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Diversified Option Selling Portfolio
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Diversified Option Selling Portfolio

  #1451 (permalink)
Market Wizard
Linz Austria
 
Trading Experience: Advanced
Platform: Zaner360, TWS, Vantage
Broker/Data: DeCarley, IAB, RJO
Favorite Futures: Commodities
 
Posts: 1,549 since Nov 2014
Thanks: 1,918 given, 2,054 received


zxcv64 View Post
I'm glad this thread is becoming more active again. I look at the forum on most days, and have noticed also that it's become much quieter than normal. I look mainly at the 'Selling options on Futures', 'Diversified Options Selling' and the 'Commodities Futures Trading' forums. I would love to ask more questions, but to be honest, I don't want to appear a nuisance.

I had a very successful intro to commodities last year, where most trades were profitable. However, this year has been the opposite. A lot of my trades have resulted in large losses. For reference I'm mostly now trading outright futures with a long option as a hedge. I lost on KC, HE, NG, EUR, GF etc, and so am taking a step back for a bit before I get more active again.

I am not keen to do naked strangles (had a disaster on SPX/FTSE strangles in 2016, and still hurting), so want to do limited risk trades only (credit spreads, iron condors, future+option etc). Currently, I am out of ideas, or if I am honest, too frightened to take a commodity trade, so have been watching from the sidelines.

Your NG credit call spread worked out very well. And the newly opened P spread makes sense (from a technical point of view; NGU is the lowest its been for the last 5 years).

Really appreciate your contribution.

It happens often that beginners have a successful start and then get problems. Quick success might lead to trades being selected and entered less carefully.

In case the basis of your trades is fundamentals I suggest to trade only one commodity in the beginning.

In case the base of your trades is charts, I cannot give you advice.

There are times where I have more trading ideas than in others. There are times suited for selling options and others suited for trading outrights or spreads. in recent months it was difficult for me to find short options trades, but I found some nice other opportunities.

Please feel free to ask questions. I consider questions as valuable contributions to this forum.

Best regards, Myrrdin

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  #1452 (permalink)
Market Wizard
Linz Austria
 
Trading Experience: Advanced
Platform: Zaner360, TWS, Vantage
Broker/Data: DeCarley, IAB, RJO
Favorite Futures: Commodities
 
Posts: 1,549 since Nov 2014
Thanks: 1,918 given, 2,054 received

Sold the KCU C130 against the KCH P100 yesterday.

Because of the large amount of coffee beans around I think the upside of coffee will be limited until the expiry of the options in August.

Best regards, Myrrdin

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  #1453 (permalink)
Hanoi, Vietnam
 
 
Posts: 19 since Nov 2018
Thanks: 198 given, 34 received


Hello,

Im curently going over this thread. This is much more similar to my current strategy so Im learning a lot of small details in contrast to general trading ideas/source of information and trading experience in general from the other thread. Feels more like a very relevant trading journal.

Please do not let the fact that people dont comment much discourage you from posting your trades and thoughts/analysis. So much can be learned from looking at your thought progress, see how you traded and then reflect on what actually happened during those times. You are helping more than you realize.

Im at around page 20, I already a few differences between us, and I would be happy to discuss it (once I finish) in order to find the best and most suitable way to trade for me. This will take a while since Im reading and processing the information more carefully, but Ill be with you at "present day" in no time.

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  #1454 (permalink)
Market Wizard
Linz Austria
 
Trading Experience: Advanced
Platform: Zaner360, TWS, Vantage
Broker/Data: DeCarley, IAB, RJO
Favorite Futures: Commodities
 
Posts: 1,549 since Nov 2014
Thanks: 1,918 given, 2,054 received


yurahoang View Post
Hello,

Im curently going over this thread. This is much more similar to my current strategy so Im learning a lot of small details in contrast to general trading ideas/source of information and trading experience in general from the other thread. Feels more like a very relevant trading journal.

Please do not let the fact that people dont comment much discourage you from posting your trades and thoughts/analysis. So much can be learned from looking at your thought progress, see how you traded and then reflect on what actually happened during those times. You are helping more than you realize.

Im at around page 20, I already a few differences between us, and I would be happy to discuss it (once I finish) in order to find the best and most suitable way to trade for me. This will take a while since Im reading and processing the information more carefully, but Ill be with you at "present day" in no time.

When reading through the thread you will find out that my trading changes over time. There are several reasons: 1. I am learing permanently. 2. Some methods work for a while, and then you have to move on as a trader, too.

Please feel free to ask your questions. Good questions are essential for this forum.

Good trading !

Best regards, Myrrdin

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  #1455 (permalink)
Strasbourg, France
 
 
Posts: 74 since Mar 2019
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myrrdin View Post
Sold the KCU C130 against the KCH P100 yesterday.

Because of the large amount of coffee beans around I think the upside of coffee will be limited until the expiry of the options in August.

Best regards, Myrrdin

It is the "against" I am not sure about. Do you mean you bought back your option KCU C130 and sold the option KCH P100? Or the opposite sold the C130 and bought back the P100? or even sold the KCU C130 and sold the KCH P100?
In my case I bought back my KCZ P90 and I was about to buy back as well my KCZ P92.5 but was not executed for more than 45 mn at the price I couldn't go above and I changed my mind and I kept it for the time being. But yeah selling KCH P100 is in my objectives (just that there might be a better opportunity or not...).
Any future plan for cocoa? I sold yesterday CCH P2300. Was considering selling CCZ P2300 then P2350 but I am not enough comfortable for this expiry date with the COT and even the fundamental.


Last edited by Sagal; July 6th, 2019 at 07:37 AM.
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  #1456 (permalink)
Market Wizard
Linz Austria
 
Trading Experience: Advanced
Platform: Zaner360, TWS, Vantage
Broker/Data: DeCarley, IAB, RJO
Favorite Futures: Commodities
 
Posts: 1,549 since Nov 2014
Thanks: 1,918 given, 2,054 received


Sagal View Post
It is the "against" I am not sure about. Do you mean you bought back your option KCU C130 and sold the option KCH P100? Or the opposite sold the C130 and bought back the P100? or even sold the KCU C130 and sold the KCH P100?

I already have sold the KCH P100 long time ago. Now I sold the KCU9 C130, and I am short kind of a strangle. But both legs are for different contract months.

There is a lot of old crop coffee around, and, thus, the upside of the coffee price will be limited for the next couple of weeks. Prices might move up strongly in case the weather does not cooperate during the blooming period in Brazil.

Best regards, Myrrdin

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  #1457 (permalink)
Market Wizard
Linz Austria
 
Trading Experience: Advanced
Platform: Zaner360, TWS, Vantage
Broker/Data: DeCarley, IAB, RJO
Favorite Futures: Commodities
 
Posts: 1,549 since Nov 2014
Thanks: 1,918 given, 2,054 received


Sagal View Post
Any future plan for cocoa? I sold yesterday CCH P2300. Was considering selling CCZ P2300 then P2350 but I am not enough comfortable for this expiry date with the COT and even the fundamental.

I am long a small lot oc CCU, following a suggestion of MRCI (seasonal trading). The trade should work until middle of July, afterwards cocoa price should move lower.

Best regards, Myrrdin

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  #1458 (permalink)
Zurich
 
Trading Experience: Advanced
Platform: IB
Favorite Futures: Futures
 
Posts: 38 since Jun 2011
Thanks: 20 given, 4 received


myrrdin View Post
I agree. But my remark is not limited to this thread and to recent weeks. It is my impression that new traders generally are very hesitant to ask questions. Many of them are waiting to receive information without any contribution of themselves. I consider good (!) questions as valuable contributions to this forum. (I consider all questions to be good, if the answer cannot be found easily via Google or via reading the thread ...)

Best regards, Myrrdin

I have a question, not about a specific trader, but more about your broker of choice DeCarley. I also contacted them about an account and their fees are a bit out of line if you ask me. The one that totally turned me off was the 25usd fee to wire funds out? I think that is out of line in this day and age.

I currently use IB. Which also uses SPAN so I don't quite see the advantage of using DeCarley.

Are there any advantages that I am not aware of if you do your own analysis and place your own trades?

Thanks

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  #1459 (permalink)
London, UK
 
 
Posts: 74 since Jan 2018
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swisstrader321 View Post
I currently use IB. Which also uses SPAN so I don't quite see the advantage of using DeCarley.

Are there any advantages that I am not aware of if you do your own analysis and place your own trades?

Thanks

I use both IB and DeCarley. Yes, the latter has higher comms and fees and the Zaner platform that they use is pretty basic and ancient. Having said that, I can see the following advantages - in fact, I posted a more thorough answer already in another post somewhere here :

- DeCarley have excellent service - the best I have encountered from any broker. The emails get answered right away by Carly herself, and the online chat staff are very knowledgeable and helpful
- they send out daily Hightower report emails which I find useful
- they often give trade recommendations, which are good for someone like me
- their margin for naked options is much better than IB

I stopped placing any trades with DeCarley for a few months (got busy doing other things) and they stopped both the Hightower and trade recommendation emails. I contacted them, and they explained it's due to inactivity. I started trading again recently, and everything is back to normal.

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The following user says Thank You to zxcv64 for this post:
 
  #1460 (permalink)
Zurich
 
Trading Experience: Advanced
Platform: IB
Favorite Futures: Futures
 
Posts: 38 since Jun 2011
Thanks: 20 given, 4 received



zxcv64 View Post
I use both IB and DeCarley. Yes, the latter has higher comms and fees and the Zaner platform that they use is pretty basic and ancient. Having said that, I can see the following advantages - in fact, I posted a more thorough answer already in another post somewhere here :

- DeCarley have excellent service - the best I have encountered from any broker. The emails get answered right away by Carly herself, and the online chat staff are very knowledgeable and helpful
- they send out daily Hightower report emails which I find useful
- they often give trade recommendations, which are good for someone like me
- their margin for naked options is much better than IB

I stopped placing any trades with DeCarley for a few months (got busy doing other things) and they stopped both the Hightower and trade recommendation emails. I contacted them, and they explained it's due to inactivity. I started trading again recently, and everything is back to normal.

Thank you, that's what I figured.

If you aren't using her analysis then it probably isn't worth it. To be fair, IB also answers chat questions right away. Granted they won't give you trade advice.

The weekly Hightower report is 25usd a month, which is doable. The daily really isn't necessary in my opinion for longer term option selling.

This is all just my opinion and I am not out to put DeCarley in a bad light. I in fact opened an account there but refuse to fund it based on the 25usd a wire fee. That is just outright wrong. A bank wire is absolutely no work this day and age.

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