Mara?? I'm pretty sure you were down close to 40 percent on that trade.. I think the issue is your style of trading is difficult to digest.. There is no risk management and your swings are huge. Neither good nor bad, but I'm not a fan of watching 2 dollar option go to 8 and hoping for a rebound when assigned, not too mention selling calls at to "hedge' while quite possibly locking in losses
Yeah I bailed on gme after that trade because of another share offering. I share the losers more than the winners because they're more funny. If I posted all my winners I'd be posting non stop.
Show us one winner where you didnt sell a put and take enormous heat.. You are the self proclaimed Elliot Wave master of the Universe,but your timing is just awful. Hence you sell puts,affording you the luxury of breaking even down 10-20 percent. I dont think I have ever seen a trader take the kind of drawdowns you do,with little upside if dead right
All the premium trades are mechanical except I have switched short puts for buy/writes in certain conditions. Probably less than 1% of traders trade like me which is probably the same percentage of traders who drive a (2008) Lambo.
But you taowave also suggested the Wxytrader to roll his options, what good does it do. If he has sold put in a Bio Phama, before a dubious finacial engineered phhase 3 release, with negative correlation to placbo. Of couse after a statistic insignificat positive phase 2. The company has had qoustionable behavior and problems with regultores bodies and by the end of the month according to MR Martin Shkreli chash around 2.90 dollars pr share. Martin Shkreli has made several houres videos on youtube about the stock and called the the stock would fall around 90%
@taowave have you ever just bought shares at the market price? If so then you have taken on more risk than selling a put at market price. You treat short puts like they're the boogeyman LOL. The mara and sava trades would have been no different had I just bought shares. Most of the movement happened ah. This is why using stops is useless... damage is done by the time you have a chance to get out.
Simple..He is fairly decent at position sizing.. For some odd reason he more than doubled up after making a great initial trade... Why double up position size,if for no other reason for the very reasons you stated?? Sold the 23 strike at 8-9 and they got down to 2... You want fat premium,go sell it but dont double up.. Trade the diag if it makes sense. Thats my point..
Dear MR Taowave little me is a bit confused now. If I understood you right. 1 First you said it was a bad trade. 2 Now it was an initail good trade. 3 He just more than dubbled down, which made it a bad trade. 4 It was a fake/paper trade. 5 Now, it seems to be a real trade. 6 He is decent in position sizeing. I do not need to know everthing in the Universe. But with all respect I think that your oneliners are a bit selfcontraditing. Meant in good way with my deepest respect MR. Taowave Have a nice day
wxytrader may be ok in this trade. I often look for biotechs that have recently failed and have cash. They always change their name and think up a new scam. The guys at SAVA are VERY well versed at doing this. They will prolly cook up another 'new drug attempt' and they prolly will pump it very well. The general play with Biotech: 1) Cook up a great sounding new drug idea 2) Pump it to the moon using pump services ...This is Where I short VERY HEAVY 3) Do offerings as the share price gets pumped (create a cash pile) 4) The 'new drug fails' (90% of all Biotech drugs fail) 5) Change the name of the company and use the cash to repeat over and over (yes..this is all legal) .. They could prolly change the name to MSG (cassava is what MSG is made from)