Dealer positioning. I don't understand all the mechanics but it's basically burning the shorts. Bear traps galore. Run in and out of the forest without getting eaten. Irish Pete has been crushing that lately. Has me jealous.
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failed to consider downstream foreign emissions resulting from the consumption of oil produced by the project
This is the biggest problem with trading a small account like mine. I'm not afforded the opportunity to leave a runner unless I just get something that absolutely explodes. I'm usually 3... maybe 4 contracts deep and I scale profits super early.BrokeAssAggie said:
going to hold a net free $283 QQQ call overnight to see if we rip tomorrow.
I am trading pretty much only SPY and QQQ too... at or near the money. I typically try to buy at demand/supply and sell when it bounces or rejects. I have been taking small profits. I think my biggest winner over this entire run I've had has been 30% on one contract. Almost all other wins are in the 3-8% range.BrokeAssAggie said:
I am not trading with a large account either. I need to be more disciplined like you!! I have been trading SPY and Q options looking at or near the money. Usually in the $1 to $2 per contract range, I will buy 4 to 6 contracts and try to get net free on 1. I like your spreadsheet!
You posted earlier that you're on an 11 trade win streak in a vicious bear market, can you see how the singles add up and will grow your account?irish pete ag06 said:I am trading pretty much only SPY and QQQ too... at or near the money. I typically try to buy at demand/supply and sell when it bounces or rejects. I have been taking small profits. I think my biggest winner over this entire run I've had has been 30% on one contract. Almost all other wins are in the 3-8% range.BrokeAssAggie said:
I am not trading with a large account either. I need to be more disciplined like you!! I have been trading SPY and Q options looking at or near the money. Usually in the $1 to $2 per contract range, I will buy 4 to 6 contracts and try to get net free on 1. I like your spreadsheet!
ProgN said:You posted earlier that you're on an 11 trade win streak in a vicious bear market, can you see how the singles add up and will grow your account?irish pete ag06 said:I am trading pretty much only SPY and QQQ too... at or near the money. I typically try to buy at demand/supply and sell when it bounces or rejects. I have been taking small profits. I think my biggest winner over this entire run I've had has been 30% on one contract. Almost all other wins are in the 3-8% range.BrokeAssAggie said:
I am not trading with a large account either. I need to be more disciplined like you!! I have been trading SPY and Q options looking at or near the money. Usually in the $1 to $2 per contract range, I will buy 4 to 6 contracts and try to get net free on 1. I like your spreadsheet!
irish pete ag06 said:I am trading pretty much only SPY and QQQ too... at or near the money. I typically try to buy at demand/supply and sell when it bounces or rejects. I have been taking small profits. I think my biggest winner over this entire run I've had has been 30% on one contract. Almost all other wins are in the 3-8% range.BrokeAssAggie said:
I am not trading with a large account either. I need to be more disciplined like you!! I have been trading SPY and Q options looking at or near the money. Usually in the $1 to $2 per contract range, I will buy 4 to 6 contracts and try to get net free on 1. I like your spreadsheet!
Congrats on the trading. Your disciplined approach (most of all) combined with defining a specific strategy that works for you is probably what's turned the corner for you. Nothing like seat time, and losses, to learn those things.irish pete ag06 said:
I'd like to add that fintwit was a huge reason why I failed early so much with options. I didn't think you took profit until it turned into a 50% or 100% win. Taking that approach with day trading weeklies is awful. I finally said to myself, you would take an 8% win a stock you have swung, so why would you turn your nose up at 8% in a few minutes.
This has really helped me.
You really need to check the bias at the door in trading. You are a bear, and the trend is down, which is good. But some of the biggest rallies in market history were in bear markets. If you are day trading, who cares about fundamentals, the big picture.BaylorSpineGuy said:
I find I'm not a good countertrend trader. Need to work on this aspect of my trading. Bear setups are fairly obvious and I've done decently well trading the downside.
I find myself distrustful of these rallies because I believe company multiples are severely elevated - that's another debate - and a large correction is needed to restore normalcy. There's no planet where monthly rent is $5000 for an apartment (June '22 in NYC) where a correction in asset prices isn't warranted. Don't know if that will come.
Anyway, I didn't trend the upward direction today even though the gains would've been very nice. Need to learn to trade the bull side and bull set ups.
Anyway, just rambling. Hope everyone made dinner money tonight. I made my $1000 this morning and have enjoyed from the sidelines.
In all honesty, it took me a moment to figure it out because horses weren't my thing, but I knew our resident vets, Farmer and other guys in here would get a laugh.irish pete ag06 said:
That elicited a good chuckle. Got my kids asking me what's so funny.
Bumping this to remind myself and others around this is easy to let happen if you get too cocky or decide to YOLO the full port, etc.irish pete ag06 said:
I debated on posting this one of course haha. Like I said. Full disclosure. Now like I also said this is plankton sized so I'm not gaining or losing life changing $ here (thankfully).
5 steps forward 10 steps back.
Had puts that would have went 1000% but I got stopped out. Flipped to calls. Averaged down. Real job pulled me away suddenly. Came back down pretty bad. Should have cut but didn't. Averaged down. Ended up cutting for a huge loss. Basically broke about 50% of my rules on position size and averaging down. This was QQQ 0DTE.
Dumbest **** I've done in a long time.
Anyways, I'm not out. I will keep trading. And once again this is why I keep my trading account plankton sized.
BrokeAssAggie said:
Really can. I'm shooting to average $200 a day in profit. I was swinging for the fences and kept striking out.
Oh my... Black Monday!lobwedgephil said:
Crash is over the weekend.