Weekly Option Trader - Trading Journals | futures io social day trading
futures io futures trading


Weekly Option Trader
Updated: Views / Replies:32,484 / 271
Created: by Vikings1 Attachments:544

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Closed Thread
 544  
 
Thread Tools Search this Thread
 

Weekly Option Trader

  #141 (permalink)
Elite Member
Minneapolis, MN, USA
 
Futures Experience: Master
Platform: ninjatrader, TOS
Favorite Futures: Weekly Options
 
Vikings1's Avatar
 
Posts: 188 since Oct 2011
Thanks: 26 given, 407 received

Go to Steve he has all the answers...


narenthiranps View Post
Hi Vikings,

I'm a new member to this forum. I'm interested in trading Weekly options and very much impressed with your setup.

Would you mind sharing the exact setup and code information?

I've lost tons of money and really frustrated.

Any help in this regard would be very much appreciated.

Regards.


 
  #142 (permalink)
Elite Member
Minneapolis, MN, USA
 
Futures Experience: Master
Platform: ninjatrader, TOS
Favorite Futures: Weekly Options
 
Vikings1's Avatar
 
Posts: 188 since Oct 2011
Thanks: 26 given, 407 received

Hi Mike,

I appreciate the effort, but I guess your members are up to speed and SteveH has all the answers. I'll just stick with my little group...

I am going to have to pass on that invite....

Obviously, there is also no need to further post in my journal as it is all BS.............One of your members made 200 ticks today on oil on my BS set-up, but of course a blind monkey could have today!

Oh well....

Mike (Vikings1)


Big Mike View Post
I have asked Mike (@Vikings1) to do a futures.io (formerly BMT) webinar on Options sometime towards the end of July or early August. He has agreed, so I know everyone can look forward to that presentation.

Once a more specific date is set, I'll be sure to let everyone know.

I want to thank @Vikings1 for his thread and his time as a presenter.

Mike


 
  #143 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,238 since Jun 2009
Thanks: 29,350 given, 83,217 received



Vikings1 View Post
I am going to have to pass on that invite....

Very well.

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 user says Thank You to Big Mike for this post:
 
  #144 (permalink)
Elite Member
San Jose, Ca
 
Futures Experience: Beginner
Platform: Ninja
Broker/Data: AMP/CQG
Favorite Futures: Something moving
 
David_R's Avatar
 
Posts: 1,510 since Nov 2009
Thanks: 2,267 given, 2,371 received


Vikings1 View Post
Hi Mike,

I appreciate the effort, but I guess your members are up to speed and SteveH has all the answers. I'll just stick with my little group...

I am going to have to pass on that invite....

Obviously, there is also no need to further post in my journal as it is all BS.............One of your members made 200 ticks today on oil on my BS set-up, but of course a blind monkey could have today!

Oh well....

Mike (Vikings1)


I'm interested in knowing how to use options to trade instead of futures. I'm curious how you decide which strike price etc. please reconsider and concentrate on the ones that want to learn and are supportive and not the negative ones.

David

The following 3 users say Thank You to David_R for this post:
 
  #145 (permalink)
Elite Member
Minneapolis, MN, USA
 
Futures Experience: Master
Platform: ninjatrader, TOS
Favorite Futures: Weekly Options
 
Vikings1's Avatar
 
Posts: 188 since Oct 2011
Thanks: 26 given, 407 received

David,

My first question is why options versus futures. Futures have a huge advantage over weeklies. They have no boardrooms or idiots in their company making 9 billion dollar trading mistakes; I wonder what his charts looked like?? LOL

Secondly, weeklies are big boy territory and your set-ups and rules better be very good prior to entering them or you will get your lunch handed to you. What option you buy, or how you buy it is irrelevent, the set-up and your trading rules are.

As for me I look for weekly options that have a delta greater than .35, and God forgive me, I buy simple calls & puts at MARKET. I let my set-ups tell me when to get in and out of a trade, not the spread or option price and yet somehow I make money doing that. Today's charts were impressive...all the weeklies had some great plays not to mention TF & my biggest day ever on oil.

PS: All the other option plays like verticles, condors, and butterflies and such are there for suckers who have no clue where the stock might go and thus they have to buy protection, of course in my opinion.
Mike



David_R View Post
I'm interested in knowing how to use options to trade instead of futures. I'm curious how you decide which strike price etc. please reconsider and concentrate on the ones that want to learn and are supportive and not the negative ones.

David


The following user says Thank You to Vikings1 for this post:
 
  #146 (permalink)
Elite Member
San Jose, Ca
 
Futures Experience: Beginner
Platform: Ninja
Broker/Data: AMP/CQG
Favorite Futures: Something moving
 
David_R's Avatar
 
Posts: 1,510 since Nov 2009
Thanks: 2,267 given, 2,371 received


Vikings1 View Post
David,

My first question is why options versus futures. Futures have a huge advantage over weeklies. They have no boardrooms or idiots in their company making 9 billion dollar trading mistakes; I wonder what his charts looked like?? LOL

Secondly, weeklies are big boy territory and your set-ups and rules better be very good prior to entering them or you will get your lunch handed to you. What option you buy, or how you buy it is irrelevent, the set-up and your trading rules are.

As for me I look for weekly options that have a delta greater than .35, and God forgive me, I buy simple calls & puts at MARKET. I let my set-ups tell me when to get in and out of a trade, not the spread or option price and yet somehow I make money doing that. Today's charts were impressive...all the weeklies had some great plays not to mention TF & my biggest day ever on oil.

PS: All the other option plays like verticles, condors, and butterflies and such are there for suckers who have no clue where the stock might go and thus they have to buy protection, of course in my opinion.
Mike


Mike,

I guess I was making the assumption that options were less risky, or at least minimized the risk by the amount of the option.

Why did you decide on a delta of 35 or greater. I've read where some suggest 70 or greater. All those option plays are way too complicated for me to understand. I thought the virticle spreads made sense because you can still have a bias, but limit the risk. Not true?

When you trade oil or TF are you trying the futures or the option on them?

D

The following user says Thank You to David_R for this post:
 
  #147 (permalink)
Elite Member
Minneapolis, MN, USA
 
Futures Experience: Master
Platform: ninjatrader, TOS
Favorite Futures: Weekly Options
 
Vikings1's Avatar
 
Posts: 188 since Oct 2011
Thanks: 26 given, 407 received

.70 conservative, less volitale, .35 more risk and thus potentially greater reward.

As far as options on Futures, I would just go with the weeklies on SPY, QQQ, IWM, USO. I play the futures straight up, no options.


David_R View Post
Mike,

I guess I was making the assumption that options were less risky, or at least minimized the risk by the amount of the option.

Why did you decide on a delta of 35 or greater. I've read where some suggest 70 or greater. All those option plays are way too complicated for me to understand. I thought the virticle spreads made sense because you can still have a bias, but limit the risk. Not true?

When you trade oil or TF are you trying the futures or the option on them?

D


The following user says Thank You to Vikings1 for this post:
 
  #148 (permalink)
Trading for Fun
Bay Area, CA
 
Futures Experience: Intermediate
Platform: Think or Swim
Favorite Futures: YM, ES, 6E Futures, Weekly Vertical Spreads
 
Allistah's Avatar
 
Posts: 136 since Jun 2010
Thanks: 5 given, 64 received

I've been selling weekly vertical spreads since March and I usually do about 6-10 of them every week. I do that many to help average things out. I usually have a couple that go south on me but overall I'm profitable so far. I usually sell the ATM strike and aim for $5 spreads between the long and short strike. I like to get $1.40 or more. If it goes sideways on me I'm ok for the most part. I have only a handful of stocks that give decent enough credits though. I don't do this on just any option.

I think there is a trading vehicle for every type of person. I think none of them are right or wrong in general but I do believe that some strategies are wrong for certain people and even horrible for some. Others are excellent for some and horrible for others. Just my opinion of course..

-Alli

The following user says Thank You to Allistah for this post:
 
  #149 (permalink)
Elite Member
Minneapolis, MN, USA
 
Futures Experience: Master
Platform: ninjatrader, TOS
Favorite Futures: Weekly Options
 
Vikings1's Avatar
 
Posts: 188 since Oct 2011
Thanks: 26 given, 407 received

Hi Alli,

Very true, there is always more than one way to skin a Cat and what I do works for me and what you do works for you. In the long run, that is all that matters.

Have a great weekend.

V


Allistah View Post
I've been selling weekly vertical spreads since March and I usually do about 6-10 of them every week. I do that many to help average things out. I usually have a couple that go south on me but overall I'm profitable so far. I usually sell the ATM strike and aim for $5 spreads between the long and short strike. I like to get $1.40 or more. If it goes sideways on me I'm ok for the most part. I have only a handful of stocks that give decent enough credits though. I don't do this on just any option.

I think there is a trading vehicle for every type of person. I think none of them are right or wrong in general but I do believe that some strategies are wrong for certain people and even horrible for some. Others are excellent for some and horrible for others. Just my opinion of course..

-Alli


The following user says Thank You to Vikings1 for this post:
 
  #150 (permalink)
Elite Member
Washington DC
 
Futures Experience: None
Platform: Jigsaw
Broker/Data: Tradovate
Favorite Futures: US Treasuries
 
fminus's Avatar
 
Posts: 102 since Sep 2009
Thanks: 148 given, 233 received



SteveH View Post
Just to summarize my understanding of how you trade the options, you enter based solely on the signal generated by the stock price chart and pay the full spread to get in and out. That's fine. I just wanted to understand exactly what you do.

To summarize your system, until the past day or so, it used to be 6 rules to enter a trade where 4 out of the 6 were reproducible by anyone of the forum followers here. However, the "A" and "B" studies have remained undisclosed. Now, the 6 have been reduced to 3. Either way, what they have in common is that the entry is 100% mechanical as well as the half-off portion, but, you're confident that the trailing stop part to exit the 2nd half is doable also (I agree).

I think this journal has been a personal enlightenment for you because where there once were 6 entry rules, now there are 3 with the same apparent level of success rate (good job!). It has relieved you of some burden/stress in your trading. To the reader, it has at least served as an example of how sticking with a positive edge works over many trades.

Just to get this out in the open now, we may as well mention the 800 lb. gorilla in the room:

Your system is proprietary. Without full disclosure of your entry rules, neither a beginner, intermediate or even another master trader (such as yourself) can trade what you're successfuly demonstrating day-in and day-out. Thousands of pics can follow this post and it will remain improbable for others to replicate.

All that is fine. It is your system and your call to make. I just wanted to get a "you are here" view of the map and state the obvious in case anyone has missed it.


@SteveH,

Take this with a grain of salt because after all I am just a struggling trader, but it doesn't really matter what the exact settings of his (@Vikings1) methods or indicators are. If you really study his charts and look at what he's doing he's using his indicators in confirming or keeping him out of false moves (stacking the odds in his favor).

For myself I have taken some of his trading concepts (that have been told and retold by countless traders in forums and in seminars) and have implemented a trading strategy in sim and it's starting to come together for me. There are some parts to his system that I don't completely understand but I found that in trying to understand what Vikings1 has been doing, I'm figuring a bit about myself in the process.

No system handed to you on a silver platter with all the indicators and all the settings are going to make you a master trader if you don't know why you're doing what you're doing (from personal experience of going through countless numbers of systems). Discovery is part of the learning process and possibly one of the best ways to learn as it sticks in the mind better than having to take someone else's word that a system/method/indicator works. It is apparent that Vikings1 has mastered his system, he knows what he's doing, and willing to post some screenshots on futures.io (formerly BMT) to shed some insight on how someone makes money in this brutal game.

I would love to see a webinar on trading weekly options and got really excited when BigMike posted that he would be presenting something; only to find my excitement crushed. Please Vikings1 do share on a webinar or at least just show me.

The following 2 users say Thank You to fminus for this post:

Closed Thread



futures io > > > Weekly Option Trader

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Linda Bradford Raschke: Reading The Tape

Elite only

Adam Grimes: TBA

Elite only

NinjaTrader: TBA

January

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
New Option Strategy kkjalan Options on Futures 21 March 10th, 2012 02:36 PM
Option Strategy Question jonoelgrande Options on Futures 7 February 17th, 2012 12:31 AM
Option on NT 6.5 jz166 NinjaTrader 2 April 8th, 2010 03:14 AM


All times are GMT -4. The time now is 03:15 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-11 in 0.15 seconds with 20 queries on phoenix via your IP 54.226.172.30