trading itself is gambling. whether you trade option, future, individual stock. first, before you hit the button, you know nothing about what will happen second, after you hit the button, you still do not know what will happen third, when you are riding, you will never know what the market will go at specfic time. after the market is closed, when you look back, it seems it is obvious (that is why most people think they are genius in market anlysis, like "I told you", "I know it", but in reality they failed miserablly), but that is illusion. why you are not happy since you blieve making money needs skill or some effort. in your case, you paid efforts, but you got nothing even lost, you did not pay efforts, or involved in kind of intelligence/skill, like heavn sent (you feel you are an idiot, GIFT kind of money making means deny your truth ability, someone gave you money like an assult to you), while you gained and won money (you expect only efforts paid then you can win money). making money in trading does not need skill! intelligence? NO. emotions? NO. disciplines? NO. working hard/thinkinghard efforts? NO. Trading plan? NO. Edges? NO. the same applies to losing money in trading! that is your miscoception about making money in trading. you define happiness by "make efforts, then get rewards". this is wrong. when look around, someone born with everything they want. did they work hard? did they study hard? did they think hard? ....NO you will feel that is unfair. but in another side, someone born with nothing. they need work hard, they need think hard, they need... still hard to make ends meet. you feel you want somemercy on them. that is why I belive in God. whether I win or lose, all is God's gift, so I am always happy.
Taking full 2% position in SPY Dec 13 180 puts for last ask price of 2.07. 9 days to expiration (still weeklys). Mkt looks terrible. VIX wants to pop. Placing also a GTC profit taking order at 5.15
For Aggressive Weekly Option Trades I would stick to the current week of options. I would also buy calls because the trend is up, do not buy puts.
SELLING the SPY Dec 13 180 calls for 1.25; 2% position Buying back my Dec 27 USO puts for 0.62, or total 27.4% loss on 2% of account, so liquidated losses now equal 2.55% of account value
OK, SELLING another 2% value of account, SPY Dec 20 180 calls for $1.83...this is all the SPY position I will take at this time, counting on the tax sell off right before the Christmas rally...if it happens, should work out very well Current status: 2 losses out of 2 trades account down 2.55% (tiny bit thrown in for commissions incl.) 2% position Dec 13 180 puts at 2.07 (last 0.42) 2% position Dec 13 181.50 puts at .82 (last 1.03) 2% short Dec 13 180 calls at 1.25 (last 1.25) 2% short Dec 20 180 calls at 1.83 (last about same, just filled)
Placing GTC order to get 2.07 for the Dec 180 puts, which will be breakeven for that trade. If SPY can get close to 178 should fill--kinda doubtful, but maybe get lucky tomorrow.