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Weekly Options on Stocks
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Created: by TraderRich Attachments:1

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Weekly Options on Stocks

  #31 (permalink)
Elite Member
San Francisco CA
 
Trading Experience: None
Platform: Thinkorswin
Favorite Futures: stocks, option, gold, ETF, Emini Es, Forex
 
Posts: 19 since Jan 2016
Thanks: 17 given, 8 received


wldman View Post
I'm going to be hunting some, probably a bunch, of puts tomorrow. It's sell/roll day and its the first day of a new month. The threads where I'd normally post about that are behind the premium wall. I'd say that bucking up on the platform to upgrade your participation here would almost certainly be worth the investment. @Big Mike and his admins do a spectacular job and there is a shit ton of content that you can learn from.

So, if you are going to be around I'd post near real time how I'm thinking about new put sales...but I dont need practice typing or more distractions. Let me know I'll be staring at my screen all morning.

Dan

Thanks! I would love to join your thread and read about your post. Can you send me the link to your thread? I will also upgrade my account.

Thanks again!

Rich

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  #32 (permalink)
Market Wizard
Chicago Illinois USA
 
Trading Experience: Advanced
Platform: Ninja Trader
Broker/Data: IB
Favorite Futures: duh hammer!
 
wldman's Avatar
 
Posts: 2,435 since Aug 2011
Thanks: 1,193 given, 3,594 received
Forum Reputation: Legendary

Hey Rich...

Engineers make a nice living. Learn from my mistakes: Keep your monthly nut small. Avoid consumer debt even if it means going without. Max your 401k contribution. Look at every use of cash as a competitor for trading dollars. Win or lose do not become emotional about money or trading.

As an engineer I bet you are comfortable with the quasi-stats model provided by option delta. Likelihood of expiring in the money can be used to build a model that you are comfortable with. Additionally on ToS you can find chance expiration in/out as well as chance to touch...build those into your typical review.

This will sound terse, but it is not meant to offend you. I want it to inspire you. It seems as though you have the tools and the "sense" for effective application of those tools. You have everything you need to make a go at it except the money. Get the damn money. So, you have to start small...big deal. Treat every trade the same and set out to make good trades. The money will take care of itself, especially if you take care of the money.

So. If you want to swing trade but cant carry positions that will satisfy your goals right now, consider trading synthetic long stock via an options "combo". Theoretically you will have the same p/l characteristics as long stock. Often you can position long call/short put dollar neutral or even a small credit. I know that there is a rule about "pattern day trading" that is in effect below some number of dollars...maybe $25,000. I'm not sure if/how that applies to retail options trading. I'm sorry if that negates the "idea", but at least you could get three trades in a month if I recall what that rule says. Also I'm sorry if I am a dumbass on margin requirements if that comes into play. It has been a long time since i had to be concerned with margin.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


In theory if stock is 55 at expiration, your long call is worth 6 bucks, your short put is worth Zero. Yes there are other factors that will move options price, interest rates and volatility and of course time..but you get the idea?

I do not know what the margin requirement is or what "level" options account you have or need but I bet the margin on a 10 lot is less than $49,000.

I am sorry if I am ignoring some barrier. Often I "de-risk" a profitable position by buying calls and selling stock delta neutral. That gives me a similar p/l characteristic and requires far less capital allocation.

On the analyze <risk profile> tab you can create the synthetic position and look at how it changes relative to vola, time and price of underlier.

Sorry if I'm blabbing about nothing you want to hear.

Have a nice weekend.

Dan

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  #33 (permalink)
Market Wizard
Chicago Illinois USA
 
Trading Experience: Advanced
Platform: Ninja Trader
Broker/Data: IB
Favorite Futures: duh hammer!
 
wldman's Avatar
 
Posts: 2,435 since Aug 2011
Thanks: 1,193 given, 3,594 received
Forum Reputation: Legendary

Hey man...


I do not "journal" on the platform very often any more. Don't upgrade just to read me...there are a number of threads that I would say from time to time have high value content. Also there are a number of legit guys that do real trades that would give you their input. I do recommend the upgrade but dont do that simply to exchange with me. I'll help you the best I can because you donated to the FIO fundraiser. It is not my business but I believe that if you make a polite request of our host @Big Mike he would consider extending your charitable donation towards the one time membership charge. Either way, well worth it in my opinion. Dan



TraderRich View Post
Thanks! I would love to join your thread and read about your post. Can you send me the link to your thread? I will also upgrade my account.

Thanks again!

Rich


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  #34 (permalink)
Market Wizard
Chicago Illinois USA
 
Trading Experience: Advanced
Platform: Ninja Trader
Broker/Data: IB
Favorite Futures: duh hammer!
 
wldman's Avatar
 
Posts: 2,435 since Aug 2011
Thanks: 1,193 given, 3,594 received
Forum Reputation: Legendary

I might have...

@TraderRich confused with @LittleFinger with respect to participation in the Holiday charity event.

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