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Let's Trade Options

  • #10,441
  • Aug 30, 2015 8:32pm Aug 30, 2015 8:32pm
Quoting The Fool
been a few months since I have paid any attention to anything on tastytrade (I have been busy with dayjob work) - but I see they are still rolling out good content & now that I have finished some projects I can go back and study up. The vid below is a good one to help you understand what implied volatility is ... https://www.tastytrade.com/tt/daily_...5?locale=en-US the...
One thing they did add which I'll go through when I get a chance is Katie doing futures ... and quite a wide variety of them ... .

I'd really only be interested in doing futures options; naturally, part of that equation is liquidity in a particular product and, in some cases, I imagine the futures option route might be better than dealing with a proxy, but I'd have to bone up on that.
Fireworks are fun ... as long as you don't blow your fingers off.
  • #10,442
  • Aug 30, 2015 8:35pm Aug 30, 2015 8:35pm
Quoting ZebraSquirl
{quote} One thing they did add which I'll go through when I get a chance is Katie doing futures ... and quite a wide variety of them ... . I'd really only be interested in doing futures options; naturally, part of that equation is liquidity in a particular product and, in some cases, I imagine the futures option route might be better than dealing with a proxy, but I'd have to bone up on that.
I can't do futures/futures options in the IRA's, which I am concentrating on building up. My regular trading account has been undertraded, I hope to change that in the coming year....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #10,443
  • Aug 30, 2015 8:36pm Aug 30, 2015 8:36pm
I noticed some new faces on TT, content is hit or miss & it takes a lot of time to slog through it...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #10,444
  • Aug 30, 2015 8:38pm Aug 30, 2015 8:38pm
Quoting The Fool
{quote} I can't do futures/futures options in the IRA's, which I am concentrating on building up. My regular trading account has been undertraded, I hope to change that in the coming year....
That is one thing I totally forgot about ... . One thing I wanted to try and stick to was doing IRA-type trades outside the IRA to check out performance and such and not to mix in non-IRA type trades (although I've done my share of short strangled earnings plays, which I won't be able to do in an IRA).

I also don't want to make my trading life any more complicated than it has to be in the short term ... . Still got the day job and all; gets in the way of a lot of stuff ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #10,445
  • Aug 30, 2015 8:43pm Aug 30, 2015 8:43pm
I haven't brought it up, but there's a way to set up a self-directed IRA where you can trade anything, do real estate investing, almost anything goes. I had looked into that a year or so ago, need to do so again. I am working two jobs and almost three considering as much time as I spend trying to trade options, so all I need is another complicated way to lose money...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #10,446
  • Aug 30, 2015 8:45pm Aug 30, 2015 8:45pm
https://en.wikipedia.org/wiki/Self-directed_IRA
"If The Fool persists in his Folly he will become wise." - William Blake
  • #10,447
  • Aug 30, 2015 8:53pm Aug 30, 2015 8:53pm
Quoting The Fool
I noticed some new faces on TT, content is hit or miss & it takes a lot of time to slog through it...
As with anything, there are places for improvement ... . But Dough and TastyTrade are probably the two single, most useful resources I've found for trading options, and I've read through and watched a ton of stuff ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #10,448
  • Aug 30, 2015 8:53pm Aug 30, 2015 8:53pm
this has been an epic year weatherwise, records broken around the globe, hottest Summer ever recorded here in the PacNW, worst wildfire season ever, Pacific Ocean hotter than ever, this never seen before...

http://www.weather.com/storms/hurric...ignacio-jimena
"If The Fool persists in his Folly he will become wise." - William Blake
  • #10,449
  • Aug 30, 2015 9:11pm Aug 30, 2015 9:11pm
Quoting The Fool
https://en.wikipedia.org/wiki/Self-directed_IRA
At some point, I'll have to research this more fully ... . My plan is to trade outside the IRA as long as possible, offsetting any profits by increased contributions to my 401(k) (which will be eventually rolled into an IRA). At some point, though, (I dream) the amount of gains in the non-IRA account will exceed my 401(k) contribution limits, and I'll have to figure out what to do at that point ... . Got a couple years before that happens, I imagine ... .

Post-retirement, it may continue to be of benefit to trade some stuff outside the IRA, dump as much profit as you can into the IRA, and then pay taxes on whatever you can't ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #10,450
  • Aug 30, 2015 10:35pm Aug 30, 2015 10:35pm
Quoting ZebraSquirl
{quote} Me personally, I'm looking at something above 15 in January, like a 15/16 vert debit spread for .18 (BE at 15.18) (frankly, that would be quite "wild" for me, with a POP% of 28% and max profit of .82).
I'm going to be a big, giant, weenie chicken, and go with a UNG trade that I think has a high probability of working out at or before expiration (in spite of the stated POP %-age): Jan 15 expiration, UNG 12/13 long call vert for a .52 debit (POP%: 49%; BE at 12.52). Basically risking one to make one ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #10,451
  • Aug 30, 2015 10:52pm Aug 30, 2015 10:52pm
if UNG is going up I'd bet it will go up to $14 or better in the next 6-8 weeks, I am not risking much more than a nickel on a natgas spike though. Might wait for the Nov options to come in....
Attached Image (click to enlarge)
Click to Enlarge Name: 2015-08-30_ung.png Size: 53 KB
"If The Fool persists in his Folly he will become wise." - William Blake
  • #10,452
  • Aug 31, 2015 4:29am Aug 31, 2015 4:29am
Hi everybody. I hope you made some nice $ in these last 2 weeks, this is what we were waiting for.

Well... once in a few years we have this kind of movement. It happened RIGHT on the day of my vacation trip, a holiday that I booked in March. So, I missed the party - I don't trade on holidays. A begging of the party, IMO, since the thing could be more messy. Like this:
Goldman takes a knife to China GDP forecasts

So, I arrived in Greece, SPX took a nosedive, and received a message that my bloody new mobile phone arrived. It was a total mess by provider and I waited for it more than a month... and here it is... "come to pick the phone"... On top of all that, last Friday something stuck on my jaw, I am on 2 different kind of antibiotics now... Other than that, vacation was nice. Start to work from tomorrow.
Hope is dangerous in this game.
  • #10,453
  • Aug 31, 2015 9:33am Aug 31, 2015 9:33am
Quoting StrayDog
Start to work from tomorrow.
Hey, welcome back, SDog - I hope you are all rested and ready for more volatility, looks like we are in for a stretch of it.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #10,454
  • Aug 31, 2015 9:34am Aug 31, 2015 9:34am
trying to fill the UNG bull call vert above for 5c, they want 6-7c....oh well
"If The Fool persists in his Folly he will become wise." - William Blake
  • #10,455
  • Aug 31, 2015 9:36am Aug 31, 2015 9:36am
Loving this thread! Do you guys look at charts at all?
  • #10,456
  • Aug 31, 2015 9:43am Aug 31, 2015 9:43am
Quoting NakedTraderX
Loving this thread! Do you guys look at charts at all?
sure, I do. Many options traders are less interested in TA but I see no reason why one should not try to work an edge around an analysis of directional moves of the u/l names. I'm not especially good at it, but I try, use mostly S/R & channels, volumes, etc....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #10,457
  • Aug 31, 2015 9:47am Aug 31, 2015 9:47am
Quoting The Fool
/ES back to 2k, 2100 next week? ...like the China shitstorm never happened. I am making money short VIX and long SPY, but I had bigger payoffs the other way. It's all good. Shaping up to be an interesting Fall.
one Fed head giveth, and another taketh away. I'm mostly a watcher Mondays....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #10,458
  • Aug 31, 2015 9:48am Aug 31, 2015 9:48am
Quoting The Fool
{quote} sure, I do. Many options traders are less interested in TA but I see no reason why one should not try to work an edge around an analysis of directional moves of the u/l names. I'm not especially good at it, but I try, use mostly S/R & channels, volumes, etc....
Thanks, TF. That's good to know. The guys at TastyTrade.com don't seem to look at charts at all. That made me wonder if it is a waste of time. Moreover, TT suggests simplicity leads better decision making. So, I am trying to work out what would work best for me. Long way to go.
  • #10,459
  • Aug 31, 2015 10:00am Aug 31, 2015 10:00am
Quoting NakedTraderX
{quote} Thanks, TF. That's good to know. The guys at TastyTrade.com don't seem to look at charts at all.
I'd say that is true of lots of options traders who are mostly selling premium. Some of them are making boatloads of money, so I can't argue - whatever works, right? You can't escape the fact that the market is moving, though, so why not pay attention to that and try to be on the right side of the market? I'd confess that, generally, I am trading with a market bias, but I am usually hedging against that bias - i.e., I am trading on both the long and short ends. That's why you see me regularly putting on double diagonals, double calendars, iron condors, etc.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #10,460
  • Aug 31, 2015 3:38pm Aug 31, 2015 3:38pm
markets look to be pricing in the Jackson Hole blah-di-blah, I am hanging in on SPY Sept $191/188 bull puts, had hoped to be looking at a rise above $200 this week, no such luck. Jackson Hole never fails to deliver some buzzzz....
"If The Fool persists in his Folly he will become wise." - William Blake
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