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Weekly Option Trader
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Weekly Option Trader

  #1 (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

Weekly Option Trader

Though not my style, I have decided to join Big Mike's Trading Journal forum. I am a professional daytrader who specializes in trading weeklies in 9 stocks (AAPL, AMZN, BIDU, GOOG, NFLX, PCLN, SPY, QQQ, IWM). I also trade the ES and EUR/USD.

I am been trading for over 10 years now and what I have put together after 30,000 to 40,000 hours of hard work is very powerful, yet stress free and very easy to trade off of.

My system will also work on all time frames with my parameters:

Rules:

Wait for a "long/short entry" to be posted.
Wait for the next bar to close above/below the "long/short entry" that was posted. (dotted yellow "long", white "short")
Buy/short at the break of that close

PS: For those who are wondering about winning percentage; in the last 22 trading days I have had 225 wins (with over 80 of them being BIG wins) and 56 loss/breakevens; or a winning average of 87.1%. Believe it or not (I don't care), but as the days go by you will be able to see the results as they happen on the charts I supply.

Note: My favorite time period is 15 min. as I am looking for longer runs and I don't like being the first guy out of the foxhole.

I hope you enjoy the journal and I will try to make it a nightly thing from here on out.

Vikings1

Attached Thumbnails
Weekly Option Trader-2chart-2012-04-11-tos_charts.jpg   Weekly Option Trader-amzn-2012-04-11-tos_charts.jpg   Weekly Option Trader-6chart-2012-04-11-tos_charts.jpg   Weekly Option Trader-es1-2012-04-11-tos_charts.jpg   Weekly Option Trader-euro-2012-04-11-tos_charts.jpg  

Last edited by Vikings1; May 3rd, 2012 at 11:17 PM.
 
  #2 (permalink)
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  #3 (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
Though not my style, I have decided to join Big Mike's Trading Journal forum. I am a professional daytrader who specializes in trading weeklies in 9 stocks (AAPL, AMZN, BIDU, GOOG, NFLX, PCLN, SPY, QQQ, IWM). I also trade the ES and EUR/USD.

I am been trading for over 10 years now and what I have put together after 30,000 to 40,000 hours of hard work is very powerful, yet stress free and very easy to trade off of.

My system will also work on all time frames with my parameters:

Rules:

Wait for a "long/short entry" to be posted.
Wait for the next bar to close above/below the "long/short entry" that was posted. (dotted yellow "long", white "short")
Buy/short at the break of that close

PS: For those who are wondering about winning percentage; in the last 22 trading days I have had 225 wins (with over 80 of them being BIG wins) and 56 loss/breakevens; or a winning average of 87.1%. Believe it or not (I don't care), but as the days go by you will be able to see the results as they happen on the charts I supply.

Note: My favorite time period is 15 min. as I am looking for longer runs and I don't like being the first guy out of the foxhole.

I hope you enjoy the journal and I will try to make it a nightly thing from here on out.

Vikings1

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Vikings,

I've been wondering about options myself. Are they less risky than futures? Sometimes I think the analysis of a single underlying is not as difficult as trying to anticipate the actions of say the ES.

Are you trading simple methods such as directional calls and puts, or verticals, or do you get very exotic?

David

 
  #4 (permalink)
Elite Member
duluth,mn
 
Futures Experience: Advanced
Platform: ninja,thinkorswim
Broker/Data: Amp-Zenfire
Favorite Futures: ES,Options
 
Posts: 648 since Feb 2010
Thanks: 81 given, 1,349 received

Wow this is great, I trade weeklies in the SPY, though not as successful as you, I jsut saw this thread and went wow someone else who likes weeklies, AND to boot i am from duluth minnesota, Would love to chat sometime. Crazy small world

Will definitely follow this thread

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  #5 (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_R View Post
Vikings,

I've been wondering about options myself. Are they less risky than futures? Sometimes I think the analysis of a single underlying is not as difficult as trying to anticipate the actions of say the ES.

Are you trading simple methods such as directional calls and puts, or verticals, or do you get very exotic?

David


David,

IMO, "Weeklies" can be MUCH more volitale than Futures, but also much more rewarding if your set-ups and trading rules are SOLID.

Since I am a simple man and most of my buys are simple calls & puts. I will do verticals on swing trades sometimes, especially if the market is not in a solid trend. I am not like the smucks on CNBC who love to hear themselves talking about Iron Condors, Butterflies, Straddles and so on.

My attitude is you better know where it is going, or at least a very good idea, or you should not be buying it.

Take care.

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  #6 (permalink)
Membership Revoked
Oslo, Norway
 
Futures Experience: Advanced
Platform: CQG, Excel
Favorite Futures: CL
 
Lornz's Avatar
 
Posts: 1,198 since Apr 2010
Thanks: 500 given, 1,235 received

What no CL daily options? Where's your sense of adventure?

I'm also a buyer of options on a swing basis, but I'm often embarrassed to admit that. It seems one should trade double flies to be titled an options trader...

 
  #7 (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


Lornz View Post
What no CL daily options? Where's your sense of adventure?

I'm also a buyer of options on a swing basis, but I'm often embarrassed to admit that. It seems one should trade double flies to be titled an options trader...


No need to play around in oil when I can have a weekly double or triple in less than an hour.

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  #8 (permalink)
Elite Member
duluth,mn
 
Futures Experience: Advanced
Platform: ninja,thinkorswim
Broker/Data: Amp-Zenfire
Favorite Futures: ES,Options
 
Posts: 648 since Feb 2010
Thanks: 81 given, 1,349 received

I am really excited for this journal, I have been trading weeklies off and on for a long time. Its amazing that a good trade in weeklies 100% is nothing. 100 point on the dow can be a double or more on the spy. Just great to see another options trader.

 
  #9 (permalink)
Elite Member
desert CA
 
Futures Experience: Intermediate
Platform: NT7, TOS
Broker/Data: AMP/wCQG, TDA
Favorite Futures: CL,YM
 
Posts: 2,027 since Jul 2011
Thanks: 2,211 given, 1,551 received

Interesting to see. So no calendar or exotic spread trading. Are all those indicators you have on freely available (assuming one has a TOS/TDAmeritrade account) on ThinkOrSwim? They look like Tom DeMark. TD Setup for the entry yellow dotted line?

 
  #10 (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



Cloudy View Post
Interesting to see. So no calendar or exotic spread trading. Are all those indicators you have on freely available on ThinkOrSwim? They look like Tom DeMark. TD Setup for the entry yellow dotted line?


Some of these studies are available on TOS, "Sequential", some aren't, and unfortunately all have been modified by me with specific parameters and additions. I do not use Sequential to Setup for my entry...(for some people it can be, but it is not used for my entry). But I do use it to help me determine when to get out of a trade though.

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