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Sanrith Descartes

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Jysin said:
10:31 [FRC] David Faber: Focus seems to be on FDIC solution that will involve receivership - CNBC
- Banks are being asked for their best bids
- Still hoping for market based solution, but still feeling less likely

Who thought the banking drama was actually over?

FRC multi halt down -30%
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1682702576098.png
 
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Blazin

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Shitty set up today to have 20 SPY contracts expiring and FOMC next week to boot. May sit a week out, I hate to do that but premiums are shit and just not sure how I want to play it right now. We could be setting up for breakout though.
 
Sanrith Descartes

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Blazin said:
Shitty set up today to have 20 SPY contracts expiring and FOMC next week to boot. May sit a week out, I hate to do that but premiums are shit and just not sure how I want to play it right now. We could be setting up for breakout though.
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Im sitting on lots of cash so must likely we break out to the upside. My luck isnt exactly the thing of legend.
 
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Fogel

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So far I'm 2 for 0 on my weekly AMD puts, but they have earnings next week so I'll take the week off as well. If they do beat earnings, this will be their next leg up. If they follow the last six months trend, they'll gap up and then slowly consolidate back down to the previous high which is 100$. From there you just write the weekly/monthly puts in the 98-100 range.
 
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Sanrith Descartes

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Moglyzoke Moogleman said:
I used my last DT today so I have none left. Otherwise I probably would've scaled in earlier. Strongly considering going cash account so as to not have to deal with PDT.

Other option is to deposit a chunk and put it into QQQ or SPY, but I think I'm starting to agree with the sentiment here. Margin feels like a trap to allow you to go way harder than you should.
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Margin bad.
 
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ShakyJake

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I have the worst time with entering a trade. Without fail I always enter at the bottom and it immediately reverses on me. It's uncanny.
 
ShakyJake

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Moglyzoke Moogleman said:
When you say the bottom, and it reverses, are you referring to short?

That's why I scale in. Really hard to nail the perfect entry. But if I buy 10 shares here, 10 there, I can usually make it work pretty well.

Here's $MEGL from today.

20 buy at 3.48 (Had I taken too large a position I would've kinda fucked myself here, too early.)
20 buy at 3.10
40 buy at 3.10
40 buy at 3.00

Scaling out for profit like above is a good way to prevent giving back gains.
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I'm buying PUTs. I could do what you suggest but I'm terrified of cost averaging options. I usually end up holding and praying.
 
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Sanrith Descartes

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ShakyJake said:
I'm buying PUTs. I could do what you suggest but I'm terrified of cost averaging options. I usually end up holding and praying.
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Not sure if you saw it but we started a thread a while back on options. Lots of good info there.
 
ShakyJake

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Sanrith Descartes said:
Not sure if you saw it but we started a thread a while back on options. Lots of good info there.
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Yes, I've visited that threaded a while back. I seem to recall it was just general information, though. I don't remember anything specific to entry/exit/risk management for options. I'll take another look.
 
Sanrith Descartes

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ShakyJake said:
Yes, I've visited that threaded a while back. I seem to recall it was just general information, though. I don't remember anything specific to entry/exit/risk management for options. I'll take another look.
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Probably didnt include what you are looking for. We have had a number of discussions here about how long to hold your options before closing them vs letting them run out to expiry. General consensus is to not let them expire but instead pay a few pennies to close them out since you never know what can happen in the final minutes of the trading day.

Personally, once I hit 75% profit I am starting to look for the exit door no matter how many days are left on the option. I prefer not to risk a black swan event over the small change to close it out.
 
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Fogel

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Sanrith Descartes said:
Not sure if you saw it but we started a thread a while back on options. Lots of good info there.
Click to expand...

Most people here don't buy puts though, so won't find much in that regard. I usually never held puts I bought very long. Best luck I've had is finding stocks that have broken down below support, especially if already in a down trend. I'd usually do weeklies or monthlies. I'll usually set my initial stop loss at 10-20% depending on the volatility. It's real easy to get stopped out on options.

Sanrith Descartes said:
Probably didnt include what you are looking for. We have had a number of discussions here about how long to hold your options before closing them vs letting them run out to expiry. General consensus is to not let them expire but instead pay a few pennies to close them out since you never know what can happen in the final minutes of the trading day.

Personally, once I hit 75% profit I am starting to look for the exit door no matter how many days are left on the option. I prefer not to risk a black swan event over the small change to close it out.
Click to expand...

This works for writing puts, but not buying. I've had lots of puts go 100-400%. In cases like this, I use trailing stop loses.
 
Sanrith Descartes

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Fogel said:
Most people here don't buy puts though, so won't find much in that regard. I usually never held puts I bought very long. Best luck I've had is finding stocks that have broken down below support, especially if already in a down trend. I'd usually do weeklies or monthlies. I'll usually set my initial stop loss at 10-20% depending on the volatility. It's real easy to get stopped out on options.



This works for writing puts, but not buying. I've had lots of puts go 100-400%. In cases like this, I use trailing stop loses.
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Good point. I forget that some folks go on the buy side of the trade since most of us here choose the sell side.
 
ShakyJake

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In my opinion, you have to have a sizable trading account to make writing PUTs worthwhile. I have a relatively small account which I'm (unsuccessfully) building up. I haven't blown it up, though, so there's that.
 
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