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Now I am fine with my spx fly as i will lose only 200 if i am wrong. I am thinking of selling a 30/32/33 facebook skip strike fly tomorrow.I need to do more analysis here. I havent looked at what they go at yet. Seems like this strategy suits me as I get jittery when i lose money. The spx deal...

Well imho i have enough capital to take some heat. My main problem has always been patience. For example I bought the fb 2014 leap when it was at 25. Unfortunately i sold it too soon at 27 or so. Even if i had 10 times what i have right now i would still be jittery. It seems to be my nature.

Sold part of the SPX fly. Sold an unbalanced fly at 1330/1355/1405 (sold 2 -1330/bought 6 1355 and sold 2 1405). The original fly has been converted to a 1305/1330/1355 fly for only 200 risk per thinkorswim. Max profit potential 4.7k. Still holding on to Facebook.

SPX at 1355 but I dont think i should sell. Wait maybe a week. Not much profit. Spx hit 1355 a lot faster than i thought. I think buying shorter duration flies may be a better idea.

Yeah, yesterday was a good day to buy. Im seeing some greens today...just need to be patient. The way facebook is going it might hit 35 this week.

Out of curiosity Atticus, do you believe in Technical Analysis (support, resistance, double bottom, i.e. looking at the charts?

That is what i am stating. :D

If I bought a calendar, like you said in your previous posts (in some other thread), I would buy expecting a drop. So in other words otm put calendar or something of that nature. You said in your previous posts that calendars are better if you're expecting a drop (given that you're long vega)...

Well I was bullish because the healthcare ruling was supposed to come out this week even though the vix was relatively low given all the turmoil. Would you have done differently? Appreciate your advice.

I am down >10% today on the spx, but I am going to wait till healthcare ruling before I make any decisions. As far as facebook, I have no plans to sell it. I guess calendar spread was better than butterfly for the SPX.

Researcher, Any reason you chose the 1330 for the calendar? Earlier, you wrote that the 1330 was better than Atticus's 1345 calendar. Any reason why it was better? In retrsospect, sure the market dropped big on Thursday. Was it just a bet on direction? I must concede that I don't understand...

These are Call butterflies. My understanding is that put/call/iron butterflies are equivalent. The only difference between iron and put/call fly is that the put/call is for debit whereas the iron is for credit. The Facebook trade was at 11:30:03 on 6/22/12 (yesterday). Total cost $1950 The...

I realize that we already have plenty of threads where people post their trades, but I feel like I also need to do this to learn how to trade. These are not paper trades. I will be using real money. Any advice/comments/suggestions always welcome. So, I'll be following a few rules. I'll add...

Thank you for the response guys. Well, I started with 100k capital for trading, which has dwindled to half that. I took a lot of risks, which ended up biting me. What I did was, I bought Citigroup Leaps with all 100k thinking that it wasn't going to go down from the $3.50 stock value (before...

Let's say I have a 50k account. Since options are highly leveraged, do you all think I should use more than 5% of my account per week? Many option strategies have only two outcomes at expiration. You either make money or you lose it all (e.g. the popular butterfly strategy). I am focusing on...

FB will be going up till earnings come out IMHO. Prudent thing to do is buy LEAPS on FB and sell them before earnings announcement.

For example, I owned the june 2400/2500/2600 NDXl butterfly spread until two days ago. I in fact had a profit of almost 30%. The market rallied big time, causing me to sell it at breakeven. Do people here sell their butterfly spreads when they hit a certain profit targret? Or do you hold...