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Been awhile, been studying hard for those GMATS! Taking them in two weeks. Here's what I've been up to: 1) Took some profits in ELN 2) MO looking tiresome, may close the '07 leaps and establish a bull spread so I don't miss any litigation movement. Have to think about the best way to do...

New York City is best but I would be willing to relocate myself anywhere for the right position.

Any advice or thoughts on the best place to find bottom level clerk or assistant positions? Where do they like to advertise (if at all?) I'm talking about locals, commercials, small firms, rather then the JPM/Goldmans of the world.

I was digging through the Mcmillan book, reviewing the part on the greeks and had a theoretical scenario to throw out there: Lets take a stock like GOOG. There's a discrepency between implied and historical vol. most likely due to the upcoming earnings announcement. I want to capatilze on...

Opened up an account with IB. My first position with them: JAN GOOG 490 - 500 Bear Call Spread Credit: $140 Looking good. It's beer money.

Thank god for New Years! If I had my mind on the markets instead of all the chicks I was going to make out with on NYE, I would've lost some money. GOOG closes down to 414 on the last day. Today it goes up, I got my cushion back. This was a bull put spread, so my MAX loss was determined...

Just some updates to the real account: Close 2 MSFT Jan '07 25 C for even Sold 2 ELN Jan 15 C for .45 Sold 2 MO Jan 80 C for .55 Basically just creating a bull spread since I already own ELN & MO. Sold 3 GOOG Jan 420 P Bought 3 GOOG JAN 410 P Credit: 2.75 I thought the...

What are some opinions on a risk/reward profile for various option writing strategies? I've been plugging some numbers into optionsxpress trade calc for some different stocks; The best I've gotten is 1:2 i.e. Max loss = 2 * Max Gain Premium = $1000, Loss = $2000 I just did this with a few...

What a lesson indeed! I actually could have sold all 35 calls for a $700 profit immediately before the announcement and only made about $500 after. The lesson here: When trading short term events, factor the implied volatility and vega. One thing I should point out though, on a percent...

Great day in the markets! ELN up over a buck. MSFT, whats going on with that? I hope its got something to do with options expiration otherwise I should get rid of it soon! BTW, NKE and all the financials I mentioned earlier are all up big since I originally posted it. Too bad I didn't pull...

Optioncoach, Thats a good idea. I think with any naked writing strategy its best in the long run to hedge positions. Especially when selling lots of volatility and on much larger accounts. And also I'll take another look at spreads. I admit I quickly glanced over them originally but now I'm...

The last case came out at 10:30 am I believe. I don't know about this case though.

Optioncoach, Your point is well taken regarding paper trading. I know I personally don't take it as seriosly as my real account. I would have never entered that MYOG position without doing some more research. I need to take a closer look at portfolio allocation/money & risk management, that...

Wulfrede, Thanks for the reply. The MYOG trade was based on an idea to sell lots of premium based on volatility. I did a quick search for low ratios of historic volatility to implied volatility and came up with this pos. I believe the ratio was something like .25 or less. I also tried to...

This is definetely a good point. One is much less carefull with a paper account then a real account. In my real account I only have three simple long positions. Which I spend a long time tracking. Had I really been in MYOG I would have probably had more of an inkling of upcoming news. Something...

Seriously coach, chill... I realize that it has gapped in the past. I entered this position based on a low ratio of historic versus implicit volitality, as were the other two: RMBS & PFE. Lesson learned here was to check for fundamental catalysts to signal a large price change. This being...

Well it struck: Sold 17 MYOG Dec. 22.5 C Sold 16 MYOG DEC. 17.5 P MYOG gapped open today to ~$27 on some drug data. Loss on position was $4,977.59. The loss in the call was partially offset by the gain in the put. I've sold another strangle: Sold 11 MYOG JAN 30 C Sold 10 MYOG JAN...

I do have some naked puts in my paper account. They have been extremely profitable so far. I've been doing some reading on Condors, looks like its a way of hedging a uncovered strangle/straddle write. In the long run there could be a large gap up/down that could wipe out an account utilizing...

The recommendation I have recieved when the underlying goes against the position is to always wait. Also never 'leg' out of a combination position. That is to close one side and leave the other open, just for the situation that you just described. When the option gets near expiration, you can...

So I'm guessing from the two respondents that you would not recommend writing strangles as a viable strategy? Are there circumstances where writing options is a good technique, other then hedging? So far I've made most of the profit in the paper account from writing puts. Thanks!