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Weekly Option Trader

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  #31 (permalink)
Seattle, WA
 
 
Posts: 28 since Sep 2011
Thanks: 19 given, 4 received

Thanks for sharing with us your trade, im very excited and interested in learning more from you.
I have a question why you preferred Woodies Pivot instead of standard pivots?

Thank you


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  #32 (permalink)
Minneapolis, MN, USA
 
Experience: Master
Platform: ninjatrader, TOS
Trading: Weekly Options
 
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Posts: 188 since Oct 2011
Thanks: 26 given, 409 received


esby06 View Post
Thanks for sharing with us your trade, im very excited and interested in learning more from you.
I have a question why you preferred Woodies Pivot instead of standard pivots?

Thank you


Over many years, I have found they are hit much more often than standard pivots... No other reason...

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  #33 (permalink)
Minneapolis, MN, USA
 
Experience: Master
Platform: ninjatrader, TOS
Trading: Weekly Options
 
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Posts: 188 since Oct 2011
Thanks: 26 given, 409 received



gtichauer View Post
Thanks for posting your trades....I followed weeklies for some time and if traded well they are very rewarding.

Can u share how u manage size and risk regarding your total account? This is each trade is a fix % of your account? do u go for specific r:r ratios? I think this is key when daytrading options, we all know why....thanks.


Actually my trades will vary in size depending upon my own money management spreadsheet I put together years ago. Basically I will normally bank 50% of my profits per trade and roll the other half over to the next trade, so if I get on a roll the size can grow rather quickly. But since I am always banking profit along the way and my hard stops are just that, hard stops, my downside is limited. After a loss I will go back to my orginal size play and start all over again. This way I am putting some of my profits back to work for me. It is also the reason I only play what I play, stocks with high volume weeklies...

I am not into the fixed amount of an account basis theory, my feeling is your set-ups and strict trading rules had better be in place first, then the size of your trade should be one you are willing to lose completely without any increase of blood pressure, if it isn't, then you are playing with too much.

Prove to yourself you can win with $ 100 of real money (not sim) time after time, before you ever try to hit the home runs...singles are just fine in this business and the home runs will come all by themselves.

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  #34 (permalink)
Minneapolis, MN, USA
 
Experience: Master
Platform: ninjatrader, TOS
Trading: Weekly Options
 
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Posts: 188 since Oct 2011
Thanks: 26 given, 409 received


esby06 View Post
Thanks for sharing with us your trade, im very excited and interested in learning more from you.
I have a question why you preferred Woodies Pivot instead of standard pivots?

Thank you


A prime example of why I use Woodies Pivots...

AAPL today


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  #35 (permalink)
Argentina
 
Experience: Intermediate
Platform: Ninja
Broker: Zen Fire / IB
Trading: ES, TF, 6E, CL
 
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Vikings1 View Post

I am not into the fixed amount of an account basis theory, my feeling is your set-ups and strict trading rules had better be in place first, then the size of your trade should be one you are willing to lose completely without any increase of blood pressure, if it isn't, then you are playing with too much.

By this u mean that u size the trade as if a 100% loss is possible every trade or that is just a psicological aspect u mean?

I guess when trading on Friday u must consider price going to zero (as option become worthless) as part of the trade, but maybe on Mondays assume a max 50% loss as premium erodes at a slower pace?

Thanks,

GT
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  #36 (permalink)
Minneapolis, MN, USA
 
Experience: Master
Platform: ninjatrader, TOS
Trading: Weekly Options
 
Vikings1's Avatar
 
Posts: 188 since Oct 2011
Thanks: 26 given, 409 received


gtichauer View Post
By this u mean that u size the trade as if a 100% loss is possible every trade or that is just a psicological aspect u mean?

I guess when trading on Friday u must consider price going to zero (as option become worthless) as part of the trade, but maybe on Mondays assume a max 50% loss as premium erodes at a slower pace?

Thanks,


Obviously, I would never let any trade go to zero, or even remotely close; but if you start sweating by just putting the trade on, then maybe you are trading too much.

On Fridays you have to be careful playing the options out of the money especially as time winds down during the day. But those same options can also be VERY rewarding near the close as well if they come back into the money. (This is also not amatuer hour, your set-ups and trading rules better be very good, and plus be willing to loose 100% as well).

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  #37 (permalink)
Minneapolis, MN, USA
 
Experience: Master
Platform: ninjatrader, TOS
Trading: Weekly Options
 
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Posts: 188 since Oct 2011
Thanks: 26 given, 409 received

I was offline yesterday, but what a day today turned out to be. Started off a little choppy but then exploded as soon as the inside daily candles for QQQ and SPY were broken to the downside.

Too many trades to list so I will let my charts speak for themself. Thursday is my 2nd favorite day of the week, tomorrow is my NO.# 1 favorite.

Example of one of the nice trades, AAPL $ 590 puts at $ 1.70, sold them at $ 8.00, after they went to $ 9.00.

Take care


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  #38 (permalink)
san francisco
 
Experience: Beginner
Platform: Interactive Brokers
Trading: stocks & options
 
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Posts: 146 since Dec 2011
Thanks: 99 given, 85 received

Nice trades tho still cannot completely understand yr charts. I like the way they look tho! I was with u there on AAPL tho not just the puts, also did scalp some bux off a couple of up candles with calls. my 1st day trading all day live with the new tradestation platform. Iv'e got a new rule - 6 trades and done. Also, am only trading AAPL for the next 2 days just to make sure i know what i am doing and not making fat finger mistakes. just helps me focus on patterns and execution. do u look at the volume in the options too? this tradestation matrix thing has been a big eye opener. i used to buy the last price but no more! with the matrix u see all the volume at each price - it's L2 w/o mkt makers. so i am putting my orders in at the bid and getting filled every time! i thought that only happenned in sim, lol. for me with my teeny position sizes, the extra 5 cents matters. then i am setting my stops MUCH closer now that i can see who is on what price and just trying again if i get stopped out. still making fat finger mistakes tho which cost me some bux today clicking and dragging stop too fast to catch up w price and then got stopped out halfway through move, drat. 18% profit which shd have been about 50%, oh well. anyways i bet tomorrow's going to be crazy. i am getting not bearish nor bullish but volatilityish. we shall see.

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  #39 (permalink)
Minneapolis, MN, USA
 
Experience: Master
Platform: ninjatrader, TOS
Trading: Weekly Options
 
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Posts: 188 since Oct 2011
Thanks: 26 given, 409 received


Maisie View Post
Nice trades tho still cannot completely understand yr charts. I like the way they look tho! I was with u there on AAPL tho not just the puts, also did scalp some bux off a couple of up candles with calls. my 1st day trading all day live with the new tradestation platform. Iv'e got a new rule - 6 trades and done. Also, am only trading AAPL for the next 2 days just to make sure i know what i am doing and not making fat finger mistakes. just helps me focus on patterns and execution. do u look at the volume in the options too? this tradestation matrix thing has been a big eye opener. i used to buy the last price but no more! with the matrix u see all the volume at each price - it's L2 w/o mkt makers. so i am putting my orders in at the bid and getting filled every time! i thought that only happenned in sim, lol. for me with my teeny position sizes, the extra 5 cents matters. then i am setting my stops MUCH closer now that i can see who is on what price and just trying again if i get stopped out. still making fat finger mistakes tho which cost me some bux today clicking and dragging stop too fast to catch up w price and then got stopped out halfway through move, drat. 18% profit which shd have been about 50%, oh well. anyways i bet tomorrow's going to be crazy. i am getting not bearish nor bullish but volatilityish. we shall see.


Hello Massie,

Charts are actually fairly easy to follow, short entry post "short below it", long entry post ("go long above it"), well almost that simple.

As far as volume goes, I pay a little attention to it, but normally the areas I am interested in buying, so are a lot of other people so volume is usually not an issue. I let my charts tell me when to buy and what areas it might go to.

I used to care about where the market is going, or trying to go until I became a true day trader, it doesn't matter which way the market goes, (especially these days). I wake-up, turn on the computer, check a little news, turn off the news, turn on some music, and get ready to trade.... No worries, no fundemental crap, up or down, I make money.

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  #40 (permalink)
Seattle, WA
 
 
Posts: 28 since Sep 2011
Thanks: 19 given, 4 received


Great Job on your trades. You are doing fabulous.
Can you please explain your chart, where you buy or sell, etc. What are those lines? Im sorry just trying to better understand your style.

Thanks


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