Phil was trading much differently by the time 08 rolled through. But to your point, those who doubled down were hurt significantly.
thanks for response EliteThink it would be interesting to know how he traded around this period, October 08, and if he posted his trades 'live' of course anybody could claim being profitable during this period, after the event l actually sent him a private message about one of his previous trades from yrs back. unfortunately he didnt reply l've included the email below. and enclosed the question in " >>>><<<<" hope its not too long to read! "Dear Phil, Optioncoach , I have only started reading your excellent post SPX credit spreads, and I am so impressed with your performance, I also do credit spreads with SPY, which I prefer to SPX since they don't have what I call a blind day, ie, can still trade on settlement day, whereas with SPX it stops trading on a Thursday and its settlement price is decided on a Friday open. So theres that less control, also the bid ask spread in SPY is much much tighter, so theres less slippage, I have only read up to page 27 of your post, when I discovered your post couple of weeks ago, I know a lot has happened since then in life and your post. >>>>>>>> But if its OK I would like to ask you how did you decided to buy back your 120 July 1235 / 1240 call spread @0.10 which was sold at @0.30 in your post on June 28th 05. you closed on July 1st 05, your posts at (http://www.elitetrader.com/vb/showt...hlight=adjusting credit spreads&pagenumber=27 ) how did you decide to buy back on July 1st 05? I use candlestick charts with moving averages, and looking at the SPX charts, upto July1st05, how did you make your decision to buy back, surely it wasnt looking at the chart, but risk reduction because of the premium difference from what u sold it for, $0.30 and what u buy it back at $0.10<<<<<<< I hope you don't mind me sometimes asking you questions on your post, as I read it. And btw I read your impressive book about couple years ago."
I could easily be mistaken but I thought he went to trade with mav's prop firm. Most of the guys at that time were simply rolling up to the next support line. During the sell offs the guys doing diagonals were sitting well. In the end, you still gotta trade an opinion.
it means i bumped up the thread from the last time a post was made in it - 1 year ago strong is just lingo i picked up from another forum: http://forum.bodybuilding.com/forumdisplay.php?f=19 LOL
thx. It would be nice if someone would pick it up. I do some credits e.g. I'm currently short CL Dec 105 C, long 110 C but I mostly do short strangles (e.g. I'm short both GC Dec 1550P and 1950 C). Anyone want to pick up the thread?