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Diving into the lake of Options


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Diving into the lake of Options

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  #31 (permalink)
Pittsburgh, Pennsylvania
 
 
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Pedro40 View Post
Sold 7 HLF 42 FebWK4 for 2.8

Since the stock has fallen to $40, I have put a limit order in for 1.4....

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  #32 (permalink)
Pittsburgh, Pennsylvania
 
 
Posts: 563 since Jan 2013
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Pedro40 View Post
Since the stock has fallen to $40, I have put a limit order in for 1.4....

Filled, so profit was app. 1K on that position.The GSK options expired, so currently no positions and the account is at 28K, up 2K since the "adjustment."

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  #33 (permalink)
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Carley Garner will be back on Monday, February 25th @ 4:30 PM ET for a webinar on Options 201 - Spreads and Strategies. Details here:


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  #34 (permalink)
Pittsburgh, Pennsylvania
 
 
Posts: 563 since Jan 2013
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Bought 10 SPY 152 MarWk1 puts for 0.71

Expecting a selloff soon....

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  #35 (permalink)
Pittsburgh, Pennsylvania
 
 
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Pedro40 View Post
Bought 10 SPY 152 MarWk1 puts for 0.71

Expecting a selloff soon....

Sold for 1.21 Timing of the buying was a bit early, but the sell off came as expected.... Profit was $500 minus com...

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  #36 (permalink)
Pittsburgh, Pennsylvania
 
 
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Bought 10 SPY 151 FebWK4 calls for 0.49 Daytrade...

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  #37 (permalink)
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Thanks for the journal and updates Pedro. This makes me want to (sim) try out directional swing trading with options again which I gave up on as it was my first trading style and attempt at trading since I didn't know any better back then. I had already been through books and the CBOE free info and a couple of options education vendors and newsletters but always the results fell far short. But now I'm itching to try again since maybe my swing trading on daily bars could have been improved. I have a hard time patience-wise daytrading higher time frames like even 5min or higher, but I'm comfortable with the daily time frame.

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  #38 (permalink)
Pittsburgh, Pennsylvania
 
 
Posts: 563 since Jan 2013
Thanks: 33 given, 375 received


Cloudy View Post
But now I'm itching to try again since maybe my swing trading on daily bars could have been improved.

Then come on, jump into the lake with me!

I really like the CBOE Virtual trader. It is easy to sign up, you can adjust the account anytime, and the index quotes and options are actually real time. You could cheat with stock options, but just execute 15 minutes later when you would have done it and you get the quote what you needed.
They subtract commissions and also they don't let you sell options if you don't have enough money on your account. In short, it is very realistic. I am not sure about limit orders getting filled, but hey, this is a free website.

So there is really no excuse not to use it. You can make several accounts to test different strategies...

I think with options money management is the key. It is easy to make a shitload, but it is just as easy to blow the whole account. In my 2nd to last SPY trade I was a bit too cautious, and only made $500, but for the account a 10 times bigger position would have been still relative small.

This last trade I should have averaged in, but I was busy trading futures, and the amount is very small, so even if I lose it all, it is only $500....

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  #39 (permalink)
Pittsburgh, Pennsylvania
 
 
Posts: 563 since Jan 2013
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Pedro40 View Post
Bought 10 SPY 151 FebWK4 calls for 0.49 Daytrade...


Sold for .55 Should haver averaged in yesterday on the low...

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  #40 (permalink)
Pittsburgh, Pennsylvania
 
 
Posts: 563 since Jan 2013
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Pedro40 View Post
Sold for .55 Should haver averaged in yesterday on the low...

Closed at expiration at 0.84

Again, good idea, not so good (although profitable) execution...

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May 10, 2013


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