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Diving into the lake of Options


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Diving into the lake of Options

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  #1 (permalink)
Pedro40
Pittsburgh, Pennsylvania
 
 
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The purpose of this Journal is to get into option trading, again. A few years ago I traded options with real money, with shall we say, less than stellar results. Since then I forgot lots of things about them, so to refamiliarize myself, I am going to use CBOE's Virtual option trading tool. (go to cboe.com, click on Tools then Virtual Trade) The quotes are from Option Express and delayed by 15 minutes, more on that later.

I am going to trade primarily SPY options. Most of the time directional bets, but I also want to try out straddles and other type of strategies. The style will be quiet aggressive, concentrating on expiring options in a few days, but with good money management. (if such a thing exist)

The account start with 25K and can be reloaded/restarted. I am not planning on it. If it is gone, it is gone. The quotes are delayed, so to keep it real, this is how it is going to work. When I initiate a trade, I will post it. Then 15 minutes later I actually execute the trade, and I will post the fill I got. This way it should be as close to real as it can on a virtual market.

Oh, the best part of the Journal is not just the trades, but the reason behind the trades. I will actually explain why I make a trade. Holding period should be generally a few days, except on days close to expiration when I do intraday swings, but will use smaller size.

Again, the goal is to practice directional trades, trying out a few new strategies, using common sense money management and maybe also to learn something from you guys.

If you guys have any constructive criticism, ideas, don't hesitate to chime in. Anything constructive will be appreciated. I think this is good enough for a starter, and I will explain some of my trades in the next post...

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  #3 (permalink)
Pedro40
Pittsburgh, Pennsylvania
 
 
Posts: 563 since Jan 2013
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Well, if this account were at the starting amount of 25K, that would be boring, and you would have to wait until I get into a position. But wait, you are lucky, and you don't have to wait in suspense...

I actually started to trade this account in the beginning of December. Around Christmas I made a few good trades, so the account grew to 30K. I even tried selling both sides although the margin works differently, thus way smaller size allowed. Another reason for this Journal is to getting know better the margin requirements.

Anyhow, last week after 4 days of sideways movement, I was pretty sure we are ready for one last rally, so I went long. Why was I sure? We had 4 dojis in a row on the daily chart (some sort of record) which is usually consolidation, and the previous move should be continued. Sure enough on Thursday the market rallied and SPX went up 12 or so points. Since my calls were just OTM and expiring the next day, they almost doubled. My position was around 10K so I made 9K on it. That took the account up to 39K.

So after about 6 weeks of trading, I am up from 25K to 39K. I paid in "commisssions" (we keep it real, right?) 4.5K and that is already included. That is about 60% return. Usually I risk 1/3, or half of the account...

On Friday we made a doubletop and I also thought that the market would downturn, so I loaded up on puts. Right now I have 200 SPY 148 puts, with the average fill of 0.68. I know buying options before the weekend wasn't very wise, but I wanted to see how much the time decay would be over the weekend. I plan to sell it in 2-3 days, if the market downturn happens....

Edit: Just a note on timedecay. The price is around 0.5 now although SPY is where it was on Friday, so as a note, sell options before the weekend, don't buy them...

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  #4 (permalink)
 Fadi 
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The title got me attracted and I kind of smiled because options are not a lake, not even a sea in my opinion; but rather an ocean and perhaps worst... but well this is just me; I do not mean to discourage you neither.

If you want to trade options, it is important you understand where they come from, how they are manipulated and how they are designed for unaware retailers to continuously lose money.

I definitely wish you good luck in your quest and futures.io (formerly BMT) journal; but please understand that options can turn out to be a real scam if you don't understand DEEPLY all the ins and outs, the games, the manipulation and the tricks that institutions do around these instruments.

Few questions that could perhaps lead you in your research and studies on options:
1. who sells the majority of calls and puts? definitely the institutions and market makers; large capital investors/funds, etc...
2. what's the interest of such an offer? they tend to keep the option premium if the call or put expires worthless
3. who buys calls and puts? definitely the small retail investor that doesn't have enough money to buy several lots of shares, and in their opinion options has a limited risk as they only lose the premium
4. what do you think the institutions and all those big guys that sell options will do at or near expiry? they have enough capital to drive the price to a strategically calculated bid/offer at which most of the options they sold expire worthless and they keep the premiums

As an example, last week was optionx (on Friday Jan 18th), and look for instance at AAPL how they closed it at 500$ to the penny, 499.96$ if I am not mistaken... If you were watching the intraday action on Thursday and Friday you would have really enjoyed it! especially if you are an informed trader.
AAPL by the way is one of the stocks that they get to sell lots of options for, due to its high share price that prohibit many small investors in buying multiple lots.
500$ on AAPL was the strike that made most pain, and banged the highest return from both puts and calls... that simple.


Good luck and wish you lots of happy learning and experimenting opportunities

Cheers
Fadi

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  #5 (permalink)
Pedro40
Pittsburgh, Pennsylvania
 
 
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Fadi View Post
but please understand that options can turn out to be a real scam if you don't understand DEEPLY all the ins and outs, the games, the manipulation and the tricks that institutions do around these instruments.

Thanks for the input. One reason why I am using an index option because these kind of manipulations are harder if not impossible. It is rather easy to push a stock around for a bigger player, not so much with an index.

Basicly I will just try to use time decay as an advantage over low volatility days and selling them, and hopefully make some good bucks, when the market is moving. Only problem with the selling is the rather big margin requirement, so size will be small....

About my position: If SPY is at 1473ish by expiration, I will break even. I screwed myself with buying them before the long, MLK weekend, but I was expecting a downgap. Well, live and learn...

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  #6 (permalink)
Pedro40
Pittsburgh, Pennsylvania
 
 
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Pedro40 View Post
The quotes are delayed, so to keep it real, this is how it is going to work. When I initiate a trade, I will post it. Then 15 minutes later I actually execute the trade, and I will post the fill I got. This way it should be as close to real as it can on a virtual market.

Well, I had a suspicion, that there was no delay and the quotes are live. So this morning I have been checking the Chain and it seems to me that they are indeed live quotes and the delay is miniscule only caused by the software. I even did a quick test trade to confirm it, because I thought maybe the chain is live, but the fill is delayed. No, both seem to be live, so there is no reason for me to delay entries and exits, thus I will just post them as I execute them....

I guess it is easier for CBOE because legally they are supposed to delay the quotes, they just don't bother with it...

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  #7 (permalink)
 Bermudan Option 
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Hey man. You are like my brother from another mother. I used CBOE's portal Option Xpress' simulator as well. If my memory serves me right, the quotes when you enter a position are real-time but profit and losses in your position are delayed 15mins...

Anyways, here are my $0.02
  1. Make sure the amount you are practicing with in the Virtual Trader is the same amount you can use IRL. Years ago, I honed my skills with $25,000 in a virtual trading account on investopedia. I then went to my real trading account and had to deal with being undercapitalized for the first time

    Practice skills that you will use in real life. I see you said that you practice risking 1/2 to a 1/3 of your account in a trade. IF you guess wrong two times, or three times, you are broke. It should be more like risking 1/100 or 2/100 of your account in a trade if you want to sustain your capital. Options are volatile enough, you don't need your trading account to be as well


Pedro40 View Post
Thanks for the input. One reason why I am using an index option because these kind of manipulations are harder if not impossible. It is rather easy to push a stock around for a bigger player, not so much with an index.

Basicly I will just try to use time decay as an advantage over low volatility days and selling them, and hopefully make some good bucks, when the market is moving. Only problem with the selling is the rather big margin requirement, so size will be small....

About my position: If SPY is at 1473ish by expiration, I will break even. I screwed myself with buying them before the long, MLK weekend, but I was expecting a downgap. Well, live and learn...

If the volatility is low, then you want to be buying options, not selling them. Low VIX means you aren't getting
a lot of $$$ for the risk that you get assigned a position you sell.

Anyways, interested to see some of your charts and how you look @ the market. Welcome to the board and good luck!

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  #8 (permalink)
Pedro40
Pittsburgh, Pennsylvania
 
 
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Bermudan Option View Post
Hey man. You are like my brother from another mother. I used CBOE's portal Option Xpress' simulator as well.

Hi brother, I have been searching for you for years!!!!



Quoting 
If my memory serves me right, the quotes when you enter a position are real-time but profit and losses in your position are delayed 15mins...

That doesn't make sense, unless the P/L after 15 minutes corrects itself and gives the value shown at the time of trade...


Quoting 
Make sure the amount you are practicing with in the Virtual Trader is the same amount you can use IRL.

Good idea and later on I will probably do it. At this time I am just getting back into the saddle, so any amount will do it.


Quoting 
I see you said that you practice risking 1/2 to a 1/3 of your account in a trade. IF you guess wrong two times, or three times, you are broke. It should be more like risking 1/100 or 2/100 of your account in a trade if you want to sustain your capital.

Well, generally I agree, but the whole idea here is to use the explosive power of options, even if it could lead to self destruction. If I want something less risky, there are always futures available.


Quoting 
If the volatility is low, then you want to be buying options, not selling them. Low VIX means you aren't getting a lot of $$$ for the risk that you get assigned a position you sell.

You are right. What I meant was that when the market isn't moving much (let's say summer doldrums) that is a good time to go for the time decay. When I do options, I want at least 20-30% return on the position, not just a little.


Quoting 
Anyways, interested to see some of your charts and how you look @ the market. Welcome to the board and good luck!

Thanks for the response. I haven't posted a chart here yet, I guess I am just using imgur.com or another image website.

A quick note on the position: It is down by 2/3rd and I made so many mistakes with it that it will be a long list. At this point I probably will just keep it until Friday and if all lost at least the account is nicely back to where it started, so we go from there...

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  #9 (permalink)
Pedro40
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Well, this position has been humiliating so far, although there is still chance that the market drops enough in the next 2 days. So in the main time, for educational purposes I am going to list the mistakes I made:

1. Bought near expiration options before a long (holiday) weekend. Stupid,stupid, stupid. My only excuse is that I was happy with the previous trade (a big winner) and it was a case of easy come, easy go. Also a bit cocky with my prediction of the market's expected move.

2. Oversized position. Usually I buy 100 options price usually under 1$. This time the first fill wasn't that good, so when later on it was even cheaper, I doubled the position. Even if I had wanted more, it would have been wiser to go for a different expiration put, just in case the downturn doesn't happen that fast.

3. When chance was given, I didn't lighten the position. Yesterday at the low I had a buy signal and the position was just slightly below break even. I could have got out with a small loss or at least sell half to get back to normal sizing, but because this is the first posted position, I let it ride. Pride....

4. No stop loss or plan to exit. I didn't treat it as real money, and since I originally planned to hold it for 3-4 days, I didn't make plans for an adverse move. Sure enough, the adverse move came.

Well, these are the ones suddenly came to my mind. I am sure there will be a few more that I remember later on. Right now I have to decide if the market is going to fall 15 points from the 1490 level by friday's close. I have been expecting a big red day, but it hasn't shown up yet. Since I am using the SPX chart to make decisions, I will be referring to the cash index levels, not the SPY levels. It might be a bit confusing, I know...

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  #10 (permalink)
 Bermudan Option 
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Pedro40 View Post

That doesn't make sense, unless the P/L after 15 minutes corrects itself and gives the value shown at the time of trade...

My live broker delays quotes by 15 minutes. So if SPY 113 puts are tradinga Bid x Ask of 1.15 x 1.17 when i enter the position, I will get filled at market price. However, when I check the P/L page, it will say the price that SPY was at 15 minutes ago. So if SPY 113 puts were @ 1.01 15mins ago, the P/L page would say that I bought @ 1.15 and the 'current' market price is $1.01 for the puts so I am down 13% but it does not apply.

Anyways good luck messing around on the virtual trader

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  #11 (permalink)
Pedro40
Pittsburgh, Pennsylvania
 
 
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Should have bought NFLX calls. The damn thing is up 33% in after hours trading. Crazy.

Regarding today's action, the chart was just like a duplicate of yesterday. A bottom at 10:30, then slow up from there.
My position was at half on the bottom and at 20% by the close. Apple's earnings failed and the stock is down -10%, so that is actually bringing down the futures, they are below where they were at 10:30 am.

So we shall see tomorrow. I might thrown in a few trades intraday if I get a clear signal...

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  #12 (permalink)
Pedro40
Pittsburgh, Pennsylvania
 
 
Posts: 563 since Jan 2013
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Although NDX was nicely down this morning because of the AAPL earnings, SPX stubbornly rallied. Now at a little pullback I decided to close the position, lost 95% on it, sold at 4 cents. The account is at 26K, pretty much back to where it started. I expected this week to be a down one, but there hasn't been even a decent pullback, just relentless upgrind....

And we start a new chapter....

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  #13 (permalink)
Pedro40
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Bought 50 SPY 149 Jan for 0.62 Expecting a few points bounce, will sell at .80 or so....

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  #14 (permalink)
Pedro40
Pittsburgh, Pennsylvania
 
 
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Bought 50 SPY 149 Jan for 0.62 Expecting a few points bounce, will sell at .80 or so....

Sold it at 0.71 The position went against me first so I am happy to get out with this gain. After com. profit was $300...

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  #15 (permalink)
Pedro40
Pittsburgh, Pennsylvania
 
 
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Bought 50 Jan 149 SPY for 0.65 Will double if falls 2 more points....

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Pedro40
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Bought 50 Jan 149 SPY for 0.65 Will double if falls 2 more points....

Sold at 0.81 Profit was $640 after com.

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  #17 (permalink)
Pedro40
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Bought 50 FebWk1 150.50 SPY puts for 0.95 Here I am assuming that today is ending in a Hanging Man and that will signal the top for at least temporarily... If the market still going up tomorrow I will dump it at half loss....

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Pedro40
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Bought 50 FebWk1 150.50 SPY puts for 0.95 Here I am assuming that today is ending in a Hanging Man and that will signal the top for at least temporarily... If the market still going up tomorrow I will dump it at half loss....

Sold it at 1.13 Profit was $750....

Probably early, but after the open there was already adverse market movement and I didn't want to give all the profits back, while the direction isn't clear...

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Pedro40
Pittsburgh, Pennsylvania
 
 
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Bought 50 FebWk2 150 SPY puts for 1.14 Planning to hold it for a few days, that's why I chose an option with longer expiration...

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  #20 (permalink)
freepal
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Hi,

Wonder why not apply for a TOS papermoney so that you get better and more relistic trading enviroment. Just 2 cents.

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  #21 (permalink)
Pedro40
Pittsburgh, Pennsylvania
 
 
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Don't I have to open an account with them? For the practicing purpose, this CBOE virtual trader is just fine...

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Pedro40
Pittsburgh, Pennsylvania
 
 
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Bought 10 HLF Feb13 35 calls for 4.1 I should have got it earlier today when the price was lower... I am expecting the stock to go back to $40 in a week...

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Pedro40
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Sold 15 GSK Feb13 46 calls for 0.4 I don't expect the stock to stay above $46 for the next 2 weeks...

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Pedro40
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Pedro40 View Post
Bought 50 FebWk2 150 SPY puts for 1.14 Planning to hold it for a few days, that's why I chose an option with longer expiration...

Sold it at 1.2 because expecting adverse move. Probably reshort later....

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Pedro40
Pittsburgh, Pennsylvania
 
 
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Bought 30 SPY Feb2wk puts for 0.66 Expecting the gap to close sometimes today....

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Pedro40
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Bought 10 HLF Feb13 35 calls for 4.1 I should have got it earlier today when the price was lower... I am expecting the stock to go back to $40 in a week...

Dumped it at 2.6 This will go into the "good idea, but bad timing" folder. I should have got it when the stock was under $36 (got it when the stock at 37.4) and yesterday it peaked to 38.5 but I wasn't watching it, so missed opportunity.

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Pedro40
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Bought 30 SPY Feb2wk puts for 0.66 Expecting the gap to close sometimes today....

Sold at 0.76....

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Pedro40
Pittsburgh, Pennsylvania
 
 
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Bought 10 HLF Feb13 35 calls for 4.1 I should have got it earlier today when the price was lower... I am expecting the stock to go back to $40 in a week...

Well, it took 2 weeks. Of course I am out of the position, but today AH came the move I was waiting for. The stock got stuck around $36 for a whole week, but today it was revealed that Mr. Icahn has a 12% stake in HLF and the stock is above $47 in AH trading...

How well, I need more persistence.... It would have been a 10 bager....

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Pedro40
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Sold 15 GSK Feb13 46 calls for 0.4 I don't expect the stock to stay above $46 for the next 2 weeks...

The expectation played out, the value is 5 cents right now, and the calls expire tomorrow. If nothing big move happens (stock is at 45.66), the gain was $600 minus commission...

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Pedro40
Pittsburgh, Pennsylvania
 
 
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Sold 7 HLF 42 FebWK4 for 2.8

Again, I am a bit late, should have sold after the open. As long as the stock is below 44.8 by the end of next week, I am not going to lose money...

Edit: It looks like stocks and their option quotes are delayed, but indexes are not...

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Pedro40
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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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Pedro40
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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)
 Big Mike 
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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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Pedro40
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Bought 10 SPY 152 MarWk1 puts for 0.71

Expecting a selloff soon....

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Pedro40
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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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Pedro40
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Bought 10 SPY 151 FebWK4 calls for 0.49 Daytrade...

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  #37 (permalink)
 Cloudy 
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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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Pedro40
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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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Pedro40
Pittsburgh, Pennsylvania
 
 
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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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Pedro40
Pittsburgh, Pennsylvania
 
 
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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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Pedro40
Pittsburgh, Pennsylvania
 
 
Posts: 563 since Jan 2013
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Bought 100 SPY MarWk1 152 puts for .68

Expecting the gap to close either today or later in this week.

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Pedro40
Pittsburgh, Pennsylvania
 
 
Posts: 563 since Jan 2013
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Pedro40 View Post
Bought 100 SPY MarWk1 152 puts for .68

Expecting the gap to close either today or later in this week.

Gap closed, sold for .98

Profit was 3K, minus commission....(about $300)

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Pedro40
Pittsburgh, Pennsylvania
 
 
Posts: 563 since Jan 2013
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Bought 50 SPY 150 MarWk1 calls for 0.93

Expecting a rebound, should have bought at yesterday's close, but I was out of the house...

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Pedro40
Pittsburgh, Pennsylvania
 
 
Posts: 563 since Jan 2013
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I have put in a limit order for 1.1

Edit: filled, profit was 850$ minus 150$ com.....

Again, once the market went against the position, I should have averaged in, I was pretty damn sure of the rally. At the lowest the calls were 0.65

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Pedro40
Pittsburgh, Pennsylvania
 
 
Posts: 563 since Jan 2013
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Bought 50 SPY MarWk1 puts for 0.52

Market seems overextended...

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Pedro40
Pittsburgh, Pennsylvania
 
 
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Bought 50 SPY MarWk1 puts for 0.52


Closing it with loss at the close. I haven't got the fill yet, but around 0.15...

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Pedro40
Pittsburgh, Pennsylvania
 
 
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Closing it with loss at the close. I haven't got the fill yet, but around 0.15...

For some reasons the trade didn't execute yesterday. I put it through 4:02 pm or so, I thought options are open until 4:15. maybe there was no trade after 4 pm, so no trade in Virtual world either. The price would have been 0.33

So I executed it at the open and I got a better price 0.44, thus loss was only -400$ minus (well, plus) 150$ com...

Edit: It was the 151 puts, I forgot to mention...

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Pedro40
Pittsburgh, Pennsylvania
 
 
Posts: 563 since Jan 2013
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Bought 50 SPY 153.5 MarWK2 puts for 0.55 Expecting the gap to close in a few days. If the market goes higher, I will buy more...

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Pedro40
Pittsburgh, Pennsylvania
 
 
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Pedro40 View Post
Bought 50 SPY 153.5 MarWK2 puts for 0.55 Expecting the gap to close in a few days. If the market goes higher, I will buy more...

This one expired worthless with a loss of 2750$..

From tomorrow I will start to build a bigger short position, because I expect the market to turn South for 5-7 days...

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 lrfsdad 
milwaukee,wi, usa
 
Experience: Intermediate
Platform: Mobile TWS & mobile TOS. Dough.com
Broker: IB, TOS, FXCM
Trading: futures and options. looking into forex
 
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Pedro40 View Post
This one expired worthless with a loss of 2750$..

From tomorrow I will start to build a bigger short position, because I expect the market to turn South for 5-7 days...

What is the basis of your analysis for the trades you are taking?

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Pedro40
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lrfsdad View Post
What is the basis of your analysis for the trades you are taking?

Daily chart using Bollinger bands and Williams %R. Also pattern recognition.

Bought 50 MarWk4 155 puts for 0.94 It has 10 days to expire and I plan to go heavier if the market goes higher...

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Pedro40
Pittsburgh, Pennsylvania
 
 
Posts: 563 since Jan 2013
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Bought 50 more of the same puts for 0.61

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Pedro40
Pittsburgh, Pennsylvania
 
 
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Bought 50 more of the same puts for 0.61

Sold all 100 for 1.34 The average buying price was 0.77

The account is at 33.8K

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Pedro40
Pittsburgh, Pennsylvania
 
 
Posts: 563 since Jan 2013
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Bought 50 SPY MarWk4 155.5 puts for 0.54 Let's see if we sell off after closing the gap from 2 days ago today...

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Pedro40
Pittsburgh, Pennsylvania
 
 
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Bought 50 SPY MarWk4 155.5 puts for 0.54

Sold at 0.93...

Account is at 35.6K...

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Pedro40
Pittsburgh, Pennsylvania
 
 
Posts: 563 since Jan 2013
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Bought 50 SPY 155 AprWk1 puts for 0.89 This gap should close this week...

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Pedro40
Pittsburgh, Pennsylvania
 
 
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Pedro40 View Post
Bought 50 SPY 155 AprWk1 puts for 0.89 This gap should close this week...

Closed for 1.09, because the gap closed...

Account is at: 36.4K

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Pedro40
Pittsburgh, Pennsylvania
 
 
Posts: 563 since Jan 2013
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Bought 50 SPY AprWk1 155 calls for 1.14

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Pedro40
Pittsburgh, Pennsylvania
 
 
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Pedro40 View Post
Bought 50 SPY AprWk1 155 calls for 1.14

Sold for 1.4

Account: 37.6K

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Pedro40
Pittsburgh, Pennsylvania
 
 
Posts: 563 since Jan 2013
Thanks: 33 given, 377 received

Bought 50 SPY AprWK1 puts for 0.59

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Pedro40
Pittsburgh, Pennsylvania
 
 
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Pedro40 View Post
Bought 50 SPY AprWK1 puts for 0.59

I realized that I bought puts (rookie mistake) when I wanted to get calls (and the timing was perfect). So I have just dumped the puts for 0.45 and bought 50 calls 155.5 for 0.61

Edit: There must be some delay with the CBOE quotes, because I bought these puts yesterday almost at the very bottom, but when I checked 5-10 minutes later when the market bounced back, the position was up 800-1000 bucks. So that's why I didn't realize right away that I got the wrong stuff, because that much gain was expected from the calls....

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Pedro40
Pittsburgh, Pennsylvania
 
 
Posts: 563 since Jan 2013
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Pedro40 View Post
So I have just dumped the puts for 0.45 and bought 50 calls 155.5 for 0.61

Sold for 0.92 we have reached the target high for the day, let's see if it sells off from here...

Bought 50 SPY 155.5 puts for 0.4

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Pedro40
Pittsburgh, Pennsylvania
 
 
Posts: 563 since Jan 2013
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Pedro40 View Post
Bought 50 SPY 155.5 puts for 0.4

Sold at 0.52

It does look like there is the 15 minutes delay, so in the future I have to use the originally planned, indicating a trade first and executing it 15 minutes later trick to be honest....

Account: 38.8K so these 3 last trades (2 winners, 1 loser) made about 1.2K

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  #64 (permalink)
Pedro40
Pittsburgh, Pennsylvania
 
 
Posts: 563 since Jan 2013
Thanks: 33 given, 377 received

Bought 100 SPY 155 WK1 for 0.11

daytrade...

Edit: Limit order for selling at 0.22

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Pedro40
Pittsburgh, Pennsylvania
 
 
Posts: 563 since Jan 2013
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Pedro40 View Post
Bought 100 SPY 155 WK1 for 0.11

Edit: Limit order for selling at 0.22

Since it doesn't like it is going to make it there, sold for 0.16

Note to myself: use in the money options on expiration day.

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Pedro40
Pittsburgh, Pennsylvania
 
 
Posts: 563 since Jan 2013
Thanks: 33 given, 377 received

Bought 100 SPY Apr Wk4 157.5 puts for 0.66

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Pedro40
Pittsburgh, Pennsylvania
 
 
Posts: 563 since Jan 2013
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Pedro40 View Post
Bought 100 SPY Apr Wk4 157.5 puts for 0.66

Salvaged only $700 of it. Should have switched to long after yesterday was a doji, meaning consolidation before further upward movement...

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Pedro40
Pittsburgh, Pennsylvania
 
 
Posts: 563 since Jan 2013
Thanks: 33 given, 377 received

Bought 100 SPY MayWk2 161.5 puts for 0.57

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Pedro40
Pittsburgh, Pennsylvania
 
 
Posts: 563 since Jan 2013
Thanks: 33 given, 377 received

I am going here big or bust, bought 2 more puts:

100 Spy MayWk2 163 puts for 0.45

100 Spy May13 163 puts for 0.92 ( we give this a week more to work)

There is a huge gap left behind what I expect to be filled in the next few days....

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Pedro40
Pittsburgh, Pennsylvania
 
 
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Pedro40 View Post
Bought 100 SPY MayWk2 161.5 puts for 0.57

I got ride of this, for 0.11, holding the other 2.

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Pedro40
Pittsburgh, Pennsylvania
 
 
Posts: 563 since Jan 2013
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Pedro40 View Post
I am going here big or bust, bought 2 more puts:

100 Spy MayWk2 163 puts for 0.45.

Tried to close this at the low, I only got 0.37 for it....

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