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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Last: 1 hr ago by Talon2DSO
going to hold a net free $283 QQQ call overnight to see if we rip tomorrow.
Green on the day.
Bob Knights Paper Hands
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Not to get too into the weeds or political, but I just saw the Conoco's Alaskan Slope project is getting more of the same treatment from politicians impeding oil and gas development. A US district court blocked the $6B project a year ago and recently the US Bureau of Land Management released a draft Enviro Impact statement saying the climate analysis
The project is still on hold, with over a years delay pending environmental approval. This is a microcosm of how politicians and this administration have impeded development. Apparently oil produced in Iran, Saudi, Russia, or China is fine when consumed, but consumption of oil produced in the US needs to be further evaluated.
Quote:
failed to consider downstream foreign emissions resulting from the consumption of oil produced by the project
The project is still on hold, with over a years delay pending environmental approval. This is a microcosm of how politicians and this administration have impeded development. Apparently oil produced in Iran, Saudi, Russia, or China is fine when consumed, but consumption of oil produced in the US needs to be further evaluated.
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.
Not that I'm complaining. I'm fine with taking my 1-3% per day and getting out of dodge. It will be nice when I can buy double or triple the amount of contracts I usually do becuase it will be much easier to go net free and just let it ride.
I will just keep sniping for now unless I just get a stupid move.
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!
Italian PM Draghi offered resignation. Macron may be next. Britain PM just resigned. Is this unprecedented in European history?
German chancellor must be feeling the squeeze too with their pending winter disaster coming.
This geopolitical tension is at a fever pitch. Also why I feel hard to trade upside markets likely don't care much if a PM resigns but these things can swell rapidly and destabilize a continent. That could move the markets.
Interesting evening fodder for sure.
German chancellor must be feeling the squeeze too with their pending winter disaster coming.
This geopolitical tension is at a fever pitch. Also why I feel hard to trade upside markets likely don't care much if a PM resigns but these things can swell rapidly and destabilize a continent. That could move the markets.
Interesting evening fodder for sure.
F16, barnes.
The All In guys did a deep dive today on what is going on in Sri Lanka and instability in emerging/frontier markets....definitely something to keep an eye on as we don't know or can't anticipate what the cascading effects will be
yep, completely political and all about EV. From what I gather, all about pumping up China's bottom line on future EV production (including batteries). They have cornered the market and want the whole world to drive an EV.
My understanding is that their crop yield was a dud because some central planner made them use some garbage organicSeeds or some crap and it ruined a year's crop. I'm sure it's deeper than that but that's at least one explanation I heard.
But as you said, hard to predict if these things cascade into more instability. That's typically how to works. Nothing happens in a bubble.
But as you said, hard to predict if these things cascade into more instability. That's typically how to works. Nothing happens in a bubble.
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!
That's a great approach. I need to be tighter with my stops. I have gotten burned a few times.
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.
This has really helped me.
Bob Knights Paper Hands
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When we have less market volatility, targeting 50% to 100% gains on options winners isn't unreasonable. Usually a wide stop as well of 20% or more. But that doesn't work in this market. Adapt or die.
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!
Really can. I'm shooting to average $200 a day in profit. I was swinging for the fences and kept striking out.
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!
Absolutely!
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!
What days to expiration are you using? Further out to avoid volatility or same week expiry to use volatility.
Hola Amigos !
Love reading about you SPY & Q scalping degenerates. Like Prog said take the singles and doubles. They add up and in a traders market take your money. Greed kills.
Only traded what I posted Monday on SPY both directions while driving and managed to get one in today off alerts between meetings. Maybe I'll drive trade the open tomorrow. If not I'll catch one mid day.
Miss the sandbox with y'all. This is an awesome scalping market.
Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11
Proverbs 13:11
A little humor for our cowboys in the clubhouse.
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.
Enjoy seeing your updates. Keep it up!
Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11
Proverbs 13:11
Tip for y'all scalping intraday.
Rather than trying for net free options on volatile weeklies (the current market), trim into resistance (or support) then set a tighter trailing stop green.
No reason to let that profit dwindle. You can buy back again on a dip or rip.
If I trade monthly 30+ days out I will trim some and sometimes keep some net free. But I still set a trailing stop just a little more room.
As always for me if loses key support or rejects as resistance just get out. It's just a trade.
Rather than trying for net free options on volatile weeklies (the current market), trim into resistance (or support) then set a tighter trailing stop green.
No reason to let that profit dwindle. You can buy back again on a dip or rip.
If I trade monthly 30+ days out I will trim some and sometimes keep some net free. But I still set a trailing stop just a little more room.
As always for me if loses key support or rejects as resistance just get out. It's just a trade.
Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11
Proverbs 13:11
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.
Price action is king, let that be your guide.
I use 0 DTE sparingly and only early in the morning. I typically trade the next one out on SPY or QQQ, so typically 1-2 DTE.
If and when I decide I want to hold longer I will go out further to the 5-9 DTEs. I haven't done this much because I haven't wanted to hold for long or overnight.
I have switched to using the active trade setup on webull on my phone. It encourages me to act fast and there's a "Close" button that closes all of your contracts. I don't use hard stops at the moment because that button gives me the eject button if I need it. I've also used it a few times to close on a rip and take my $ and run.
If and when I decide I want to hold longer I will go out further to the 5-9 DTEs. I haven't done this much because I haven't wanted to hold for long or overnight.
I have switched to using the active trade setup on webull on my phone. It encourages me to act fast and there's a "Close" button that closes all of your contracts. I don't use hard stops at the moment because that button gives me the eject button if I need it. I've also used it a few times to close on a rip and take my $ and run.
That elicited a good chuckle. Got my kids asking me what's so funny.
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.
Thanks FJ43. That means a lot!
Yes. Limiting my approach to just SPY and QQQ and keeping consistence in the DTE and approach has helped tons. I am by no means back to even in my options trading career, but it actually feels like I'm gonna end up in the black in this game in the long run, now.
Yes. Limiting my approach to just SPY and QQQ and keeping consistence in the DTE and approach has helped tons. I am by no means back to even in my options trading career, but it actually feels like I'm gonna end up in the black in this game in the long run, now.
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.
I know a red day is coming to end this streak, my sole goal is to make it small and nothing like what happened on May 20.
That's pretty much my 401k since January.
Bob Knights Paper Hands
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BrokeAssAggie said:
Really can. I'm shooting to average $200 a day in profit. I was swinging for the fences and kept striking out.
My goal has been $1300 per day profit, but that's been tough to get consistent recently. For example, I had a little over that yesterday morning and then gave 2/3 of it back on that really great TSLA setup that ripped hearts out when it reversed.
I have still had difficulties avoiding some losing trades, but I have been much more consistently green on the daily P/L. Often it's pretty small, though. I'm starting to pay more attention to RSI and MAs of RSI to help avoid getting bit on momentum reversals especially with TSLA options. That has helped. I've also almost entirely eliminated loto plays, holding for large returns, or holding anything overnight in my trading account.
So, is China and the whole world crashing tomorrow?
Because of the GDP miss?
Crash is over the weekend.
Oh my... Black Monday!lobwedgephil said:
Crash is over the weekend.