I am back again... Crystal ball here.... Take it or leave it. Spy will..

Discussion in 'Trading' started by greeneveryday, Apr 30, 2020.

  1. ironchef

    ironchef

    Impressive. :thumbsup: The only other poster I know who day trade options and made a living is @jeffalvinson, my hero.

    None of my friends/associates who day trade made any money. Me neither, and to survive, was forced to trade longer time period, i..e., swing options instead of day trade options.
     
    #31     May 1, 2020
  2. Thor

    Thor

    If the method is good enuf any time frame is workable.
    However daytrading options is a different ball game, it's very possible a profitable method for equity will lose in options.

    The strike price, time to expiry and entry is critical.
     
    Last edited: May 1, 2020
    #32     May 1, 2020
  3. ironchef

    ironchef

    Do you day trade options?
     
    #33     May 2, 2020
  4. Sekiyo

    Sekiyo

    2750 ?
     
    #34     May 2, 2020
    Axon likes this.
  5. Thor

    Thor

    I only trade options on 2 indices, day and swing
    If I get 2 setups a day, I'm happy, often there is only 1

    If your method works on equity, go DITM on options and it should work
     
    Last edited: May 2, 2020
    #35     May 2, 2020
    Axon and ironchef like this.
  6. easymon1

    easymon1

    Longer timeframes tend in general to require the trader to prepare for a larger stop-gap for any given methodical entry trigger than shorter time frames, from my perspective. a 240 min chart vs a 1m chart for example.
    If you know how to negate that requirement, Let Me Know so that the LTF chart Targets become possible on a STF entry trigger.
     
    #36     May 2, 2020
  7. ironchef

    ironchef

    Thank you. Of the two, day and swing, which do you prefer?
     
    #37     May 2, 2020
  8. easymon1

    easymon1

    do you stream online as you do things like this? gotta like that.
     
    #38     May 2, 2020
    KCalhoun likes this.
  9. I am 90% daytrade only. The successful rate for being a day trader is close to 2-3%. That means 98% fail. I found my ways to make it so far. It took me a ton of hours, education, money to become where I am today. Not easy route, folks... Not easy at all. A lot of sacrifices.

    Here are my basic routine daily : wake up an hour before market open... Check overall news... Check overall gap up/down... Opening my core stocks to trade. I have a basket of 5-6 stocks that I trade day in/out. They're the ones with range. My goal is just to buy call/put option expiring same week.... In same day.. In and out in minutes or hours same day. I am usually done an hour after market opens.

    Here are some basic things I do...
    Draw support, resistance area/line.
    Decide which ones I will trade today
    Watch daily /weekly chart.
    Market opens.... I watch closely price action toward the support or resistance area. Watch how it behaves toward it... Once it meets my setup... I am in call or put.... Set stop... And manage profit or loss.
    Close all position by an hour after I enter.. Leave a few contracts for homerun situation... Set stops.
    Once I am done with daytrade and pull money in my account, I start to look for macro trend for some swing... For example I bought some Spy 250 expiring July. It's cheaper and Otm... And give me some time to adjust. Once Vix spikes and market comes down, these are going to be 200% or more return.
    Rinse rise and repeat.
    Everyday.
     
    #39     May 2, 2020
    ironchef, yc47ib and jl1575 like this.
  10. Classy. No long positions at all? No investment?
     
    #40     May 2, 2020