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Roy ditto AAPL - rolling over like a lapdog
Thanks DOT - good advice! I was thinking along those lines.
News Tidbits: MSFT introduces instant SKYPE translation; OptionsHouse and TradeMonster are merging.
Agree! I always wondered about the commission costs watching the trades of the experienced traders on this board. With so many small premium trades .35 - 1.00, the commissions would eat me alive. You guys must have much cheaper brokerages. I will probably switch in the future. But for right now, Etrade's platform is so easy to use, I hate to learn a new one.
I had to build up my account for awhile to start moving up the options chain, but it's looking better and better. No small thanks to you and the others on this board who are so helpful.
Gotta go for now - see ya tomorrow!
My main guideline on strike selection is to stay close to the money, and shoot for a delta over .45 or so.
I also try to take into consideration the trading costs, since I use ETRADE which is pricy. I also choose my option date based on the number of daytrades I have left. I just had Etrade remove margin, so I will be able to trade more freely after sometime tomorrow.
I am still flabbergasted that PCLN rose that big today. I've never seen such a huge rise before. IT will definitely be on my watchlist from now on.
Looking at the longer term MSFT chart. It is in a narrowing bollie band on the 100 day chart, got beaten down with the other techs for a couple of weeks.
MSFT just released its SurfacePro tablet to good reviews. Will help lift its revenues. So I figured it was due for a bump up. Got it today - hope it continues til tomorrow. I'm already green on it.
Just looking at PCLN - that is a pricy option! I'm not in that league yet, but you guys could really make bank on that!
I stayed in MSFT overnite because I forgot I didn't have anymore daytrades til tomorrow. Also just realized that if I remove margin from my account, I won't have that limitation. (Forehead slap).
I know one of you told me that awhile back, but it just now clicked.
See you tomorrow!
Awesome Roy! You done good!
holding MSFT overnite - boring day. Better than a bad day.
BOT MSFT $40 Jun 6 Calls @ .39
Just recognized my biggest mistake today - trying to predict a top instead of trading with the trend. I kept waiting for that downturn all day.
OK - done now. Time to walk. I'm getting "fluffy" sitting at the computer all day.
Have a great weekend!
Amazing -- good lessons today.
The daily charts (100 day) look like crocodile heads. Some pointing up, some down.
Trading in a narrowing bolly range.
Well, actually AAPL is a croc that just ate a wildebeest.
This is my last post for the day. Have a safe holiday weekend everyone!
IWM OPEX put observation.
Even as it finally rolls over, (3:46e), the theta makes it impossible to recover. There must be a point of no return calculation in here somewhere.
Glad you prodded me Roy - I would have wiped out much worse.
Whoa - thar she blows (IWM). Now wish I had another DT - opposite direction. Now I see why Friday's are good! It's like penny stocks - $.01 on a very cheap trade can be a big % gain!
Amazing.
0 - I'm out now. Whew - a truly awful trade. Fortunately, not a large % of my trading kitty. Still ahead for the week, but by less.
I kept expecting it to rollover at some point due to the low volume. Then I got deer in the headlights watching it keep rising.
Did not follow my usual exit plan.
Several lessons learned:
- I generally trade stocks whose trajectories I understand well. Need to stick to my knitting. Don't understand indices well yet except on very volatile days.
- Don't fight the trend - I fought it all day.
- Charts don't lie.
An interesting lesson - one that I do not wish to repeat. Gonna watch the calls for the rest of the afternoon to see how that works. Taking screen snaps of the charts as I do.
Thanks Roy - always appreciate your feedback. You are a good mentor!
This will definitely require a post-mortem. It shows that I really do not understand OPEX well.
Now just watching for the least painful place to bail.
I've heard a lot of people won't bother on Fridays. Now I can see why. Will hang in there to the bitter end.
Looks like their propping up IWM. (?)
This is my first time to trade weekly options on a Friday. I expected volume to be low enough that the top wouldn't hold for long and it would roll over.
Volume is pretty light, but everytime it looks like a good place to rollover, someone buys a big chunk and brings it back up.
Not enough sellers to counteract the manipulators?
I keep thinking IWM has hit its top - I keep being wrong. May take a bit of a haircut on this one.
Come on, Roll over!
BOT CAT Jun6 $105C@ .66.
What did you buy?
Bot IWM Weekly $112P @ .73
Out MSFT Jun21 $39C @ 1.45 (+.13)
Have cash profits, waiting for runners or bargains.
Out CAT May30 $103C @ 1. 36 (+.24)
Second lot 1.31 (.13)
Glad to hear Shred - Good luck to you!
Mkt open today in US, closed on Mon for Memorial Day.
Your trades don't make any sense. If you don't trade on good chart-reading and technical analysis, you will always lose.
Luck is only a small part of it. Trading is a complex learned skill. You are learning the most expensive way possible - with real money - before you have any trading skills. It is painful to watch.
Many people have put themselves in the poorhouse doing this. Please take care.
Very helpful - will be watching accordingly. Thanks.
Beer - how do you figure the pin for CAT?
Staying in CAT & MSFT overnite - out of DTs. CAT seems highly manipulated. Hope they bring it up tomorrow for just awhile.
BOT MSFT June21 $39Calls @ 1.32
Reviews of the new Surface Pro 3 tablet are very good. Supposed to be able to replace your laptop.
Out CAT May30 $103Call @.102(+.12).
This is one leg of three positions I have in CAT. Other two are slightly underwater for now.
Another link for resource page:
This is a video blog from Guy Cohen who sells subscriptions to his proprietary OVI trading system.
His video analyses of markets are pretty good.
http://www.ovitradersclub.com/page/Blogs.aspx
You have to look a bit for the videos on this page - click the "more" button under the blog teaser.
Other suggested links for a resources page:
NASDAQ pre/after market
Futures
http://www.investing.com/indices/us-spx-500-futures-advanced-chart
STOCK TA
http://stockta.com/
PretzelLogic
http://www.pretzelcharts.com/
ChessNWine's Videos - Daily analysis of key charts
http://vimeo.com/user4042640/videos
Trading Simulator - The ChartGame
http://chartgame.com/trackrecord.cgi?jxdeh1
Great Link Dot - thanks!
Can we create an intro to the board with links like this?
Beer - I recommend Sam Collins Daily Trader newsletter. I arrives just before market opens, and provides links at the bottom to companies announcing earnings, and the daily calendar of financial events such as FOMC.
https://order.investorplace.com/index.jsp?sid=WRC194&display=IPM&cc=eletter&cp=OZDT&ct=20140522
BOT CAT May30 $103C @ .90 and 1.12 (two accounts)
Out CAT May30 $102C @ 2.05 (+.58)
I added some late yesterday, increasing my av to 1.47.
Didn't cost me a DT either!
YES! Trader psychology tip: Don't look at potential gains. Look at how much you are willing to lose, and when you will pull the plug (exit strategy).
For every trade you place, make a paper calculation of how much you are willing to lose if the trade turns against you. Then pull the plug if it hits that target to preserve capital for another trade.
It took me forever to learn this and understand that it really works. With good loss management, you can lose up to 50% of your trades and still end up profitable.
GLTY
CAT Skullduggery $%^%$@$
Yesterday, CAT ended $102.88. After hours, it rose quite a bit, then someone sold 35,000 shares at 102.02, well below market.
This morning, opened premarket at 103.33, then small buys/sells placed at 102.88. Deliberate effort to keep it from rising?
Seems to be a highly manipulated stock.