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UPDATE I will keep you posted on this trade. GLD has weekly options and I'm considering a strangle on Wednesday or Thursday with the May 27 options. Should cost about $0.80, strikes will depend on what GLD is trading at on Wednesday or Thursday.

What does the last post say?

Do you have a link? (I think I made about 15%) PS ..... Nothing wrong with 100% loss, because maximum reward far surpasses the maximum risk Do you have a link? It's all about making money with options. Nothing wrong with that.

***** That is odd. I think the administrator was testing the filter feature and entered that word and forgot to remove it. And since not to many people would use the word t.a.k.e.s (without the periods) in a post it was never noticed. Also a search for t.a.k.e.s (without the periods)...

UPDATE: Now that the market is closed and options expired I can look back on this trade. I'm still bearish on silver, back to below $20.00. Buying the GLD 146.00 call / 145.00 put option strangle would have cost about $0.81, sold for about $1.50. Might consider a one day strangle on GLD...

UPDATE: Closed the SLV put @ $0.14 Unfilled Limit order on the GLD put to sell @ $0.02. Loss about $66.00 Closing at 10:00am EST would have produced a small profit, about $20.00.

UPDATE: Now that the market is closed I can see were I stand on this trade. SLV must drop 2% and GLD must drop 0.75% to break even. Any drop greater than 2% and 0.75% is profit.

I would buy 1 strike OTM options on popular stocks. Keep a list of about 50 stocks, and trim that down to about 10 stocks for a watch list. QQQ DIA GOOG NFLX RIMM SLV GLD I recommend QQQ options to start with because they are cheap, the bid/ask spread is a few pennies or so, and...

Buy one contract SLV May 2011 34.00 put @ $0.3827 SLV @ $34.13 http://finance.yahoo.com/q?s=SLV110521P00034000 Buy one contract GLD May 2011 145.00 put @ $0.4102 GLD @ $145.57 http://finance.yahoo.com/q?s=GLD110521P00145000 Total debt = $79.29 commissions included. Options expire...

This doesn't make any sense. Your account balance has to be higher than the maximum loss of the IC. The long options put a cap on the maximum loss, what was the maximum loss? Was it higher than the account balance? You are leaving out important information.

"Another big plus is that you get the trade over with and can do something else." And chasing a LIMIT order until it gets filled is a money losing endeavor and time waster. I don't consider watching the monitor for an order to get filled very productive.

I still expect SLV to reach $18.00 within a month or so. According to my May 7, 2011 chart it's all down hill from today. http://www.elitetrader.com/vb/showthread.php?s=&postid=3177941#post3177941

To get the $5,000 discount you are assuming all the LIMIT orders get filled and that any MARKET orders would have been filled at an inferior price. This would not be the case. In reality you would end up with a lot of LIMIT orders that need modification and perhaps filled at a much worst...

FYI mikeenday holds the ET record for largest percentage gain ever for a trade posted in progress on ET. $0.25 to $5.00 = 1900% http://www.elitetrader.com/vb/showthread.php?s=&threadid=219693 He broke the previous record of 770%, held by me...

That's 15% OTM with 3 days left. :eek: PS .... why do people rate this thread a 1 star? I gave you 5 stars for posting such a gutsy trade.

This was mentioned a few months ago, it's revenue for ET. Scroll to the bottom , Email Advertising http://www.elitetrader.com/ad/mediakit.cfm $2,250 to reach 45,000 potential customers, that's only $0.05 each.

If it's IB it takes 2 or 3 days to show up in your account. Friday is too early if the request was made on Thursday, you should have your money by Tuesday, or maybe even today. I believe one day of the delay is because of the bank, not IB.

How does a retail trader decide what is an acceptable price? Why do you think a MARKET order will get filled at an inferior price as compared to a LIMIT order? So how long should someone watch the "The Exchange Has Acknowledged Your Order" message when they try and get that 5 cent discount...

This is why MARKET orders should be considered. If your LIMIT order doesn't get filled it's because the stock is moving in YOUR direction, if it moves against you the order gets filled. Is trying to save a few pennies really worth it? In your example maybe a MARKET order would have got...

Can't a CRON script or something be coded to synchronize the time every month automatically?