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I hear you, without unlimited funds, it wouldn't be smart, at least with ES. But with MES and only one or two contracts, you could probably afford to average down one time with one or two more contracts after a 200+ point drop just to get your breakeven price 100+ points lower, but only when...

Not for the faint of heart. Not for me. I'm going by memory that could be faulty, but a few years back, @volpri averaged down a long position in ES during a 40 (or maybe it was a 60) point drop and pulled it off. I was like... damn!

Then you should have sold call spreads. And on days like today, if you were long ES, you also got run over.

IMO, even with consistency, you're still gambling -- you're gambling on your consistency holding up. And your original comment wasn't about being being able to make more money trading ES vs SPX 0DTE credit spreads, which, IMO, you can, so I agree with you on that. You said you can't beat SPX...

I think it depends on how good you are at market direction. However, from my limited-options perspective, yesterday and today would have been good days to sell call spreads a little before Powell started flapping his gums -- premiums were probably elevated due to high IV, and as soon as he...

Either that, or sell high/buy low. But as with most trading, that's easier said than done! :)

Would be nice to see the entry times on those trades, as well.

@TheDawn @taowave Thanks to both of you for your input and your time. :)

Yes, still have a lot to learn before I decide whether to try options again. As far as my past options trades, I'm lucky to be alive! lol

Yes, but that's what it means to be an options noob, but doubt I will do it again. lol

Well, the four SPX 0DTE put credit spreads I actually traded, the short strike was at/near a 5 delta. But I got into that Tammy Chambless thing and traded a 50-wide. Yeah, yeah, I know. lol All four worked out, but two were touch-and-go and damn near gave me heart failure. If I ever do it...

I was referring to the delta of the short strike upon entering the trade. Yes, to the rest, but that is what I meant by an upside-down risk:reward.

Well, SPX is preferable because it is cash settled. And I wasn't offended. You have given me (and others) good advice in the past and it is always appreciated. Hell, even dest gave me some good advice in the past (okay, only once!) and he usually isn't *that* helpful to noobs -- just as well...

I'm aware of *most* of that, I use hard stops all the time trading MES, and I fully understand traders having a change of heart in the middle of a trade. However, I'm specifically talking about SPX 0DTE put credit spreads with a 10 or 5 delta. If you enter after the open, you have less than 6.5...

After looking into that, and making exactly four trades, where I sold SPX ODTE put credit spreads, I came to the conclusion that credit spreads are a siren's song for noobs. lol From what I could determine, the risk:reward is always upside-down, so even if you sold a 10 or 5 delta spread, with...

Turn back!! You are now approaching the event horizon. :)

If you're interested, you can join their Facebook group.

I would think there is one day of time value... which erodes as the day moves on.

And as soon as the market plays a song you like... jump in!! :)

On the nickel... over there.