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!
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.
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The following user says Thank You to Big Mike for this 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.
The following 3 users say Thank You to David_R for this post:
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.
The following user says Thank You to Vikings1 for this post:
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?
The following user says Thank You to David_R for this post:
Favorite Futures: YM, ES, 6E Futures, Weekly Vertical Spreads
Posts: 136 since Jun 2010
Thanks: 5 given,
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..
The following user says Thank You to Allistah for this post:
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: