My live trading record is not bad, but needs improvement. SBUX = loss SBUX = loss CSCO = gain SBUX = gain QQQQ = gain ICE = loss I also think the charts I post showing the trade in progress are quite educationial. It has nothing to do with salvaging dimes. I can't monitor the position all day so I had to close the position when I was at the computer, I don't want the calls exercised if they moved slightly ITM, as in the GOOG call position I mentioned earlier. Until I read that GOOG thread I thought long option holders only had there ITM positions exercised at their descretion, not automatically as in the GOOG situation. I assume you can contact Interactive Brokers before the market opens on Monday if you are stuck with slightly ITM options but I don't want to deal with any hassles.
That wasn't me...and I'm not sure the outcome of it. But that thread was a real eye opener and one of the more educational threads on EliteTrader. That 10K loss was because the calls ended up about $0.05 ITM. The 10K would have been in addition to the loss on the long calls.
My sell order was placed when I opened the position @ $1.60, the calls never reached $3.20. Action = Sell Limit Price = $3.20 Order Type = Limit TIF (time in force) = GTC (good 'til cancelled) This way I don't have to monitor the position and it will be closed automatically if $3.20 is reached, I think the highest it got was $2.00. I might play the ICE December calls during the last week, maybe a day trade. I noticed that my November calls had a price range of $0.15 - $1.50 on Thursday (November 15) during its "W" like trading pattern. ICE chart for Thursday (November 15)
It IS bad because the trades are lottery tickets. 3 losses probably are much bigger than the 3 gains. You are playing a low probability game where you will accumulate more losers than winners and each winner will never be enough to get you out of a hole. Stick with your namesake product or learn more about how options work.
When it comes to live trades posted in real time to EliteTrader 3 winners to 3 losers is not bad at all, I don't think I have seen such a record on Elitetrader and I do hope to improve my record as stated earlier. I have seen some posts with one or two trades and then the poster gives up. I do have a good idea how options work and I think my exits on CSCO, QQQQ, and SBUX proves it along with the reason I exited this trade early as explained to ajna.
My original trade plan was to only hold for a couple of days during the last week of option expiry. December calls were too far out.