liquidating all my SPY options right now: 1.54 for the 180 puts = 26% loss on 2% = 0.56% account loss 2.81 for the 181.50 puts = 243% gain = 4.86% account gain .21 for the short 180 calls = 83% gain = 1.66% account gain .85 for the short 180 Dec 20 calls = 53% gain = 1.06% account gain account now at + 4.47% in two weeks, not bad
WHAT YOU HAVE QUOTED IS 100% TRUE. AND MENTIONED IN THE BOOK. THE DISCPLINED TRADER BY MARK DOUGLAS FEW FOLKS GET IT .THAT THERE IS NO CORRELATION BETWEEN AMOUNT OF WORK AND MONEY MADE TRADING. LIFE IS FULL OF RANDOM EVENTS.. JUST DONT TRY TO WORRY/SELF REFLECT. TOO MUCH ABOUT IT.
Hey Bry, I got lucky trading FB's $51.50 and $53.00 Calls on Thursday and Friday, it was gambling at it's highest form but I only used $8000 to play with those dice. I bought FB's $51.50s for $35 and sold them for $95 to $140 and FB's $53.00 for $5 to $10 and sold them from $24 to $42.6 average. It's kinda of a Roulette Wheel? I lost $1,000 on Yahoo's $40 Calls, I should have had a GTC order on those when YHOO hit $40.25 on Friday, I was too busy trading Facebook and should have put the GTC order like you said. Thank's for adding that good idea, it worked other weekly-options and I only had once chance for getting out and using the GTC made that happen.
good 4u, JJF, if someone really thinks it is just russian roulette, it is crazy to do it; if someone believes in tech analysis, and can trade it; and day/swing trade, then don't you think that makes sense? bry
BRY, on the Facebook trades I could see the Big Buyers via the Tape and Level 2 buying. After decades of watching the LL2 and Tape reading, it's not so much gambling as to educated guesses like counting cards like Edward Thorpe did with his Black Jack in Vegas. Scalpers and long-time day-traders can feel the stocks pressures of up or down, today I could feel WDC upward bias and Adobe's dowward pressure plus all the research on how Adobe reacts after a earnings report make's this not gambling for me but for others who did not put in their time, it's gambling my friend! Thank's for the GTC order comment, now I don't make a trade without them.