I'm out! Sold at 1.65 for a loss of $1,750 Any willing trader can take the other side of my next trade. My entry was too early. Will re-enter APOL.
the 155 puts I mentioned in my Journal went up 3++ today (PD MK) I think you can get long calls on PD at some point today or tomorrow- do the ITMs also - look for an entry in NTES - I suggest buying a straddle or strangle- I am long a 60/55 diagonal strangle and have spread both sides now on recent swings also keep CME on radar for a lng entry- I'd say go short- but for me I already missed the recent move lower-- and albeit CME may trade much lower in the Spring of this year - I believe the next best trade is from the long side. Of course CME may still have 5-7 more points to the dowside from recent lows -- and that would not surprpise me - but nothing surprises me about CME. Right now I am long CME calls - can always spead them if I don't get more traction off yesterday's lows. I am looking for 370+ in the st. (about 50% retrace of recent minor trend lower) :eek: could be wrong so do your own DD
Thanks for the PM. It's appreciated! Account is down by about 7%, I can cope with that.......will watch PD and CME. My new entry & exit for short term are okay; I was impatient as highlighted in the quotes.
today's APOL low was a decent entry-- however it could still trade < 60 at which time it might be a higher R/R to take shot on the front month calls-- looking for APOL to trade back to 62+ - but why buy the front month calls at that point and face expiration pinning/arb pressure unless you are SURE the open/interest/pin (risk) favors much higher prices at that point in time to the 62.50 strike pin ?! Better to sell the 60p on APOL although you then have unlmited loss/limited upside
Nice move by APOL! I shall be back next week! It's not ill-luck when an option trade losses money, but it becomes a luck when profits are posted.
Originally posted by cnms2 38-Steps To Be A Successful Trader by Anonymous 1. We accumulate information--buying books, going to seminars and researching. 2. We begin to trade with our 'new' knowledge. 3. We consistently 'donate' and then realize we may need more knowledge or information. 4. We accumulate more information. 5. We switch the commodities we are currently following. 6. We go back into the market and trade with our 'updated' knowledge. 7. We get 'beat up' again and begin to lose some of our confidence. Fear starts setting in. 8. We start to listen to 'outside news' & other traders. 9. We go back into the market and continue to donate. 10. We switch commodities again. 11. We search for more information. 12. We go back into the market and start to see a little progress. 13. We get 'overconfident' & market humbles us. 14. We start to understand that trading successfully is going to take more time and more knowledge then we anticipated. Most People Will Give up at this Point as They Realize Work Is Involved. 15. We get serious and start concentrating on learning a 'real' methodology. 16. We trade our methodology with some success, but realize that something is missing. 17. We begin to understand the need for having rules to apply our methodology. 18. We take a sabbatical from trading to develop and research our trading rules. 19. We start trading again, this time with rules and find some success, but overall we still hesitate when it comes time to execute. 20. We add, subtract and modify rules as we see a need to be more proficient with our rules. 21. We feel we are very close to crossing that threshold of successful trading. 22. We start to take responsibility for our trading results as we understand that our success is in us, not the methodology. 23. We continue to trade and become more proficient with our methodology and our rules. 24. As we trade we still have a tendency to violate our rips and our results are still erratic. 25. We know we are close. 26. We go back and research our rules. 27. We build the confidence in our rules and go back into the market and trade. 28. Our trading results are getting better, but we are still hesitating in executing our rules. 29. We now see the importance of following our rules as we see the results of our trades when we don't follow them. 30. We begin to see that our lack of success is within us (a lack of discipline in following the rules because of some kind of fear) and we begin to work on knowing ourselves better. 31. We continue to trade and the market teaches us more and more about ourselves. 32. We master our methodology and trading rules. 33. We begin to consistently make money. 34. We get a little overconfident and the market humbles us. 35. We continue to learn our lessons. 36. We stop thinking and allow our rules to trade for us (trading becomes boring, but successful) and our trading account continues to grow as we increase our contract size. 37. We are making more money then we ever dreamed to be possible. 38. We go on with our lives and accomplish many of the goals we had always dreamed of.