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Allistah's Weekly Options Seller Journal


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Allistah's Weekly Options Seller Journal

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  #71 (permalink)
San Jose, CA
 
 
Posts: 6 since Jun 2012
Thanks: 3 given, 2 received


Allistah View Post
I made a couple mistakes today as well. Got into two trades that have earnings at the end of the day so I got out of them right away. I'll update my spreadsheet later tonight.

I definitely can't help w/technical analysis, but I also try to be careful about earnings too. I've made some mistakes as well.

Sometimes the earnings date info on Thinkorswim and finviz.com is wrong. I usually have do some some Googling. It's always preferable (not always possible) to see it in a press release or something on the company's investor relations page.

WYNN is particularly bad as sometimes, TOS and various sites will have a date, it come and goes w/no report. I got bit by this before when trying to a strangle or straddle on it. WYNN tends to announce the date only a few days before the actual announcement.

If anyone knows of other good earnings date sites, I'd love to hear them.


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  #72 (permalink)
Detroit, MI
 
 
Posts: 7 since Jul 2012
Thanks: 0 given, 0 received

i should be able to post a link after this.. my 5th post.

 
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  #73 (permalink)
Detroit, MI
 
 
Posts: 7 since Jul 2012
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cwerdna View Post
I definitely can't help w/technical analysis, but I also try to be careful about earnings too. I've made some mistakes as well.

Sometimes the earnings date info on Thinkorswim and finviz.com is wrong. I usually have do some some Googling. It's always preferable (not always possible) to see it in a press release or something on the company's investor relations page.

WYNN is particularly bad as sometimes, TOS and various sites will have a date, it come and goes w/no report. I got bit by this before when trying to a strangle or straddle on it. WYNN tends to announce the date only a few days before the actual announcement.

If anyone knows of other good earnings date sites, I'd love to hear them.

Always use at least one more earnings calendar along with TOS. Here are two:

U.S. Earnings: Company Earnings Calendar - Bloomberg

Earnings Calendar - 2012 Economic Events Calendar - TheStreet

 
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  #74 (permalink)
Bay Area, CA
 
 
Posts: 136 since Jun 2010
Thanks: 5 given, 64 received


cwerdna View Post
I definitely can't help w/technical analysis, but I also try to be careful about earnings too. I've made some mistakes as well.

Sometimes the earnings date info on Thinkorswim and finviz.com is wrong. I usually have do some some Googling. It's always preferable (not always possible) to see it in a press release or something on the company's investor relations page.

WYNN is particularly bad as sometimes, TOS and various sites will have a date, it come and goes w/no report. I got bit by this before when trying to a strangle or straddle on it. WYNN tends to announce the date only a few days before the actual announcement.

If anyone knows of other good earnings date sites, I'd love to hear them.

Yeah I just noticed that. I was in a bearish CMG spread that expires today and I'm pretty sure there weren't any earnings posted. Today it is down 90 points. I'm glad I was on the correct side of that trade...

I wish ToS had the ability to code earnings dates. So you could have access to the date in thinkScript so you could say flag if it's within x number of days or something.

The Dow is down 82 points currently so I have a couple of spreads that are still hurting really bad but I've gained a lot back and am now in the green for the week. At the end of the day I will post where this week ended up after I update the spreadsheet. It was for sure a rough week for my trades. Hoping next week is a lot better.

-Allistah

 
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  #75 (permalink)
Detroit, MI
 
 
Posts: 7 since Jul 2012
Thanks: 0 given, 0 received

I used this site years ago. Didn't realize its still existed: https://www.earnings.com

 
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  #76 (permalink)
Bay Area, CA
 
 
Posts: 136 since Jun 2010
Thanks: 5 given, 64 received

I ended up closing out a few losing spreads before the market closed. I bought back the shorts on the TLT trade as it was looking to close too close to the short strike of 130. It ended up closing at 130.02 which would have put that strike ITM.

My results for the week are listed below. After commissions, I ended up with 13.8%. The numbers show in the sheet below don't show commissions of course. Just based off a gross 1 contract position so the numbers are slightly different.

13.8% is not bad considering it was a horrible week... :-) That was a normal week when they'd all expire worthless when I was selling those OTM spreads. Now you can see that when selling ATM or slightly ITM spreads that you have a much better return of risk. I had TWO spreads this week that I took a MAX LOSS on.. Your strategy is everything..



-Allistah

 
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  #77 (permalink)
Missouri
 
Experience: Intermediate
Platform: NinjaTrader
Broker: AMP
Trading: ES
 
Posts: 77 since Apr 2010
Thanks: 169 given, 34 received


Allistah View Post
Ok, lets go trough all the spreads that are losing - four out of seven.

CF, CMG, MA, PCLN are all losing pretty good at the moment. Now is where I think I need some feedback from those who are very experienced. Let me talk about each one and what I think I should do or should have done.

I looked at all four. No clue what the hell I was thinking when I got into those. The daily charts are almost all OVER SOLD, not over bought. Well, this is why I'm doing this journal, so I learn from my mistakes and I have some sort of public accountability.

I'll post a couple of the charts back when I opened them - they all look about the same. Epic fail on these entries this week. I'll be a lot more attentive to when things are ripe for entry or not. If I have to wait a week on the sidelines then so be it.





-Allistah


It's nice to know you can have a few "No clue what the hell I was thinking when I got into those" trades and still be profitable at the end of the week. GOOD JOB!

 
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  #78 (permalink)
Bay Area, CA
 
 
Posts: 136 since Jun 2010
Thanks: 5 given, 64 received

Thanks! I looked at my spreadsheet and I'm at 15% ROR since I started back in March.

When I first started I was selling OTM spreads for about 20% ROR. My problem with them was that if they went against me they hurt.. A lot! That's why I like the ATM spreads. You just need to get the direction right.

So what did I learn this week?

I learned that I need to pay a lot more attention to what trades I get into. I also learned that's should be exiting these spreads if they go against me and break support or resistance. I need to have those areas marked on the chart so if they're broken I just get out. There should be no question.

We will see what next week brings..






-Alli

Sent from my iPhone

 
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  #79 (permalink)
Buckeye Nation
 
Experience: Intermediate
Platform: Ninja Trader
Broker: Amp/CQG, TOS
Trading: CL, 6E, YM and ES
 
Posts: 208 since Jul 2010
Thanks: 159 given, 240 received


Allistah View Post
I just opened another bear call spread on CF. Got a great credit on it. I got a $2.98 credit on a $5 spread. This means that if I'm right and it expires worthless, I will gain $298 per contract. If I'm 100% wrong and take a max loss I will lose $202 per contract. We will see where this ends up...

Since the return on risk was so high, I couldn't not take it - especially with only a few more days to expiration.

The great thing about these ATM spreads, you can get such high credits that if they go against you they don't hurt no where nearly as much. You just need the key. The key is picking the direction correctly. I hope I'm right... ;-)


Alli,

So when you say that your spread is ATM, is that just in reference to the Short Strike being ATM?

I enjoy reading your journal.

Kulu

 
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  #80 (permalink)
Bay Area, CA
 
 
Posts: 136 since Jun 2010
Thanks: 5 given, 64 received



kulu View Post
Alli,

So when you say that your spread is ATM, is that just in reference to the Short Strike being ATM?

I enjoy reading your journal.

Kulu

Hey thanks, I'm glad that you're enjoying my journal. :-)

Yes, that means the short strike. That is the one that you're on the hook for if it expires ITM. When I say ATM, it's as close to ATM as I can get. Sometimes it is slightly ITM and sometimes it is slightly OTM. But it is never a full strike away from ATM if that makes any sense. If I can get a good enough credit and sell it slightly OTM, I'll do that of course. Sometimes if I think it won't have any trouble moving a long ways down I'll lean toward selling the one thats slightly ITM so that I get a nice big credit. But let me repeat that again, it will never be a full strike ITM or OTM.

Thanks for the question, if you have any others, please let me know.

-Allistah


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July 23, 2012


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