Interesting post and style. I think what you'll find is experienced option traders trade a wide array of styles. Some specialize in income trades with ICs as a monthly write. Some run the wheel on the index. Some sell cash covered puts. I've gravitated towards trading weeklies with butterflies and playing straddles on expiration day. If you're going long the options I think focusing on risk management and profit targets is the next step. I've day traded TQQQ SQQQ and they have nice moves. I can't day trade often as I'll end up in PDT jail. You could learn to manage some trades with delta hedging / gamma scalping. But if what you're doing is working keep refining the system. If you're only going long the options you know your max risk at entry.
TQQQ underlying has good volume and tight spreads, and I trade it regularly. But that is NOT the case with the options. Over time the additional costs will be a big drag on any profits, and make it very difficult for you to stay alive.
@jeffalvinson day traded options for years and had a predictive system that was >60% accurate. I have not seen his posting for a while so not sure if he is still active but his old posts are still available to read. He was also quite generous in discussing the basic working mechanisms of his system. I don't think it is fake because there were some good logics to the approach and he wasn't selling anything. You folks are smart perhaps you can duplicate his successes.
Hi there. I have been following certain patterns. Recently, at 10am exactly, stocks have been going up, they then tend to stay in a certain narrow range, then at 230, 300 and 330pm, buyers come in. So I buy tqqq calls at 955am, sell them around lunch, and buy puts. I sell those puts around 215, and then buy calls into the close. Unless the fed is commenting,bi have done well so far. When market sentiment changes, I will look for patterns then.
I always choose a strike price at the money. With the wild swings we have seen recently, the probability of a successful trade is good. I was very successful yesterday once again. I know there will be trades where I have to take a loss, but I have had very good results lately.p