I agree with hajimow, Uninvited quest - the name seems to fit your chat style. You seem to be very critical of Multi - I mean people have a right to their opinion but you seem to be sure attacking him at every opportunity. It appears Multi has had some success in the past ie from his screen shots etc ... Probably more success then alot of us here at ET (but of course you never really know). The only thing we know is to watch his forum blog and see how it goes (and maybe learn a thing or 2).
thanks - VLO printed at 102 - I see (I "re-sold" the VLO Dec 110c- to open) . but unfortunately it apparently can't be done everytime since I f*cked up on my BBY positions after calling it perfectly. Did everything perfect right up to the time when I -- changed my fricking mind! I sold my long Dec 45 calls near the highs at 48.40 (& closed my Nov 45 puts) -- and then sold short Dec 47.50 calls spread against Jan 50c. BUT-- I was short one leg of a BBY November 45 straddle after closing the BBY 45 puts. This was in a loss parameter. But NOOOOO I couldn't just keep that position after I began to get a gut feel that "they" would move it back to 45 into this month's expiration. Nope-- I had to exit the BBY Novs at the first chance I had to --scratch- the trade for a small loss-- !!! So typical. You know the reason why ? Because I was trading the "price" of the options and my P & L on the positions in BBY, and NOT not the underlying and its likely movement into this week -- given the open interest and T/A picture- as I should have been I even came on here saying (and multi-option agreed) that a reversal and down move - PB/retracement in BBY was "imminent" (look at my prior posts on BBY)!! Yet even after that declaration (i.e. plan) that BBY could well sell off into expiry - and thus why close out BBY Nov 45c when a healthy profit was waiting to be claimed-- I still reacted and lifted the calls. Of course I also did so to remove some of the risk I now had by being short (and underwater on the front 45c) on both the Dec 47.50c and the November 45c (which was spread against the Nov 50c). I then thought too much -- and tried to convince myself that BBY would be (had to be ) pinned to 47.50 -- not 45 --come expiry. THEN to compound matters- I also sold short (naked) a small lot of BBY Dec 45 puts for a pittance of what they are now bidding.-- ARGHHHH -- since I was short the 47.50c (i.e. legged into a strangle for Dec 45p/47.50c) - and thus I was underpaid just like when you flop the nut straight - but overbet and thereby chase out your opponents rather than slo playing it to the river - and getting PAID as you deserve - when you have a strong hand. A very good trader I knew in the 90s from VA. (also a mentor/friend) always told me that in the markets and trading - when you nail it (so to speak) you MUST run the table with the positions- not be greedy- but collect as much as you can milk out of it- and be focused and patient -- his words being to the effect of -- you DESERVE to get paid off- and to claim what is rightly yours'! Don't mean to sound grandiose in relaying his advice -- but hopefully the point in his comments are well-taken by all of us who will allow a loss to mount but less often will find the keys to running the table with a golden position that we have a profit in! I should also put this one my Journal -and I will. But since we have been discussing these stock/positions on this thread- I wanted to disclose this for anyone following my BBY posts. anyone with comments or similar experiences?
I wanted to post a little learning experience I am having. -this is one reason I do not like options (but I still trade them I heavily bought some AMZN nov calls around the middle of oct. I had decided I was going to buy them and hold past earnings. All 'my' cards told me that it was going to fly up with earnings; granted I dont look at financials much but my chart reading told me this. I didnt get a chance to look at the stock the day before earnings (if I had I might have exited); but due to personal reasons I wasnt able too. So earnings comes out and bam. Premium went from 1.30~ to 0.05 Now today they got some good news about being in the SnP and kicking ATT out and bam it shoots up and the stock is ~where I bought the option in at but guess what. No bid. Therefor I cant sell my calls. I thought about trading single stock futures instead of out right option buying but then again you lose you 'fire and forget' mentality. Least when you go to bed you know how much you can lose. anyways I thought I would share that enlightening experience. Believe me theres nothing like seeing a premium at 1.3 one day and 2 days later it doesnt even have a bid. And then it flys up to near where you bought in at and it still doesnt have a bid. anyone else want to share some enlightening experiences good or bad.
omg did you read that thread about the GOOG options? That was the worst horror story I've ever heard of.... Basically bought a bunch of calls (with $800 in the account), the options close slightly in the money at the close on exp, so they get automatically exercised (but the guy didn't know) and then liquidated on monday for a $9k loss after the inevitable margin call. I think the broker was IB and I'm not sure how it turned out... I'll try to find the thread. - The New Guy
I know what thread your talking about - read that whole thing. At first the guy blamed IB for it. But then people showed him where it was his fault actually in not telling IB not to exercise.
Dear Multioption - In the interest of full disclosure ---> I closed my position in APA (ie, bought to close 20 Nov 65 calls today - this AM @ 1.30). I don't think APA goes any lower altho its not likely to explode up either (ie, my bet would be it trades @ 64 - 68 over next several weeks). Good Luck with your trade !! (I can say that now & really mean it since I'm not tugging on the rope from the other side). cowpok1027
you are correct that's why I re-sold Dec 110c - still sticking with my backspread (ratio spread) - if it stalls then I might convert it to bear spread (115/110)
Yeah, I don't think it was IB's fault, but that still SUCKS. I have to admit, that's a pretty easy mistake to make.... Glad I read that before it happened to me! - The New Guy