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Let's Trade Options

  • #17,661
  • Jun 12, 2020 2:01am Jun 12, 2020 2:01am
Quoting The Fool
{quote}....not so much to me really, but I tend to trade at the close most often. Buying the close/selling the open has been analyzed alot.... https://finance.yahoo.com/news/buy-c...114705554.html
I see. Thanks for the link. I wonder what the point of allowing people to trade after hours and pre market. The exchange's way of making more money?
  • #17,662
  • Jun 12, 2020 2:05am Jun 12, 2020 2:05am
Quoting The Fool
{quote}selling puts or put spreads in this secular bull market has been bread n butter for many options traders. If I were very well funded I would be selling options more, but I am playing a poor man's game....
Right right. If I may ask, which options broker are you using? IB? I'm on SogoTrade but am thinking of using a better one in terms of comms and platform features
  • #17,663
  • Jun 12, 2020 5:20am Jun 12, 2020 5:20am
Quoting nathaniel
Right right. If I may ask, which options broker are you using? IB? I'm on SogoTrade but am thinking of using a better one in terms of comms and platform features
I use several & I use thinkorswim for charting & analysis.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #17,664
  • Jun 12, 2020 7:59am Jun 12, 2020 7:59am
Quoting The Fool
{quote}I use several & I use thinkorswim for charting & analysis.
Oh cool! Thanks!
  • #17,665
  • Jun 12, 2020 8:57am Jun 12, 2020 8:57am
In the following:

NIO Aug21 5 PUT @ $0.58

Probably won't makes the move down for another week or two, but should be good for some money.....
  • #17,666
  • Jun 12, 2020 9:26am Jun 12, 2020 9:26am
Quoting The Fool
tryin to fade this dump with SPY Jun30 $322 long calls, bot for $1.25 regardless of whatever tf JPOW said, there is still nowhere else to go for yield besides equities
selling Jun 24 $321 calls @ $1.20
"If The Fool persists in his Folly he will become wise." - William Blake
  • #17,667
  • Jun 12, 2020 10:36am Jun 12, 2020 10:36am
Quoting moneymaker2
In the following: NIO Aug21 5 PUT @ $0.58 Probably won't makes the move down for another week or two, but should be good for some money.....
I have a NIO 4 put for july 17 @.10

think Nikola will be a good put as well when reveal. No car (yet) no revenue trading above Ford.... = full speculation
forex forex forex
  • #17,668
  • Jun 12, 2020 11:17am Jun 12, 2020 11:17am
Quoting swimmax
{quote} I have a NIO 4 put for july 17 @.10 think Nikola will be a good put as well when reveal. No car (yet) no revenue trading above Ford.... = full speculation
I think you are right. You should make some money on that NIO trade.
  • #17,669
  • Jun 12, 2020 11:18am Jun 12, 2020 11:18am
Quoting The Fool
{quote} selling Jun 24 $321 calls @ $1.20
Do you have a target or do you just wait for expiration?
  • #17,670
  • Jun 12, 2020 12:33pm Jun 12, 2020 12:33pm
Quoting moneymaker2
{quote} Do you have a target or do you just wait for expiration?
This short is part of a calendar now - Jun24/30. I will wait for the 24th or near to it and see what's what. I am usually playing time spreads to catch an extension of a move past the short leg strike. With luck, SPY will run to $320 on the 24th and the short call will expire worthless, so I keep all of the $1.20 premium. Then I can sell another call against the Jun30 long call or maybe catch a big itm move so I can sell the long call for good profit. As it is, since the two options were just a nickel apart, it's pretty much a free trade.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #17,671
  • Jun 12, 2020 3:33pm Jun 12, 2020 3:33pm
a few entries today...

bot a Jun30 SPY put fly, $276/280/284, for 12c deb

bot a Jun30 SPY put fly, $279/275/271, for 11c deb

bot a Jul17 SPY call fly, $327/330/333, for 16c deb
"If The Fool persists in his Folly he will become wise." - William Blake
  • #17,672
  • Jun 13, 2020 3:51am Jun 13, 2020 3:51am
Quoting The Fool
{quote}I use several & I use thinkorswim for charting & analysis.
Now I understand why it's useful to have several. Because of the PDT rule......

Now I have no choice but to open a few as well
  • #17,673
  • Jun 13, 2020 11:37am Jun 13, 2020 11:37am
Quoting nathaniel
{quote} Now I understand why it's useful to have several. Because of the PDT rule...... Now I have no choice but to open a few as well
I used to have somewhat different approaches in different accounts; now I make the same trades across all of them.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #17,674
  • Jun 14, 2020 10:35am Jun 14, 2020 10:35am
Quoting nathaniel
{quote} Now I understand why it's useful to have several. Because of the PDT rule...... Now I have no choice but to open a few as well
Once you get ~$35K in an account, just choose the one that has the best trade execution, option tools and format, there won't be a need for multiple brokers just to get around the PDT rule. Plus, if you trade a lot of contracts over a year's time, you can negotiate significantly cheaper fees with the larger brokers.
  • #17,675
  • Jun 14, 2020 11:30am Jun 14, 2020 11:30am
everyone has dropped their comms way down, fees are not as much a consideration as they used to be. One gripe I do have though is with E*. They have a stupid way of messing up my trades when I have a lot of SPY entries. I am usually entering lots of spreads & I am fairly careful to avoid leg & date conflicts. But they will sometimes take apart my positions and re-aggregate them "to get the most efficient buying power from my positions" - Huh? ....this has caused many problems that I have had to call in about. Not good. They say it is done by computer, they can't change it. Lame. So I have to say E* is no place for options traders if you trade in lots of iterations & volume....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #17,676
  • Jun 14, 2020 1:04pm Jun 14, 2020 1:04pm
I agree. I have an E**** account for their demo option platform so I can teach others, but I also do some real trading on their platform. I will have S**** and E**** open in different windows and quite regularly the E**** option view does not match the S**** option prices or even the level II option depth. I suppose they are fine if you are trading straight PUTS/CALLS and not worried about a few cents here and there, but you just have to remember when you get to the point of trading 100 contracts, $0.10 difference may be $1000 out of your pocket....
  • #17,677
  • Jun 14, 2020 1:33pm Jun 14, 2020 1:33pm
But when you start trading a lot of contracts and are an active trader, ALWAYS ask for a discount on the advertised price of the contract fees!! Even at $0.65/contract, it really isn't that hard to rack up $20K-$30K in fees over a year.....have that dropped down to $0.25-$0.35 per contract is just another ten grand+ in you pocket!
  • #17,678
  • Jun 14, 2020 8:53pm Jun 14, 2020 8:53pm
Quoting moneymaker2
{quote} Once you get ~$35K in an account, just choose the one that has the best trade execution, option tools and format, there won't be a need for multiple brokers just to get around the PDT rule. Plus, if you trade a lot of contracts over a year's time, you can negotiate significantly cheaper fees with the larger brokers.
Well yes, I agree with that. I'll do that once I get there. For now, I'm playing it safe and being conservative with my account and trade size, until I get a decent strategy in place. USD25k for me in my local currency is almost 35k. Quite a bit to put in just to day trade options. The wife won't be too happy
  • #17,679
  • Jun 14, 2020 9:37pm Jun 14, 2020 9:37pm
Also want to ask you guys where do you generally find new trading ideas or go-to resources that you read on a daily basis?

I'm mostly reading stuff from EliteTrader, Reddit, Chat With Traders podcast
  • #17,680
  • Jun 14, 2020 10:44pm Jun 14, 2020 10:44pm
I mostly trade SPY & SPX. If the vix is moving I trade some VXX and UVXY. Beyond that I trade TLT and oil names a bit. @ earnings setups I sometimes go into individual names. Mostly though I am trading the entire market as a risk on/risk off trade generator in SPY and SPX. I listen to CNBC off/on through the day, read the financial press some every day. Honestly, I pay almost no attention to anyone else's trades.

If you look on tastytrade there a bunch of options traders you can follow in real time with their trades. I haven't looked there in years, either.....
"If The Fool persists in his Folly he will become wise." - William Blake
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