Ad astra per aspera...
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If you put "!" in front of the board title Option Millionaires it would be on the top in our favorite boards list :)
Not necessary but handy for us who mostly hang out here and want a quick access to this board.
Key Events and Market Movers Week of 12/19/11:
Oh nice. So you're in a nice profit already at 2.16 from 1.70...
New ThinkOrSwim Update, i like it:
Just updated today.
No I bought 605 Puts on Thursday for volatility, but it was a completely stupid idea and i should've known better not to hold it overnight. It was pretty clear then that GOOG would never go that low on Friday. - A total noob mistake I made. I thought maybe SPY would gap down/ dip and take GOOG down to 610-615 and i could profit on volatility but it was a stupid idea.
GOOG: I lost 600 bucks on Friday due to a very stupid EOD Puts entrance on Weeklies, don't know what I was thinking. But these 600 bucks will be peanuts if PCLN performs as expected per chart pattern and i hopefully get a 10 bagger :)
Or did you mean 480? Because 470 Calls weren't ever 1.70, calls there already in 3.00's
170, or 470? :) - And yes let's hope it does well for us... Last time early October it worked with same pattern.
Please don't pump OTC/ Penny stocks here! Do they have Options? Nope.
And this is an Options board only!
OK???
Posted it here and why (see the "example" part): http://investorshub.advfn.com/boards/read_msg.aspx?message_id=70046572
PCLN: You probably seen my many posts since Wednesday/ Thursday talking about chart pattern. If all goes as expected it will gap up and have the big white candle (3rd day off bottoms squeeze) like the past few times.
It's crazy that this stock was being chased in 540's-550 just few weeks ago on ER's and nothing changed since then, just the fact that this stock just loves to go up and down from 440 to 550 and vice versa. What I also love about it is in some days it can move as much as 15-20 points or more.
I hope Santa gives me (and others who are in this one) a 10 bagger on the Calls at least :)
MF Global, where's my mutherf..ing money???: http://www.evtv1.com/player.aspx?itemnum=5777
Check my follow list: http://twitter.com/#!/MNYCx/following
Not all but most of those in the list (especially the news/ industry tweeters) are great to be up to date on markets and stocks.
And many people follow me because of my "Why, hello there's".
What do you mean by "service"?
I follow some news/ financial/ politics twitter accounts as well as some really good traders to be up to date on financial news/ stock news/ market stuff as they happen.
The great thing about twitter is not only the real-time torrent of info but also the search stream, when you search a term or stock quote you get all the stream in real time of tweets relevant to the stock and markets.
lee explained the 1st question very well. As for 2nd question: twitter
:)
Buddy, did you stop with Options?
Then let's stop fueling the "BS" here and get back to talking about Options. You can never win with everybody. There's always gonna be some person that disagree's with you and posts passive agressive remarks trying to build up negative disposition against you no matter what you post, even if it's helpful to others. Everybody has an ego even if they don't like to admit.
Options trading is no frigging contest. I actually stopped caring much about if the trades/ gains people post are actually real or not and that some people always only post gains and never any losses. In the end nobody here is trading for other people, we're trading our $ for ourselves.
I wanted to avoid the above by opening a profitly account and be totally transparent about my trades (gains/ losses) but unfortunately profitly wasn't able to directly/ automatically import my trades. Typing in all the info manually turned out to be way too time-consuming and tedious with so many trades each day/ week so i stopped.
We often post here because people have the instinct of interacting socially and we often get a nice kick out of good trades AND if we're able to help others making good trades. But does it really matter? No. Been thinking lately of just staying on twitter, best tool ever for traders minus the usual BS on message boards.
But you're right, this board here is so far the best board i've come across on iHub.
Not sure. I hope S&P waits with France downgrade until after X-mas so that the kids can have a little stupid "Santa rally" finally :) But if S&P downgrades France this coming week it's not looking too good for a rally.
SPY is already under the ma50 on chart and indicators like MACD/ RSI are a little bearish. What also concerns me a little is the gap in 117's. If S&P downgrades France and more BS from EU expected then it could break down to close that gap.
I hope not, i'm now all for a little rally until X-mas :)
Just wait until SpaceBound screams his gains to us again in bold while never posting any losses, hehe :)
Exactly.
If i traded Options with $50-100k (or more) i would do so deeper in the money and flip for 5-20%, which already would be pretty nice gains when you trade with bigger $.
I'm still shaking my head at somebody throwing $70k (at out of money) into weekly Options expiring on same day and blaming the markets for his loss and that markets are a scam because SPY didn't close 124 when there was more BS going around about S&P downgrading France this week possibly.
And even though some of us only started Options couple months ago know better than that. You can understand most if not all necessary things about Options within few weeks of studying it, the rest is pretty much straight forward trading skill and understanding markets, charts, T/A, etc.
Mistakes do happen though, we all make losses. Just can't stand when people constantly complain and blame other stuff other than their own stubborn actions and don't adapt to the markets more often instead of expecting the markets to adapt to them.
If you're more experienced and trade with bigger $ then I recommend close to at the money and in/ out quick according to 1-hr chart. But it requires you to know how to read 5-min/30-min/1-hr chart MACD/ RSI (and other indicators if you wish)...
If you trade with smaller capital then often further out of the money can give you bigger gains and you can make more $ with smaller investments.
For example:
I went into PCLN Dec23 495 Calls (44 Contracts avg .33 or $1500.00) last Thursday/ Friday because i played PCLN's chart pattern successfully in beginning of October. And now it seems repeating the same pattern again, bouncing off 440 last Thursday. If chart pattern repeats itself then Monday should be a nice spike, possibly gapping in 465's and ripping to 480's (check the big white candles each time it bounces off bottoms of 440-levels: http://stockcharts.com/h-sc/ui?s=PCLN
So in this case i aim for volatility, if on Monday PCLN already can go 475-480's then my 495 Calls should be worth 3.00-5.00 bucks. Right now the first in the money Calls are around 10 bucks.
If that big white candle happens on Monday i will sell my Calls, hopefully for at least a 10 bagger (like 1500.00 into 15'000.00)
So this is an example where I study the past pattern of this stock and connecting the dots to it's Weekly Options/ Premium accordingly. Of course there's no guarantee it will happen as I expect but PCLN was 550 just few weeks ago on ER's and nothing changed since then except that this stock does the same pattern usually.
--
As for how many trades per day, don't know. That's up to you to determine and what makes sense for you.
You don't need 20 years experience in Options trading to tell somebody (with apparently 20 years experience) to not blame the markets for his own decision to put in $70k out of the money Options expiring on Friday and expecting the markets to do as he expects.
I could care less about somebody throwing $70k at out of the money Options (not my business really). My rant and reply is mostly because the person in question has been whining for days and weeks now about how he's "being scammed" (OMFG): http://investorshub.advfn.com/boards/read_msg.aspx?message_id=70020814 + http://investorshub.advfn.com/boards/read_msg.aspx?message_id=70018770
If i go to a Casino and lose $100-200k, should I be whining of being scammed?
If somebody apparently has 20 years of experience in Options trading but doesn't understand how premiums work and other factors like volatility, time-factor and financial news and thinks the markets should only go steadily up, especially this month because of "Santa", then yes it is a bit strange.
MRC has been whining for weeks now and insisting "Santa Rally" coming for sure by going only in with Calls. If you're so stubborn and don't trade the markets as they come, especially with such big $ then don't expect much sympathy.
And my reply to him should rather be understood as help to not give up now but analyze his mistakes and try to recoup the losses. If you disagree, that's OK.
OMG, you lost $200k in the past 3 weeks? Let me ask you this:
- How much experience do you have in Options trading? If you had any, you would have never ever lost that kind of amount in such a short time. And especially when beginning Options trading you would never go in with such big amounts.
At first I had pity with you but now i'm just shaking my head. Like I would with a friend or family member that did something stupid and i wanted to shake him/ her.
It sounds like you made the biggest mistake(s) you can do in Options without a lot of experience: going in with huge $ and losing it all in very short amount of time because of decisions you made by being very stubborn.
You wanted the markets to go YOUR WAY instead of ADAPTING TO THE MARKETS! And then you say you got scammed?
Maybe you remember in the past weeks we've been going back & forth discussing these things and you must admit you were just so stubborn, going in with only Calls in these markets when so much BS is coming from EU. The financial system/ Euro is maybe collapsing soon, do you really expect smooth markets?
With your capital that you lost, you could've easily traded the SPY/ SPX deep in the money and flipped it hourly and made $10k-$50k or even more every day! You could've taken this volatility to your advantage and traded in/out quick on the 1hr-chart. With that nice big capital it's much easier to quickly make $ deep in the money Calls/ Puts. Instead you threw huge amounts of $$$ @ out of the money Calls and seen them decaying while insisting Santa would show up for sure.
And then you say "I got scammed" as if somebody stole the $ from you because of your decisions. If the markets went your way, would you still call it manipulation then? Obviously we always cry foul when it goes against us.
Why would you throw $70k at the SPY 123 Calls this morning when they're expiring today? Especially if you did so this very AM at open, why haven't you sold when it almost touched the 123, you could've made some very nice $ and didn't you know you had to be quick on Options expiration date?
- Do you not understand that there's a looming S&P downgrade of France that is imminent? Been talking about it for days. How can you say you got scammed when the markets are fluctuating in these volatile times and insecurity of the financial system? You have to be prepared for this kind of volatility and especially if you trade with that kind of $$$ to trade it intra-day and not hold for Santa to show up.
I don't know man, i'm sorry i'm not kissing your a… I've been telling you since many weeks to trade the markets both ways. You sounded very stubborn and now you paid a big price.
But what is probably more disappointing is the fact that you don't seem willing to learn from your mistakes and instead of expecting the markets to do what you think it should do to actually adapt to them. Now you're giving up and never going Options again because you made such huge mistakes right away with huge $$$. You can only blame yourself, not anybody else or the markets. You made the mistake not trading the markets as they come.
You seem to have lot of capital (unless the $200k lost were your life-savings) so instead of giving up, i would sit down and study all the mistakes you made, learn more about markets, read more about current financial news/ politics, study Options lessons and material, paper trade and do so in & out quick on the 1-hr chart or if you go for longer then go with smaller $. And then once you feel like you made some good trades and feel confident, do the same with real $ again but much smaller amounts.
Please don't take my rant as attacking you but it's no help to kiss your a… and it wouldn't make sense just to feel sorry for you. I'm trying to wake you up.
Good luck
PCLN: Beautiful HOD levels close!!! Held all gains! I got 8 contracts more today of the Dec23 W 495 Calls, holding 44 contracts now ($1500.00) avg .33 for volatility next week. The third day after the two days of bottom-formation is usually the biggest spike.
Expecting PCLN to gap up into 465's and rip to 480 probably. I hope my Calls will be 10 bagger then.
Check my post few days ago, this chart pattern is just sweet: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=69965369
Instead of whining here everyday why don't you go back to the stinky pinkies finally? We gave you our insight many times on Options. Instead you went only into Calls, hoping Santa would show up and let the SPY rip to 150 by now.
Do you think the markets can only go up in a smooth & steady fashion? There are fluctuations and it reacts to world events and news. If it was just smooth / steady one way up, we'd all be billionaires by now.
Trade the markets both ways and intraday too.
ZNGA IPO: LOL Already crashing.
PCLN 455's - people finally joining the boat :) and shorts covering more and more.
PCLN 455 almost here :) At this rate even 460/ 465 could be possible today but i'd rather expect the real fireworks next week.
PCLN NEXT WEEK IS THE REAL FUN MY FRIEND! :)
Which strike price did you get for .20? The 500 one? Because the one I have (495) never touched .20
PCLN: Good luck guys, but i'd rather play the next week ones :) Today is too risky. Because usually PCLN has 2 days of bottom-formation. Not saying it can't already bounce a lot today but according to chart pattern, it takes 2 days to absorb the fall.
That said, your positions today could work out with volatility so let's hope it already squeezes much today :) Just be quick.