Drillbit4 said:
FJ43 said:
SPY & Options Scalp Test
Well gents my 4 week SPY & Options scalp test is finished for Phase 1.
10k Cash Account
- WK 1 - $3,780
- WK 2 - $2,180
- WK 3 - $2,160
- WK 4 - $3,970 (lottos helped today!)
$10K < $22,090
Made a LOT of mistakes. Mostly not cutting losers quick enough and not letting some winners run correctly. Will adjust and regroup and make some adjustments and see how the next 4 weeks goes.
While really good ROI, it is hardly anything someone can hang their hat on. It is a small streak of luck until otherwise proven.
Well....maybe Gus
FJ - how % was SPY vs options? What type of options were you doing? With only $10k, that's a great ROI.
All trades were options trades with the volume in terms of contract transactions for sure SPY. All options were simple blocking and tackling calls or puts. No spreads of any sort.
Estimating but the gains are about 50/50. I entered 8-10 different weekly options trades (calls or puts depending) a week but 6+ a day on SPY. Trading levels intraday up (calls) and down (puts).
I had to pay attention to available cash through the day. So SPY typically were smaller and day trades. Where normal options may be on for several days at a time. Fortunately options settle overnight. So each morning fresh cash to play with.
Still figuring it out though. I'll continue to work on a 'recipe' as I go. I know there are much more sophisticated ways and strategies. For me sometimes simple is better. SR levels, price and volume. Throw in 2 EMAs that work for you and that's mostly it. More than anything working on discipline. IMO without it not a game to play. My biggest losses were lack of discipline. 100% my fault.
Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11