this is my collared XLU trade. utilitiy ETF yielding about 4% in distributions. so my game plan is to milk the calls and get the distributions and protect my downside with the puts. the risk profile has my greatest reward at 36. if it went to 36, sure; but I want the dividends and to write the March calls. protect 36. and we will see what happens.
Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).
The following 2 users say Thank You to zsike for this post:
I am not sure if the original question is still alive. But I couldn't help posting a bit about Education.
One to check out is Optionpit.com - The educator's name is Mark Sebastian. Mark is into details. He is into Volatility. Nowadays, he is on Bloomberg from time to time. He will be publishing a book soon. So, you can check him out in the book to see if you like what you read. The book title is The Option Trader's Hedge Fund. Or look for e-magazine called "expiring monthly". He is one of contributes.
The other guy is "Charles Cottle" His book is called "Hidden Reality (Options: Perception and Deception & Coulda Wouldda Shoulda"". The book is not an easy read. But He is the one who opened my eyes - for example, the way to look at IC. It is basically a bunch of BFs. He will disect positions and reveal what's there. Well, I am not there yet. I am thinking about getting his webinars.
If you want a great education in options without spending lots of money then register at the CBOE website. They have an entire syllabus from beginner to advanced. There are lots of videos there including ones by Dan Sheridan and Mark Sebastian which will give you a feeling for their methods should you want to engage them for training.
The following 3 users say Thank You to Bookworm for this post:
You'll need to register for free first. Then get to their options "institute" section, webcasts subcategory. CBOE - Options Institute Webcast . Then click on "webcast center" tab. Then there are the archives by Dan Sheridan and the other gang. They're mostly former market makers on the CBOE.
So, jodistict, haven't seen any replies from you. Overwhelmed? I think the best suggestion for you right now is the CBOE idea. I've spent thousands learning about trading - most of it was a waste. Get some basics, register at CBOE, open a thinkorswim/TDAmeritade account and tap into their almost unlimited video library of knowledge.
I'm cheap and would rather save my money to trade with.