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OK, this is a winner! Keep doing these. Inital credit 1.80 Second credit 8.30 - 5.70 = 2.60, Total credit 4.40

Sorry, see below

zdreg, thanks for explanation Yes, I thought that was a way to ask a question. Michael

Falconview, here is how it works. You had a credit of 1.80 on opening, then it cost you 2.80 to close it (debit), so you lost 1.00 on that trade. Don't do that one too often! Michael

zdreg when do you use those market on close orders? thanks Michael

TJ Great to hear you are loaded! Good sign! Falconview, just read the latest Monthly Cash through options newsletter and interesting to see that over the last 6 years, many of their losses have been with the calls when the market was going up! Seems opposite to what we had figured. Michael

Good question, just a feeling from what the market is doing and where I am comfortable. I have done sometimes just one strike, sometimes 2. No hard strategy on that yet.

falconview, I read someone say to close a position when the cost to do that is 150% of the credit you received. So say you have a position that gave you a dollar credit, once it would cost you $1.50 to close it, that is what you do. Then you can choose to go further out and put on another...

Falconview, any idea where you saw this. I would love to find out the or details. Thanks Michael

And this is what I read about time and time again, a few winning months and you think you have it figured out. I know I dont, and will try everything not to fall into that trap. No real money for a long time! Michael

falconview, back around page 47 or so, I posted all of my positions and adjustmens for the month. That along with the recent ones I mentioned will give you the whole picture. Michael

falconview, yes actually if they expire worthless, I will be up about 5% for the month, after all the adjustments. Yes it does eat into the original credit, but if I could consistently do an average of 3% per month I am very happy. Michael

Hi guys, was away for a few days. Last week took advantage of of the larger down swings and closed the 2100/2125 NDX calls for .30 debit to be safe, also rolled my 1725/1700 to 1800/1750 puts for a net credit of .60. When there had been an uptick, sold 2125/2150 calls for a credit of...

Falconview. I agree, the hard sell ones you can spot a mile away. Usually have some time limited special, and go on and on I have seen a few i the options arena like that. I'm with you to avoid those ones.

falconview, didn't you have to give your email for this site? So TJ, two different views. Personally I would market to those people who do subscribe to paid sites, rather than the ones who never do. Just my humble opinion. Michael

Great concept, but you need some work on what you think your knoweldge is worth! Do not offer to let people pay what they can, or most will choose nothing. If you can give them value, which I am sure you can, and you can show them the value, they will pay. I know I sure would! The key is...

TJ, yes thanks I did get the emails. A lawyer is needed to help witht the intellectual property. Haven't had a chance to talk to the broker yet. Early next week, Michael

TJ, I just realized why I couldnt answer the spread/condor comparison question. I HAD NO CLUE WHAT A CONDOR WAS! I had only looked at Iron Condors, with the call/spread combination, but never at condors. Now I know what a condor is, I can honestly say I know nothing about them at all...

falconview, losses are just part of the nature of the way we want to trade. Hindsight as usual is perfect, but it could just have well kept going up and you would have lost more. I think you did just fine llimiting the loss to 10%. If you never have a loss greater than that, you will do very...

TJ, can I cheat and ask you for both? (then I might be able to figure out the distinctin myself) Thanks Michael