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Doesn't make you anything. Simply makes me a rich fool.:p

Additional suggestion: learn the basic concepts of the "greeks". This will allow you to realize when you will lose money, and when you will make money.:D

Ha. Big mistake! Never assume me to be someone of intelligence.:D

I'd say; 0-10 points OTM thurs afternoon, close the position for sure. 10-20 points keep them open if you're balls are made of brass. 20+ points will generally be ok.

How'd I miss that. I specifically had it in my notes to close out my MAY position before then. Thanks for the reminder.:D

That's what cracks me up about these raving critics of tax cut plans. They want the middle/lower class to recieve a similar dollar amount in cuts to what the rich are receiving. Nevermind that fact that most of them received more in government benefits than they ever paid in taxes. IMO...

That's why it's nice to replace republicans with democrats every so often. republicans cut taxes and run up the deficit, and democrats then come in raising taxes and balancing the budget.:D We do need to be honest though. The wealthy pay their fair share of taxes. Off the top of my head I...

MRVL is testing support again at $54 with relatively high IV. I'm considering a JUN position, in which case the opening of that position will likely include closing out the MAY bull puts. IOW, I'll either be rolling out to JUN (and maybe adding a bit) or reversing the position if the support...

you don't think it adds character? Yeah, it bothers my inner monk too. I just haven't ever gotten around to fixing it. I'll get on it.:)

Why shouldn't the rich get tax cuts?

Today's Action STO 6 SPX MAY 1265/1275 p @ 0.50 Year to Date P/L Account Value: $12,263.50 YTD Gross P/L: 2,575.00 YTD Commiss: 311.50 YTD Net P/L: 2,263.50 YTD % P/L: 22.6%

Just thought I would mention also that I have an order in for some SPX MAY bull puts as it wouldn't tie up any more margin.

I don't love the chart for CME. I think there might be better trades out there. RHAT has some potential. It would be nice if IV was a bit higher, but we might be able to find a good entry.

Alright, now that the move is complete and I have a bit more time on my hands, I will be looking to rev things up a bit here. Looking for JUNE positions. If any of you have any prospects, feel free to list them. If SPX retraces back to 1295-ish then I will be opening some bull puts. Got...

Hey now, don't go and jinx us with a week left.:D

Well, it is hard to specify a single percentage for my max risk because it really depends on the strategy for the trade. The max risk is created during analysis when I am formulating a contingency plan for the trade. I don't just expect that the trade will go my way. I also have to decide at...

What do you mean? I don't have drawdowns! How's that for modest? LOL :D No seriously, are you referring to the journal or my real account? By risk I'm assuming you mean the point where I will exit or adjust the position, not the amount of margin at risk. My max risk is different for...

To me, a non-event is relatively little movement on low to average volume. The "even battle" would be represented by little movement on high volume. But at the end of the day, it appears you are correct. The volume wasn't anything extraordinary, so non-event would be the more appropriate...

Great credit on the 1355/1360! I've got a project deadline commandeering all my time, so I didn't get to trade the swings.:(

I don't think you will really get much from forming a 1-man LLC. For all intents and purposes it is treated as an alternate identity for you. Anything you could accomplish as a 1-man LLC, you could do as a sole proprietor with a mark-to-market election. Forming a c-corp is a different...