This is it eh ? What do i do with my postion it is itm and my mouth tastes like goat milk blah blah blah. You anklebiters need to understand one thing and one thing well before ANYTHING else: Kill your f*ing postions on paper and be prepared and ready before you place your trade. Know what you will do and when and where and how. Go through the process a million dam times until it is all you know. Does anyone in this goat milk drinking village of website care to start an intellectual discussion on trading options. Someone who has more then 50 pages of "options for dummies" under their belt. Please, i need to know you are out there LOL Cheers
What would you like to discuss? As far as your comments above, let me expand. Trading on paper is a good thing but it can also be a bad thing. Trading on paper can give you the delusion that you "got" it. But trading on paper is nothing like the real thing. Until one places a real trade, one cannot experience the emotions that one goes through on a moment to moment, day to day basis. Also trading for real does not give you the opportunity to fool yourself that you wouldn't have done a certain trade or you would have done it differently if it was for "real". Paper trading can also lead you to play too big too fast because your paper trades "worked". I would still suggest paper trades to get a "feel" for how to do it but not rely on paper trades to prove a method. Proving a method can only be done "under fire". Paper trade first, but then start out with small real trades and don't increase your size until you can prove you can do it for real. Joe.
Goat milk drinking anklebiter, eh? So, what the heck are you talking about? There are VERY knowlegable option traders here and if you ask a more specific question maybe some of them will speak up. I consider myself an intermediate futures option trader at this point. There are many ways to look at option trades, that is why I like them. You can turn the leverage up or down, you can create positions which match your risk/reward requirements and you can create positons with clearly defined characteristics. Fwiw, one thing you can do with an ITM option is to write an ATM one against it to collect a bit of fat. Of course I am a fan of short theta. Actually a big fan.
I did not mean to paper trade Joe. What i mean by kill your positions on paper first is to stress test your positions prior to putting them on. If say one has a roll embedded into a Calendar for example you would price this roll ahead of time and be ready for whatever comes your way. Paper trading can be and is a waste of time for almost everyone. If you are just starting out to trade options you could do a few paper trades just to see how things move but there is no substitute for the real thing and getting your hands dirty. I can help anyone at ToS stress test their positions using the analyze tab....Prior to putting them on--no hand holding or as TP says trying to make a silk purse of salazeer. Cheers
Pfffft. I'll entertain your post. The knowledgeable people hide because of people like you LOL Just kidding man. It was a light-hearted original post and i suppose some of it rubbed you the wrong way. I'm sure you'll get over it but if not let me say Intermediate eh ? How does one know they are intermediate ? Do you get a badge ? LOL (Joking) People are so touchy here must post qualifiers. Cheers
Options 101. Big deal. However, you must be commended for your generosity in offering your help to those in need. db P.S. it's good to see that those free TOS seminars are paying off for you - TP would be proud.
When u first start to drink goat milk it tastes funny and people around you speak a language that of a far distant village. I offer basic help just as a hedge fund manager on this very same website helped me 2 years ago. Cheers
And very basic it is indeed. Thank you. db P.S. most people who offer their help don't usually start off with an insult.