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I just wonder about the comment made by a guy who says IB caters to the new inexperienced guys by letting their OCA/one cover all deal just apply to single legs and not combos. As a 2 month newbie trading in a small IRA, about all I can do is a combo vertical spread. I did my first paper...

Hi. I'm a newbie (2 mos now) directional credit spread trader with some modifications as I learn and go. I can't imagine trading for 2 years with no strategy so what are you using now?

Interesting thread and thanks everybody. As a newbie directional credit spread trader I recently was burned trying to hit a home run on a weekly and then decided to get away from weeklys as there isn't enough reaction time. Well, thanks to bwo, ice, iv, and others including hankster who...

Thanks Hustle. I haven't really been following the dow. They seem to have their own setup as well. Other than renaming oil & gas instead of energy, they have consumer goods and consumer services. Unless the dow's consumer goods and consumer services are the same as the S&P's consumer staples...

Hi, Other than trying to decide whether to close my Nov SPY 128/133 bear call spread for 13.25%ROR & 7.22%ROI or wait to see if they expire worthless for a 31.75%ROR and 14.87%ROI (which fits my expectancy), I have a question about market sectors. I trying to use various websites to...

Sounds to me like buying a lottery ticket or betting on a long shot at the Derby. Sure wouldn't be worth more than just a few dollars a month. It will be a drag on your account and expectancy and if you only hit it once in a hundred times, it may not pay enough to cover your losses. You...

No, I exchanged pm's with him this weekend. He is just another newbie like me. I'm waiting to hear as well. With GLD gapping open a couple bux, looks like he can make a couple grand after commission if he was assigned. A stroke of luck it appears. However it just occurred to me that don't...

Thanks guys. Guess I know about this IV smirk/smile now. I've just been checking my one or two trades that I have open on a regular basis and logging the change in prices in the spreads to see if I can understand the why's and how's. That call/put price skew is one thing that jumped out at...

Thanks James. Guess I have more to learn about IV. When I put in that Nov 128/133 bear call trade on Wednesday night when the etf was at 123.99, I believe the spy IV was around 29%. Weird thing though is that Thurs morning when I saw the ECB announced the change in interest basis, the...

Hi, I was just looking at SPY which was trading at 124.5 +-. If I go up 3.5 to do a 128/133 bear call spread, it prices at roughly 1.10 less .14 for a credit of .96. If I go down 3.5 to do a 121/116 bull put spread, it prices at roughly 1.69 less .78 for a credit of .91. A 120/115 bp...

I've started looking at optionmonster.com which is a part of trademonster and started by Najarian of cnbc. Click on the quotes tab for free use of charts and options. I like the charting and then under strategy seek they offer some possible trades for those inclined. It shows the IV and...

Hello guys. Thanks for all your responses. I tried to respond back last Sunday night but after typing a long response, I hit the wrong button and it disappeared. I'm watching the market close for today so I will respond now. Basically that trade is not part of my strategy but I got into it...

Thanks anyway guys. I guess as a newbie on the board, my thread sat in suspension until it was past ripe and too late to answer. Anyway, I worked through all the repair strategies, crunched numbers, checked the charts, and then correlated everything with my trading strategy and expectancy. I...

Hi all, I'm a new trader, went to a couple seminars, been paper trading a couple months, and reading everything I can including here on the web and ran across this site tonight. Anyway I started doing cash trading last week on a small account doing three trades so far. One I did on Tuesday...