Buy IBM 180 strike calls, 2 days left to expiration, ask price entry filled at 8:34 am: 0.67. Profit-taking order, buy 1/2 at 1.10 limit, buy 1/2 at 2.10 limit.
FYI - The market is closed on Thursday and closes early on Friday at 1pm EST, the volume will be very low on Friday and not much movement. I would hold off on any aggressive weekly option trades until next week.
i will be following your progress with interest take less risk, come up with good ideas and make money
Looks terrible at this point. Selling the options would be way profitable right now. (Oh yeah, didn't I say I was selling them?) Let's say max risk on such paper trades are 2%. Please, anyone else who thinks they can do such trades with skill, please add your trades to this thread. Of course, one should give a real time entry price.
It's a bitter sweet pill trading weekly options, I think they are really dangerous and the glitter of making a incredible intra-day trade is going to lure traders like a bug to a bug-zapper. I feel like people are going to trade what they will trade, I lost a chunk trading RIMM $23 and $24 CALLs even though I had a unrealized gain of $150,000 from my initial purchase price. RIMM flew to $27 and I sat back and watched it fall to $22 like a idiot losing my investment and the gains. Tuesday, I did the thing I would not do again, I was involved with Apple's Weekly Options. Yesterday when Apple was trading off the Charts, a new Six Month high I started to buy the Apple Nov 30th $335 Calls. I bought at $2.00 up to $3.35 with my average cost at $2.96 average. Apple moved to $3.85x $3.90 bid and I did not sell the contracts I bought. I stayed up last night pissed off I did not take the short-term scalp and angry I disobeyed my rules and figured I would get burned trading the gambling Lotto Ticket Options. Apple had a big seller and right before the Close, they drove the stock down to $333.5 and posted a VWAP of 900,000 (rounded it up) at $333.6. The stock was trading back to $335 in after hours. Today when Apple opened up, at 4am PST she was at $337, when the stock opened the stock hit $335+ and those contracts opened up at $2.6x2.99. Apple went wild and my platform kept crashing, my trading platform crashed each time I opened it up. I had a part order put in at $4.45 it got taken out. Right before the platform crashed again, I threw out the rest of my contracts at $7.00+ and when I got my platform working again Apple's contracts were at $8.5x$9 up to $13.5 in after-hours. I made money but I do not feel good about this trade, I feel rotten, can anyone explain why a trade like this (Pure gambling with lucky news hitting "Digimon and I-pad and I5s good news) has made me depressed all day? The money was good but I feel like I cheated by getting involved with gambling again
I keep making a error, apples price was $535, why I can't get this straight is beyond me. Please think about this, those Options are making the Market Making firms tons of money. You know how Funds can "pinn the stock to the Strike", it happen's all the time. Apple was my last weekly call, I am too old to gamble like this. Happy Thanksgiving Everyone! May your month of November end great and have fun with your family and friends!
These trades are extremely risky. This is an experiment. Some or many will fail at it. It is not their fit. Some might win consistently. We will see. Having one's platform crash must be a form of hell. That alone is a very serious prob. Good luck, good trading skill.
So I would say this: 1. I lost 100% of my 2% risk on this trade! 2. If I had been nimble, it could still have been a great trade by: a) scaling in, and grabbing profits when they became available b) using hourly charts to time scaled entries c) being aware of the holiday close, and early close 3. I will try again.
BRY, what is your Option Commission? Using a low-cost Brokerage and taking a ultra-fast platform with your percentage of capital using is reasonable, I can live with keeping that level. Facebook's downward bias after these Weekly Calls expire look interesting. The Facebook Put Buyers are getting cleaned each week, should be interesting with your model to trade FB, AMZN, NFLX, NUS, CMG, GOOG, PCLN for quick money. Good Luck and thank's for the interesting ideas.