Aggressive Weekly Option Trades

trading itself is gambling.
whether you trade option, future, individual stock.

first, before you hit the button, you know nothing about what will happen
second, after you hit the button, you still do not know what will happen
third, when you are riding, you will never know what the market will go at specfic time.

after the market is closed, when you look back, it seems it is obvious (that is why most people think they are genius in market anlysis, like "I told you", "I know it", but in reality they failed miserablly), but that is illusion.

why you are not happy since you blieve making money needs skill or some effort. in your case, you paid efforts, but you got nothing even lost, you did not pay efforts, or involved in kind of
intelligence/skill, like heavn sent (you feel you are an idiot, GIFT kind of money making means deny your truth ability, someone gave you money like an assult to you), while you gained and won money (you expect only efforts paid then you can win money).


making money in trading does not need skill! intelligence? NO.
emotions? NO. disciplines? NO. working hard/thinkinghard efforts? NO. Trading plan? NO. Edges? NO. the same applies to losing money in trading!

that is your miscoception about making money in trading.

you define happiness by "make efforts, then get rewards". this is wrong.

when look around, someone born with everything they want. did they work hard? did they study hard? did they think hard? ....NO
you will feel that is unfair.

but in another side, someone born with nothing. they need work hard, they need think hard, they need... still hard to make ends meet. you feel you want somemercy on them.

that is why I belive in God. whether I win or lose, all is God's gift, so I am always happy.


























Quote from JesseJamesFinn:

It's a bitter sweet pill trading weekly options, I think they are really dangerous and the glitter of making a incredible intra-day trade is going to lure traders like a bug to a bug-zapper.

I feel like people are going to trade what they will trade, I lost a chunk trading RIMM $23 and $24 CALLs even though I had a unrealized gain of $150,000 from my initial purchase price. RIMM flew to $27 and I sat back and watched it fall to $22 like a idiot losing my investment and the gains.



Tuesday, I did the thing I would not do again, I was involved with Apple's Weekly Options. Yesterday when Apple was trading off the Charts, a new Six Month high I started to buy the Apple Nov 30th $335 Calls. I bought at $2.00 up to $3.35 with my average cost at $2.96 average. Apple moved to $3.85x $3.90 bid and I did not sell the contracts I bought. I stayed up last night pissed off I did not take the short-term scalp and angry I disobeyed my rules and figured I would get burned trading the gambling Lotto Ticket Options.


Apple had a big seller and right before the Close, they drove the stock down to $333.5 and posted a VWAP of 900,000 (rounded it up) at $333.6. The stock was trading back to $335 in after hours.


Today when Apple opened up, at 4am PST she was at $337, when the stock opened the stock hit $335+ and those contracts opened up at $2.6x2.99. Apple went wild and my platform kept crashing, my trading platform crashed each time I opened it up. I had a part order put in at $4.45 it got taken out. Right before the platform crashed again, I threw out the rest of my contracts at $7.00+ and when I got my platform working again Apple's contracts were at $8.5x$9 up to $13.5 in after-hours.



I made money but I do not feel good about this trade, I feel rotten, can anyone explain why a trade like this (Pure gambling with lucky news hitting "Digimon and I-pad and I5s good news) has made me depressed all day? The money was good but I feel like I cheated by getting involved with gambling again
 
Taking full 2% position in SPY Dec 13 180 puts for last ask price of 2.07.

9 days to expiration (still weeklys).

Mkt looks terrible. VIX wants to pop.

Placing also a GTC profit taking order at 5.15
 
Trader198

th


:D
 
Quote from Bry:

Taking full 2% position in SPY Dec 13 180 puts for last ask price of 2.07.

9 days to expiration (still weeklys).

Mkt looks terrible. VIX wants to pop.

Placing also a GTC profit taking order at 5.15


For Aggressive Weekly Option Trades I would stick to the current week of options. I would also buy calls because the trend is up, do not buy puts.
 
Quote from Bry:

Taking full 2% position in SPY Dec 13 180 puts for last ask price of 2.07.

9 days to expiration (still weeklys).

Mkt looks terrible. VIX wants to pop.

Placing also a GTC profit taking order at 5.15

Changing profit taking order to 3.10, for a 50% profit attempt.
 
SELLING the SPY Dec 13 180 calls for 1.25; 2% position
Buying back my Dec 27 USO puts for 0.62, or total 27.4% loss on 2% of account, so liquidated losses now equal 2.55% of account value
 
OK, SELLING another 2% value of account, SPY Dec 20 180 calls for $1.83...this is all the SPY position I will take at this time, counting on the tax sell off right before the Christmas rally...if it happens, should work out very well

Current status:
2 losses out of 2 trades
account down 2.55% (tiny bit thrown in for commissions incl.)

2% position Dec 13 180 puts at 2.07 (last 0.42)
2% position Dec 13 181.50 puts at .82 (last 1.03)
2% short Dec 13 180 calls at 1.25 (last 1.25)
2% short Dec 20 180 calls at 1.83 (last about same, just filled)
 
Placing GTC order to get 2.07 for the Dec 180 puts, which will be breakeven for that trade. If SPY can get close to 178 should fill--kinda doubtful, but maybe get lucky tomorrow.
 
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