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Day Trading Options
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Day Trading Options

  #21 (permalink)
Trading for Profit
West Coast of Florida
 
Futures Experience: Intermediate
Platform: TradeStation, Danials Trading
Favorite Futures: TF, CL, & HO HOs
 
ESFXtrader's Avatar
 
Posts: 505 since Jul 2010
Thanks: 56 given, 2,283 received

Diagonal Spread Trade

This is another example of my Diagonal spread trading. It is on the SPY ETF placed yesterday and was never in the red. Bought at $2.00 per contract and sold today at $2.20 for a 7.14% gain. You may ask how the gain was calculated. 2.20-2.00=.20-.04(cost of commissions)=.16X100(#of shares per contract)=$16 divided by $224(total cost inc commissions)=7.143%.
That is how I always calculate my gains or loses.
In this trade, the short term short option is expected to lose value quickly because it has only till Friday till expiration.
Although I have not started the Diagonal Spread Trading Thread, I have shown you my trades and how I expect them to be winners and they continue to be just that.
I hope you are seeing just how successful they can be to trade.
If you like this type of trading, practice and let me know how it is going.
Good Trading.
WK

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Day Trading Options-spy_dia_call_option_spread_5-17_till_5-18-11.png  
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  #22 (permalink)
Site Administrator
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All / @ESFXtrader:

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  #23 (permalink)
Hyde Park,
Chicago, Illinois
 
Futures Experience: Intermediate
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Cool thread. I am kind of surprised there is not more options actions on the website because a lot of retail traders have ventured into option trading based on what I've seen in the media anyways

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  #24 (permalink)
Site Administrator
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Bermudan Option View Post
Cool thread. I am kind of surprised there is not more options actions on the website because a lot of retail traders have ventured into option trading based on what I've seen in the media anyways

futures.io (formerly BMT) needs help building our non-Futures subforums. Since I am a futures trader, and started the site, it focused primarily on futures. I ask for your help to build out our equities/options areas.

You may also check here for a recent discussion on OTM credit spreads:

https://futures.io/elite-circle/11175-trading-index-options-otm-vertical-credit-spreads.html

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #25 (permalink)
Trading Apprentice
detroit mi
 
Futures Experience: Intermediate
Platform: tos
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Posts: 1 since Mar 2011
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day trading option

can you give more detail on
using the count back method on both the option and the SPY charts

 
  #26 (permalink)
Trading Apprentice
cagayan de oro city
 
Futures Experience: Beginner
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Posts: 1 since Aug 2011
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Day Trading Tips

One factor which i observe that catches traders up constantly is understanding their limits. You will find occasions when it's most likely smarter to step from a trade or otherwise trade whatsoever.

Sometimes the very best favor that you can do on your own would be to take a rest.

It does not matter what you are or what type of buying and selling you need to do. You will find likely to be occasions if you want to step away and take a rest from things. This could happen following a bad trade, a large loss, which after an excellent performance. It can benefit you receive things back to perspective. Additionally, it enables to have an chance that you should take a look at trades, and study from any mistakes or plans that you simply think set you back over time.

It is simple for traders to obtain swept up within the action.

Lots of amateurs end up getting taken away within the wave of enthusiasm. The buying and selling levels that include winning are simply as strong because the pull of stress that may accompany a loss of revenue. It can be the person trader to check out themselves within the mirror and admit when passions and feelings, instead of good sense, are in the helm.

Huge market actions like individuals which come about the waves of spiking costs are frequently irresistible. Unfortunately these occasions of high unpredictability can sabotage careful buying and selling plans. Keep in mind that there's no circumstance to which it's smart to go in a trade with no solid plan which includes:

- specific entry ways according to your analysis

- specific profit exit level

- specific loss exit level

Even at the very best of occasions it may be a workout in persistence and risk ability to tolerate trade. You won't want to muddy the waters by buying and selling throughout extreme market occasions before complete macro picture can be obtained. A good example of the type of action I'm speaking about is in accordance with the stress over debt issues. When news is trickling in 24 hrs each day from Europe and also the U . s . States, or whenever a large rankings agency decides to reduce a AAA credit score over the past weekend, you can be certain that there's an atmosphere where marketplaces can gap using your stop prices or make you very vulnerable. Buying and selling in futures is dangerous enough without adding that much cla of tension.

Each time you trade you need to request yourself what's motivating you.

Before you decide to enter any type of trade you need to request yourself what you're searching for. Have you been carrying out a solid plan according to cautious and rules? Have you been ensuring you're only using risk capital? Is it possible to pay the loss when the market moves against you? Have you been just buying and selling to "be on the marketInch? Comprehending the solutions to those questions and being honest on your own is essential. These bankruptcies are not just alerts to pay for lip-plan to. You will find substantial perils associated with loss in most buying and selling, which explains why you need to know and respect your limits. It is usually ok to sit down things out. Nobody ever manages to lose money by remaining about the sidelines and from trades inside a volatile market.

Best Trades for you,

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  #27 (permalink)
Trading for Profit
West Coast of Florida
 
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Day Trading Options

At this time, I trade more futures than options, but one of my favorite option vehicles to DAY trade is SLW. It has weekly options which can be bought for pennies. Had you bought the 36 Puts as indicated, and the charts show the setups and trades, you would have more than doubled the cost of each trade. At 9:33, the cost was aprox .17 and could have sold for aprox .40 at 10:40. Then re-buy at 11:15 for aprox .22 and sell at 1:15 for .57. 20 Contacts w/commissions at TS =.18 X 100 X 20 = $360 and sell for $800-$20 commissions. Second time cost $460 and sell for $1140-$20 commissions. Total net profit for the two trades would have been aprox $420 + $660 = $1080. Not bad for just 2 trades and so little risk. Continue to watch the SLW and other weekly option stocks at a low cost where you can buy options for very low cost. As long as they have decent price action and you trade my system or one you like better, you can see for yourself the potential each day. Good trading.
WK

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Day Trading Options-2012-02-9_slv36_putoptiontrades.png  
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  #28 (permalink)
Elite Member
san diego california
 
Futures Experience: Beginner
Platform: TS
Favorite Futures: stock options
 
Posts: 3 since Feb 2012
Thanks: 4 given, 4 received

Day trading options

ESFX,

You seem to have day trading options down. I have experience with options, where I lack experience is recognizing when price action is going to move in a certiain direction. Your charts you have provided show you have this down. How can I go about getting this knowledge of price action through technical analysis so I can then buy options to capitalize on the move.

Any help would be much appreciated.

Best
Al

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  #29 (permalink)
Elite Member
san francisco
 
Futures Experience: Beginner
Platform: Interactive Brokers
Favorite Futures: stocks & options
 
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Posts: 146 since Dec 2011
Thanks: 99 given, 84 received

cool!

nice to see someone else who has discovered day trading options. that's my strategy now. i don't do anything apart from substituting the one strike out of the money option for the stock itself. that's it. the volatility is very good and gives just crazy returns sometimes. i can usually count on at least 5%, then more typically 10-15% and sometimes, to infinity and beyond. i have printed out literally hundreds of charts of the equity and it's sister option and measured the moves. while the option prices don't mirror the equity exactly, it's good enough. if you can daytrade the equity, you can daytrade the option. the key is forcing yourself to limit in no higher than the midpoint of the spread. chase up towards the ask and your trade is DOA.

i'm going to study your spreads. i haven't a clue what an (option) spread is at the moment, but see that this could be good. i ordered the options home study class from schaeffers for 99 bux so have to hit those DVDs.

ty for this thread!

Du sublime au ridicule, il n'ya qu'un pas. ~Napoleon Bonaparte
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  #30 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
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Posts: 46,240 since Jun 2009
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On Wednesday, October 10th @ 4:30 PM Eastern US, Carley Garner will be presenting a webinar on futures.io (formerly BMT) which covers Options Trading (specifically Futures, but it will be a broad overview). I've asked Carley to put together a multi-part webinar, so this is Part 1 and will just be "Basics - 101".

You can find more info here:
https://futures.io/elite-circle/23231-webinar-carley-garner-trading-options-101-basics.html

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

The following 3 users say Thank You to Big Mike for this post:

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