pretty solid day scalping with FJ.
You don’t trade for money, you trade for freedom.
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FJ43
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And they had a dang good day today on an otherwise red day.Farmer @ Johnsongrass, TX said:Hedging their huge mountain of cash position appears to be the PSA.FAT SEXY said:
Do you have any clue why a company like them would drop 51 million on Gold bars?
Also, said they are considering crypto too and would report if they buy/hedge.
I don't like what-ifs on charts, but I'm going to put one up. This is what I'm going to try to trade.
You don’t trade for money, you trade for freedom.
we will 100% touch the 21 tomorrow.
You don’t trade for money, you trade for freedom.
Anyone else follow him? He's one who also posts some lottos.
$SPX 4340 tomorrow sounds right. Welcome it ❤️
— Benkiller♤ (@SpyHatesMe) August 18, 2021
so SPY to ~440.5 tomorrow to touch the 21EMA then puking down to the 50 around 433.9.
Sounds like a good prediction and would match nicely with FJ's bicycle chart
Sounds like a good prediction and would match nicely with FJ's bicycle chart
S&P500 sell is not over. Now 4390.
— emini tic (@TicTocTick) August 18, 2021
Market has found out there is no President of the USA 🇺🇸 right now but a demented shell struggling to walk on his two legs, wipe his own ass.
Stand aside and stand by.
This was trailer , movie is yet to begin. #ES_F $SPX $NDX $SPY pic.twitter.com/ZRj5VdmzCX
LOL, well said... but could she eat a popsicle or something? that would make my day better
Pairs trade update:$SPY 19NOV21 377P = $4.38$VIX 17NOV21 25C = $3.9
— Theta Warrior (@ThetaWarrior) August 18, 2021
1 Day Gain: $3.68M
**Trade is still open** https://t.co/EPVr1MBKg7
Bob Knights Paper Hands
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gougler08 said:
Damn I go away for 30 min and everything goes to ****
Oh, so it was your fault?!?
Hmm.sts7049 said:Pairs trade update:$SPY 19NOV21 377P = $4.38$VIX 17NOV21 25C = $3.9
— Theta Warrior (@ThetaWarrior) August 18, 2021
1 Day Gain: $3.68M
**Trade is still open** https://t.co/EPVr1MBKg7
I grabbed some VIX 9/15 19Ps before close and now I'm questioning that decision.
Looks like the Twitterstazi deleted this tweet.BREwmaster said:S&P500 sell is not over. Now 4390.
— emini tic (@TicTocTick) August 18, 2021
Market has found out there is no President of the USA 🇺🇸 right now but a demented shell struggling to walk on his two legs, wipe his own ass.
Stand aside and stand by.
This was trailer , movie is yet to begin. #ES_F $SPX $NDX $SPY pic.twitter.com/ZRj5VdmzCX
LOL, well said... but could she eat a popsicle or something? that would make my day better
Two tickers to add to your watchlist:
CRM (Salesforce): This one has been mentioned on here already (I think 30k posted the chart). Earnings next week so might be difficult to play, but this one was very strong today before the market pulled back. Look for this one to lead the recovery.
TGT (Target): Positive earnings yesterday and guided up. It broke through the lower trend line and lost the 50 EMA, but I think this was due to overall market conditions. When the market recovers, this should resume its upward trend which is pointing to 270 next month (currently 248).
CRM (Salesforce): This one has been mentioned on here already (I think 30k posted the chart). Earnings next week so might be difficult to play, but this one was very strong today before the market pulled back. Look for this one to lead the recovery.
TGT (Target): Positive earnings yesterday and guided up. It broke through the lower trend line and lost the 50 EMA, but I think this was due to overall market conditions. When the market recovers, this should resume its upward trend which is pointing to 270 next month (currently 248).
I think I'm done with buying options for a while. Puts, I fail at miserably (looking at you SPY). Calls, flash for 10 minutes or so and then go the opposite way. If I hold them thru the ebbs and flows it never recovers. Of I sell for a loss it explodes over at least an entire day.
I don't have immediate access to my phone so alerts and watching it are difficult. It's hard to chart with family obligations. A pause and reset will stop the bleeding on the options front. My only options at the moment AAPL152.5c Aug 27 (lost over 50% today) and Sept 2c VEON (worthless at the moment)
I know I know... dear diary
I don't have immediate access to my phone so alerts and watching it are difficult. It's hard to chart with family obligations. A pause and reset will stop the bleeding on the options front. My only options at the moment AAPL152.5c Aug 27 (lost over 50% today) and Sept 2c VEON (worthless at the moment)
I know I know... dear diary
I am close to joining you.zwhag2010 said:
I think I'm done with buying options for a while. Puts, I fail at miserably (looking at you SPY). Calls, flash for 10 minutes or so and then go the opposite way. If I hold them thru the ebbs and flows it never recovers. Of I sell for a loss it explodes over at least an entire day.
I don't have immediate access to my phone so alerts and watching it are difficult. It's hard to chart with family obligations. A pause and reset will stop the bleeding on the options front. My only options at the moment AAPL152.5c Aug 27 (lost over 50% today) and Sept 2c VEON (worthless at the moment)
I know I know... dear diary
Really would like oldarmy1 to post the options class from earier this year, editing issues and all.
Or for someone to spool up a new options class. I know FJ, 30K, and others were talking about a next vid class on here, can we make it options? I think there are many of us who could use some help on the options front.
Options are dangerous and it's the reason that I very, very seldom rec them on here. They're difficult for experienced traders but they can destroy accounts of people that are less experienced. I've been in the market, both in the industry and personal for almost 30 years and still only rarely utilize them, **** I'M GETTING OLD!.zwhag2010 said:
I think I'm done with buying options for a while. Puts, I fail at miserably (looking at you SPY). Calls, flash for 10 minutes or so and then go the opposite way. If I hold them thru the ebbs and flows it never recovers. Of I sell for a loss it explodes over at least an entire day.
I don't have immediate access to my phone so alerts and watching it are difficult. It's hard to chart with family obligations. A pause and reset will stop the bleeding on the options front. My only options at the moment AAPL152.5c Aug 27 (lost over 50% today) and Sept 2c VEON (worthless at the moment)
I know I know... dear diary
Yes, if you're right, then you can knock a trade out of park, and unfortunately that's what most people focus on. However, if you're wrong you will probably lose all the capital you commit to that trade. Then you'll go even harder in the next options trade to make up for the loss. That's when you need to step away because you're no longer trading/investing, you're gambling and that usually ends badly. This is just friendly advice and not criticizing anyone, take this for what it's worth.
I think my big struggle is when to get out if they swing negative. I'm an optimist by nature and I think "oh, there's still a month left, plenty of time." Then a big move comes while I'm working and it went from a 5% loss to a 50% loss. But again, there's still 3.5 weeks left.Prognightmare said:Options are dangerous and it's the reason that I very, very seldom rec them on here. They're difficult for experienced traders but they can destroy accounts of people that are less experienced. I've been in the market, both in the industry and personal for almost 30 years and still only rarely utilize them, **** I'M GETTING OLD!.zwhag2010 said:
I think I'm done with buying options for a while. Puts, I fail at miserably (looking at you SPY). Calls, flash for 10 minutes or so and then go the opposite way. If I hold them thru the ebbs and flows it never recovers. Of I sell for a loss it explodes over at least an entire day.
I don't have immediate access to my phone so alerts and watching it are difficult. It's hard to chart with family obligations. A pause and reset will stop the bleeding on the options front. My only options at the moment AAPL152.5c Aug 27 (lost over 50% today) and Sept 2c VEON (worthless at the moment)
I know I know... dear diary
Yes, if you're right, then you can knock a trade out of park, and unfortunately that's what most people focus on. However, if you're wrong you will probably lose all the capital you commit to that trade. Then you'll go even harder in the next options trade to make up for the loss. That's when you need to step away because you're no longer trading/investing, you're gambling and that usually ends badly. This is just friendly advice and not criticizing anyone, take this for what it's worth.
Pretty soon it's worthless and I'm kicking myself over it. I know not to set stops on options, just try alerts, but there's gotta be a better strategy that I'm just missing.
I try to only enter near support levels expecting a run up, and go with the trends, but just missing something that's resulting in me handing cash over on these.
Really need a reset and a different perspective on options than what I have because it's by far my biggest loser.
I wouldn't recommend short term options if you aren't able to monitor them during market hours. Here are some tips if you still want to play them:zwhag2010 said:
I think I'm done with buying options for a while. Puts, I fail at miserably (looking at you SPY). Calls, flash for 10 minutes or so and then go the opposite way. If I hold them thru the ebbs and flows it never recovers. Of I sell for a loss it explodes over at least an entire day.
I don't have immediate access to my phone so alerts and watching it are difficult. It's hard to chart with family obligations. A pause and reset will stop the bleeding on the options front. My only options at the moment AAPL152.5c Aug 27 (lost over 50% today) and Sept 2c VEON (worthless at the moment)
I know I know... dear diary
Set stops: These can be aggravating because options are so volatile. You might get stopped out right before a big run but at least you don't lose your capital. Protecting your capital is priority #1.
Set conditional trades: If your trading platform allows it, look to setup a stop on your option contract based on the stock price (ie find the price where you think your trade will fail, put in a conditional trade order to sell your option contract if the stock falls below that price).
Use spreads: Instead of buying a call or a put, enter a call or put spread (ie buy a call and sell a call at a higher price than the call you bought). This will help offset the theta decay of your option contract because the time value loss from the contract you bought will be offset by the contract you sold. If you do this, make sure you do it through a multi-leg trade order. If you enter these separately, you will most likely tie up the capital to cover the contract you sold.
Looking for some consistancy, if that even exists. Selling puts seems to fit that bill for me. At least something I do not have to watch every second of the day. For small accounts, some what limited returns but easier to manage.
Do you read charts? Have you found 3 indicators that are your favorites and apply them to your trades/decisions? If not, find 3 that you prefer and have faith in them and stick to it, it will minimize mistakes. There are so many indicators out there that you can search them to validate why you're holding a trade. It's not much different than statistics. Remember the prof saying that you can use statistics and believe an elephant can hold onto a daisy off a cliff? It's similar. Don't try to master them all. Find the pieces of technical analysis that work for you and apply that to the trades and form your discipline.AG 2000' said:I think my big struggle is when to get out if they swing negative. I'm an optimist by nature and I think "oh, there's still a month left, plenty of time." Then a big move comes while I'm working and it went from a 5% loss to a 50% loss. But again, there's still 3.5 weeks left.Prognightmare said:Options are dangerous and it's the reason that I very, very seldom rec them on here. They're difficult for experienced traders but they can destroy accounts of people that are less experienced. I've been in the market, both in the industry and personal for almost 30 years and still only rarely utilize them, **** I'M GETTING OLD!.zwhag2010 said:
I think I'm done with buying options for a while. Puts, I fail at miserably (looking at you SPY). Calls, flash for 10 minutes or so and then go the opposite way. If I hold them thru the ebbs and flows it never recovers. Of I sell for a loss it explodes over at least an entire day.
I don't have immediate access to my phone so alerts and watching it are difficult. It's hard to chart with family obligations. A pause and reset will stop the bleeding on the options front. My only options at the moment AAPL152.5c Aug 27 (lost over 50% today) and Sept 2c VEON (worthless at the moment)
I know I know... dear diary
Yes, if you're right, then you can knock a trade out of park, and unfortunately that's what most people focus on. However, if you're wrong you will probably lose all the capital you commit to that trade. Then you'll go even harder in the next options trade to make up for the loss. That's when you need to step away because you're no longer trading/investing, you're gambling and that usually ends badly. This is just friendly advice and not criticizing anyone, take this for what it's worth.
Pretty soon it's worthless and I'm kicking myself over it. I know not to set stops on options, just try alerts, but there's gotta be a better strategy that I'm just missing.
I try to only enter near support levels expecting a run up, and go with the trends, but just missing something that's resulting in me handing cash over on these.
Really need a reset and a different perspective on options than what I have because it's by far my biggest loser.
AG 2000' said:I think my big struggle is when to get out if they swing negative. I'm an optimist by nature and I think "oh, there's still a month left, plenty of time." Then a big move comes while I'm working and it went from a 5% loss to a 50% loss. But again, there's still 3.5 weeks left.Prognightmare said:Options are dangerous and it's the reason that I very, very seldom rec them on here. They're difficult for experienced traders but they can destroy accounts of people that are less experienced. I've been in the market, both in the industry and personal for almost 30 years and still only rarely utilize them, **** I'M GETTING OLD!.zwhag2010 said:
I think I'm done with buying options for a while. Puts, I fail at miserably (looking at you SPY). Calls, flash for 10 minutes or so and then go the opposite way. If I hold them thru the ebbs and flows it never recovers. Of I sell for a loss it explodes over at least an entire day.
I don't have immediate access to my phone so alerts and watching it are difficult. It's hard to chart with family obligations. A pause and reset will stop the bleeding on the options front. My only options at the moment AAPL152.5c Aug 27 (lost over 50% today) and Sept 2c VEON (worthless at the moment)
I know I know... dear diary
Yes, if you're right, then you can knock a trade out of park, and unfortunately that's what most people focus on. However, if you're wrong you will probably lose all the capital you commit to that trade. Then you'll go even harder in the next options trade to make up for the loss. That's when you need to step away because you're no longer trading/investing, you're gambling and that usually ends badly. This is just friendly advice and not criticizing anyone, take this for what it's worth.
Pretty soon it's worthless and I'm kicking myself over it. I know not to set stops on options, just try alerts, but there's gotta be a better strategy that I'm just missing.
I try to only enter near support levels expecting a run up, and go with the trends, but just missing something that's resulting in me handing cash over on these.
Really need a reset and a different perspective on options than what I have because it's by far my biggest loser.
I cut options if they drop 25%. The odds of them recovering are not in your favor. Cut the loss, move the option to your watchlist, and see how it performs from the sidelines. You can always buy back in if it starts moving in the right direction.
I do, but I think I need to cut what I'm looking at and get lean.Prognightmare said:Do you read charts? Have you found 3 indicators that are your favorites and apply them to your trades/decisions? If not, find 3 that you prefer and have faith in them and stick to it, it will minimize mistakes. There are so many indicators out there that you can search them to validate why you're holding a trade. It's not much different than statistics. Remember the prof saying that you can use statistics and believe an elephant can hold onto a daisy off a cliff? It's similar. Don't try to master them all. Find the pieces of technical analysis that work for you and apply that to the trades and form your discipline.AG 2000' said:I think my big struggle is when to get out if they swing negative. I'm an optimist by nature and I think "oh, there's still a month left, plenty of time." Then a big move comes while I'm working and it went from a 5% loss to a 50% loss. But again, there's still 3.5 weeks left.Prognightmare said:Options are dangerous and it's the reason that I very, very seldom rec them on here. They're difficult for experienced traders but they can destroy accounts of people that are less experienced. I've been in the market, both in the industry and personal for almost 30 years and still only rarely utilize them, **** I'M GETTING OLD!.zwhag2010 said:
I think I'm done with buying options for a while. Puts, I fail at miserably (looking at you SPY). Calls, flash for 10 minutes or so and then go the opposite way. If I hold them thru the ebbs and flows it never recovers. Of I sell for a loss it explodes over at least an entire day.
I don't have immediate access to my phone so alerts and watching it are difficult. It's hard to chart with family obligations. A pause and reset will stop the bleeding on the options front. My only options at the moment AAPL152.5c Aug 27 (lost over 50% today) and Sept 2c VEON (worthless at the moment)
I know I know... dear diary
Yes, if you're right, then you can knock a trade out of park, and unfortunately that's what most people focus on. However, if you're wrong you will probably lose all the capital you commit to that trade. Then you'll go even harder in the next options trade to make up for the loss. That's when you need to step away because you're no longer trading/investing, you're gambling and that usually ends badly. This is just friendly advice and not criticizing anyone, take this for what it's worth.
Pretty soon it's worthless and I'm kicking myself over it. I know not to set stops on options, just try alerts, but there's gotta be a better strategy that I'm just missing.
I try to only enter near support levels expecting a run up, and go with the trends, but just missing something that's resulting in me handing cash over on these.
Really need a reset and a different perspective on options than what I have because it's by far my biggest loser.
Here's what I have:
Chart 1: ORB + a volume oscillator + Woodie's pivots + EMAs on the 5 minute
Chart 2: Fibonaccis + volume statistics on the one minute + Fib model T highlighted
Chart 3: Fibonaccis + Woodie's pivots + hull MAs on the one minute
Chart 4: ATRs + volume oscillator daily for a year
Chart 5: Support/Resistance + MACD + EMAS on the daily
I see it with the data, but find myself rationalizing (mostly because of the time element) that there's still time for the options. Then you look away and next thing you know you're down 60-70% from the open on an option, and it's either cut it it and save 20-30% of capital or look for a bounce to regain some capital which tends to never happen.
Just my high level 2 cents or possible tips on options.....
If weeklies....you need to be able to manage them to some degree intraday.
Buy at confirmed support or dip into an EMA/SR.
Don't chase. Let price come to you.
Once green say maybe 10% set a trailing stop at or above break even. I generally set above breakeven to gain something. If you stop out you are whole. If not then the trade continues.
Know the SR levels when to cut which should be your risk level or the estimated value of the option at that level. Delta can help give you a ballpark.
Always cut if the trade goes against you to fight another day. I too make this mistake.
Honor stops.
Scale some out on way up.
Take your profit.
Don't be greedy.
It's one trade. Don't try and make it all on one trade or lose it all on one trade.
If weeklies....you need to be able to manage them to some degree intraday.
Buy at confirmed support or dip into an EMA/SR.
Don't chase. Let price come to you.
Once green say maybe 10% set a trailing stop at or above break even. I generally set above breakeven to gain something. If you stop out you are whole. If not then the trade continues.
Know the SR levels when to cut which should be your risk level or the estimated value of the option at that level. Delta can help give you a ballpark.
Always cut if the trade goes against you to fight another day. I too make this mistake.
Honor stops.
Scale some out on way up.
Take your profit.
Don't be greedy.
It's one trade. Don't try and make it all on one trade or lose it all on one trade.
Well said Prog. A system, whatever it is, followed with consistency and discipline.Prognightmare said:Do you read charts? Have you found 3 indicators that are your favorites and apply them to your trades/decisions? If not, find 3 that you prefer and have faith in them and stick to it, it will minimize mistakes. There are so many indicators out there that you can search them to validate why you're holding a trade. It's not much different than statistics. Remember the prof saying that you can use statistics and believe an elephant can hold onto a daisy off a cliff? It's similar. Don't try to master them all. Find the pieces of technical analysis that work for you and apply that to the trades and form your discipline.AG 2000' said:I think my big struggle is when to get out if they swing negative. I'm an optimist by nature and I think "oh, there's still a month left, plenty of time." Then a big move comes while I'm working and it went from a 5% loss to a 50% loss. But again, there's still 3.5 weeks left.Prognightmare said:Options are dangerous and it's the reason that I very, very seldom rec them on here. They're difficult for experienced traders but they can destroy accounts of people that are less experienced. I've been in the market, both in the industry and personal for almost 30 years and still only rarely utilize them, **** I'M GETTING OLD!.zwhag2010 said:
DI think I'm done with buying options for a while. Puts, I fail at miserably (looking at you SPY). Calls, flash for 10 minutes or so and then go the opposite way. If I hold them thru the ebbs and flows it never recovers. Of I sell for a loss it explodes over at least an entire day.
I don't have immediate access to my phone so alerts and watching it are difficult. It's hard to chart with family obligations. A pause and reset will stop the bleeding on the options front. My only options at the moment AAPL152.5c Aug 27 (lost over 50% today) and Sept 2c VEON (worthless at the moment)
I know I know... dear diary
Yes, if you're right, then you can knock a trade out of park, and unfortunately that's what most people focus on. However, if you're wrong you will probably lose all the capital you commit to that trade. Then you'll go even harder in the next options trade to make up for the loss. That's when you need to step away because you're no longer trading/investing, you're gambling and that usually ends badly. This is just friendly advice and not criticizing anyone, take this for what it's worth.
Pretty soon it's worthless and I'm kicking myself over it. I know not to set stops on options, just try alerts, but there's gotta be a better strategy that I'm just missing.
I try to only enter near support levels expecting a run up, and go with the trends, but just missing something that's resulting in me handing cash over on these.
Really need a reset and a different perspective on options than what I have because it's by far my biggest loser.
For me often what should be easiest is the hardest. Discipline.
I'm surprised everyone on Fintwit is so bearish. it's OPEX week. That should control some action. A larger move is later.
You don’t trade for money, you trade for freedom.
Just my thoughts but I think you need to simplify.AG 2000' said:I do, but I think I need to cut what I'm looking at and get lean.Prognightmare said:Do you read charts? Have you found 3 indicators that are your favorites and apply them to your trades/decisions? If not, find 3 that you prefer and have faith in them and stick to it, it will minimize mistakes. There are so many indicators out there that you can search them to validate why you're holding a trade. It's not much different than statistics. Remember the prof saying that you can use statistics and believe an elephant can hold onto a daisy off a cliff? It's similar. Don't try to master them all. Find the pieces of technical analysis that work for you and apply that to the trades and form your discipline.AG 2000' said:I think my big struggle is when to get out if they swing negative. I'm an optimist by nature and I think "oh, there's still a month left, plenty of time." Then a big move comes while I'm working and it went from a 5% loss to a 50% loss. But again, there's still 3.5 weeks left.Prognightmare said:Options are dangerous and it's the reason that I very, very seldom rec them on here. They're difficult for experienced traders but they can destroy accounts of people that are less experienced. I've been in the market, both in the industry and personal for almost 30 years and still only rarely utilize them, **** I'M GETTING OLD!.zwhag2010 said:
OI think I'm done with buying options for a while. Puts, I fail at miserably (looking at you SPY). Calls, flash for 10 minutes or so and then go the opposite way. If I hold them thru the ebbs and flows it never recovers. Of I sell for a loss it explodes over at least an entire day.
I don't have immediate access to my phone so alerts and watching it are difficult. It's hard to chart with family obligations. A pause and reset will stop the bleeding on the options front. My only options at the moment AAPL152.5c Aug 27 (lost over 50% today) and Sept 2c VEON (worthless at the moment)
I know I know... dear diary
Yes, if you're right, then you can knock a trade out of park, and unfortunately that's what most people focus on. However, if you're wrong you will probably lose all the capital you commit to that trade. Then you'll go even harder in the next options trade to make up for the loss. That's when you need to step away because you're no longer trading/investing, you're gambling and that usually ends badly. This is just friendly advice and not criticizing anyone, take this for what it's worth.
Pretty soon it's worthless and I'm kicking myself over it. I know not to set stops on options, just try alerts, but there's gotta be a better strategy that I'm just missing.
I try to only enter near support levels expecting a run up, and go with the trends, but just missing something that's resulting in me handing cash over on these.
Really need a reset and a different perspective on options than what I have because it's by far my biggest loser.
Here's what I have:
Chart 1: ORB + a volume oscillator + Woodie's pivots + EMAs on the 5 minute
Chart 2: Fibonaccis + volume statistics on the one minute + Fib model T highlighted
Chart 3: Fibonaccis + Woodie's pivots + hull MAs on the one minute
Chart 4: ATRs + volume oscillator daily for a year
Chart 5: Support/Resistance + MACD + EMAS on the daily
I see it with the data, but find myself rationalizing (mostly because of the time element) that there's still time for the options. Then you look away and next thing you know you're down 60-70% from the open on an option, and it's either cut it it and save 20-30% of capital or look for a bounce to regain some capital which tends to never happen.
Price, volume and EMAs are about all I use 95% of the time. Price and volume being the real only real time data. I check RSI, MACD, ATR, etc. but they are references for me for potential setups mostly.
For example you'll hear OA talk about volume, price and MAs.
Redler the 8&21 EMAs.
Ripster EMAs (his clouds) and volume.
Mancini price, SRs and RSI
Outside of that you rarely hear them talk about other indicators.
IMO, you're applying too much to justify your decision. No one on this thread has the same technical indicators. Several experienced traders like 30K, Mazag08, and others use different indicators than I do. I respect their opinions, but I apply their picks to the charts with the criteria that I favor. If mine confirm what they're recommending, then it becomes a more conviction buy. My advice is to find 3 that you believe it and stick to them. It will take some homework time on a weekend, but test the ones that make sense to you and go back and apply them to your past trades, it's boring but will confirm or reject what you're seeing.AG 2000' said:I do, but I think I need to cut what I'm looking at and get lean.Prognightmare said:Do you read charts? Have you found 3 indicators that are your favorites and apply them to your trades/decisions? If not, find 3 that you prefer and have faith in them and stick to it, it will minimize mistakes. There are so many indicators out there that you can search them to validate why you're holding a trade. It's not much different than statistics. Remember the prof saying that you can use statistics and believe an elephant can hold onto a daisy off a cliff? It's similar. Don't try to master them all. Find the pieces of technical analysis that work for you and apply that to the trades and form your discipline.AG 2000' said:I think my big struggle is when to get out if they swing negative. I'm an optimist by nature and I think "oh, there's still a month left, plenty of time." Then a big move comes while I'm working and it went from a 5% loss to a 50% loss. But again, there's still 3.5 weeks left.Prognightmare said:Options are dangerous and it's the reason that I very, very seldom rec them on here. They're difficult for experienced traders but they can destroy accounts of people that are less experienced. I've been in the market, both in the industry and personal for almost 30 years and still only rarely utilize them, **** I'M GETTING OLD!.zwhag2010 said:
I think I'm done with buying options for a while. Puts, I fail at miserably (looking at you SPY). Calls, flash for 10 minutes or so and then go the opposite way. If I hold them thru the ebbs and flows it never recovers. Of I sell for a loss it explodes over at least an entire day.
I don't have immediate access to my phone so alerts and watching it are difficult. It's hard to chart with family obligations. A pause and reset will stop the bleeding on the options front. My only options at the moment AAPL152.5c Aug 27 (lost over 50% today) and Sept 2c VEON (worthless at the moment)
I know I know... dear diary
Yes, if you're right, then you can knock a trade out of park, and unfortunately that's what most people focus on. However, if you're wrong you will probably lose all the capital you commit to that trade. Then you'll go even harder in the next options trade to make up for the loss. That's when you need to step away because you're no longer trading/investing, you're gambling and that usually ends badly. This is just friendly advice and not criticizing anyone, take this for what it's worth.
Pretty soon it's worthless and I'm kicking myself over it. I know not to set stops on options, just try alerts, but there's gotta be a better strategy that I'm just missing.
I try to only enter near support levels expecting a run up, and go with the trends, but just missing something that's resulting in me handing cash over on these.
Really need a reset and a different perspective on options than what I have because it's by far my biggest loser.
Here's what I have:
Chart 1: ORB + a volume oscillator + Woodie's pivots + EMAs on the 5 minute
Chart 2: Fibonaccis + volume statistics on the one minute + Fib model T highlighted
Chart 3: Fibonaccis + Woodie's pivots + hull MAs on the one minute
Chart 4: ATRs + volume oscillator daily for a year
Chart 5: Support/Resistance + MACD + EMAS on the daily
I see it with the data, but find myself rationalizing (mostly because of the time element) that there's still time for the options. Then you look away and next thing you know you're down 60-70% from the open on an option, and it's either cut it it and save 20-30% of capital or look for a bounce to regain some capital which tends to never happen.
ETA: To quote FJ, "Always cut if the trade goes against you to fight another day. I too make this mistake." This is excellent advice because when you find 3 that you believe in and follow, then your losses will decrease.
I think we might be looking between SPX 4175 and 4270 with 4200 seeming like a solid landing point.
mazag08 said:
I think we might be looking between SPX 4175 and 4270 with 4200 seeming like a solid landing point.
And this is not the large move. That comes after we hit between 4800 and 5000 later this year early next year. Then we have 6M-1.5YRS before the really big one.
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Prognightmare said:
Options are dangerous and it's the reason that I very, very seldom rec them on here.
Don't you always tell people to lie about their investing experience when applying for options? I guess if you're gonna go, go big!
I have no idea what will happen overnight, but I think this is what is likely to occur if this hourly bottom holds. Overnight will be wild and wooly, potentially. I would not be surprised to see a rally all the way up to the hourly 200 SMA and a touch of the daily 8 EMA even before any sort of puke. It could also be BTD for OPEX, so you have to be open minded for that.
You don’t trade for money, you trade for freedom.
We could spend hours debating the merits and dangers of options. They are not for the unskilled. My concern for many on this board is that they only understand long calls and long puts, which work in a trending market. In a neutral market, you have to understand collars, iron condors, calendars, butterflies, back ratios, etc.
All of that said, it's pretty hard to lose selling covered calls (you may give up upside), and it's pretty hard to lose selling puts in a stock you are willing to buy anyway at current prices.
All of that said, it's pretty hard to lose selling covered calls (you may give up upside), and it's pretty hard to lose selling puts in a stock you are willing to buy anyway at current prices.
You don’t trade for money, you trade for freedom.
I do tell people to lie, exaggerate, on their experience and financials when opening a trading account because it removes restrictions. Firms will limit you based on what the information you provide to protect themselves from being sued should you lose your ass. By doing what I suggest, it removes those barriers. Just because you're approved for complex options, margin and other high risk strategies, you're not required to attempt them. What if your account has several restrictions, but your knowledge and experience in the market grows over time and you're ready to try new things? When you get to that point and see a time sensitive entry point but you can't because you're restricted and have to jump through hoops for approval, then you probably missed that opportunity. Look, I assume everyone on this thread is educated, successful and very intelligent. I'm of the opinion that I don't like a person or firm dictating what I can and can't do with my own money. Just because you can, doesn't mean you're required to do riskier trades, but it's nice to have to ability to do it when you're ready.NRD09 said:Prognightmare said:
Options are dangerous and it's the reason that I very, very seldom rec them on here.
Don't you always tell people to lie about their investing experience when applying for options? I guess if you're gonna go, go big!
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I's just messing with you
One thing I literally almost never do is sell naked short calls. I did it on GME when it was trading in the 300s. I would generally not do these.
You don’t trade for money, you trade for freedom.
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