Absolutely

Every knee shall bow and every tongue shall confess

FB literally nothing but green over the last 20 posted options on Cheddar

Big OTM as well

OverSeas AG said:

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They suggested yesterday - this: " BUY $TLRY 5/15 11c @ 0.95 swing massive break to $13"'

so I get in at .85! Woot!

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Meh, if it goes to zero, you're only out $8500.

Exsurge Domine said:

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FB literally nothing but green over the last 20 posted options on Cheddar

Big OTM as well

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I can't stand FB and I wish I knew it would go to zero and put everything I own into puts, take out a loan to buy more puts and watch it burn.

But that's just me.

OverSeas AG said:

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PoopyPullup said:

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Even better advice is to just not mess with TLRY or any other meme stock.

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rub it in, rub it in...

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fundamentals should have nothing to do with the plays someone like Manic is posting, it is based on price levels and very short term day and swing trading. He is not posting options for you to buy and hold for a long time, company fundamentals don't play into his strategy. So that was just a miss and you got unlucky with picking that one to start with.

Anyone else's premiums bouncing around like crazy?

Anything out there on BABA? Love the set-up of a bounce play on 50 day MA tag

This is very true. I've found that the trailing helps curtail it a little bit better than the straight stop, as it will blow right past that stop on news. At least if it's trailing, it seems to allow for a brief pause and ability to get out at a better price. I've not seen all the scenarios play out, but am learning and appreciate the insight!

Ranger222 said:

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Anything out there on BABA? Love the set-up of a bounce play on 50 day MA tag

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manic posted an option play for it, but it was outside the buying range for me.

Ranger222 said:

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Anything out there on BABA? Love the set-up of a bounce play on 50 day MA tag

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9/18 $205C Had $2.3MM go to them for $16.10

Every knee shall bow and every tongue shall confess

SPY action has been crazy jumpy. Touched VWAP, got smacked down, then tested g/r and popped up hard. Trump just said Economy is going to recover quicker than most think.