SPX Credit Spread Trader

Of course the upside to trading alone is that no GF or spouse is second guessing you! I'd rather be alone!

 

This comment is worth printing out and displaying next to your monitor.

 

thx for the support and advice. it is tough without bouncing ideas off other traders.

with my 20/20 goggles on, risking 1.05 to squeeze out an extra .40 or so with less than 50% probabilities.....oh well

when the money's gone...it's time to move on...to may

 

Coach,

What is your experience with various brokers with regard to use of T-Bills to satisfy margin requirement for short options?

Dave

 

Is anyone going to the TOS seminar in MA tomorrow?

 

Here is something that i use when i am faced with the dilemma - to close early and give up credit or wait till the end. Maybe you can use it next time and save yourself some headaches.

Say you got a credit of $1 when you opened the spread. After whatever number of days the spread is now say $.3 with N number of days until expiration.

Take the credit you got initially completely out of the equation. Forget you even have the spread open. Remember, this credit isnt yours until expiration date or until you close the trade. Then ask yourself the question - Would i be opening this spread at this price level with the N number of days until expiration for only $.3 given whatever market bias/perception/direction you may have. Would that be a good trade to open? If the answer is no then you close the spread and give up the credit left.

This method has saved my ass countless times.

 

where's the ToS seminar in MA, what city? What's the topic and how much to attend?

 

It's in Waltham tomorrow, it's been sold out for awhile.

 

If you're close by, I suggest you just drop in.

The last one I attended I just walked in without anyone checking to see who I was or if I paid. I had paid and registered in advance, but nobody checked. There may be seats available when you get there.

 

Just wanted to share my April results:

3/10 opened calls with 1345/1355 for .55
3/28 opened puts with 1245/1255 for .50

closed calls on 4/13 for .05 debit
closed puts on 4/19 for .05 debit

After commissions I had a net gain of 7.7%. Not a bad month at all.

Currently I have a small May 1220/1210 put position but no calls.

ryan

p.s.- I am currently moving my money from OX to my TOS account. I cannot say enough about TOS, great software and customer service. I should have switched sooner!