Day Trading Options

This looks like old stuff years back.

I´m just diddling with SPY options. Not intending to day trade, but seem to be ending up that way anyway. The nature of the moves I guess?

I´m trading using the 10 day hourly chart in funny money. Anything shorter doesn´t seem to make it.

Anybody got any hints on trading spy, straight buying and selling?
 
Quote from daveb351:

or only 148% per month...on a bad trade.

This is the greatest home-based business...ever.
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If you can make 148% per month then why are you wasting your time here?
 
Quote from Norm:

I have been doing well daytrading common stock. I am trading in an IRA, so it takes three day after closing a trade for my funds to be available for trading again. Since it is one day for options and since I get some leverage with options (even in an IRA), I would like to start day trading options.

I am considering buying in the money calls to sort of mimic stock ownership, when I am bullish.

However, I have heard that day trading options is extremely difficult. Can anyone tell me why?

Thanks,
Norm
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How do you short stocks in an IRA? Or do you only day trade in the long direction?
 
Quote from MTE:

I agree. Wide bid-ask spread is a big handicap. Another variable that should not be forgotten is implied volatility. You can lose money with options with no movement in the stock.
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Seriously. Who are you punting for? ET is flooded by (...).
 
Quote from optioncoach:

If you can make 148% per month then why are you wasting your time here?
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look at the date coach...... daveb351 is probably long gone by now!!! :D
falconview has too much time on his hands!
 
Quote from RichardRimes:

look at the date coach...... daveb351 is probably long gone by now!!! :D
falconview has too much time on his hands!
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Ha I feel stupid! Missed that important little detail. Thanks!
 
Richard Rimes comment.
:cool: Probably right Richard. I´m in the Caribbean, so it is sunny and warm, nice Spring day. ( just to make you jealous )
With just one or two trades a month in my regular money making methodology, I´m fishing around in my spare time for something else. Spent yesterday diddling with the SPY short time trades of 5 cents gain. Turned out to be a mixed bag. Had read of some guy working on the 5 minute chart and tried it, but couldn´t somehow find the tempo. It was frustrating, because I use Big Charts, 20 min. delay and the indicators, wouldn´t work. Nor could I get them to match using real time data on premium prices. It almost seemed like it should work, but didn´t get the fast trades like that, to work as I wanted. Working in a funny money account specifically for such experimenting. Don´t care if I lose, or win there.
Wasn´t able to find that guys internet blurb again. The idea was you would make $50 clear, maybe 6 or 8 times a day. Didn´t work. Will try it again today, as the market is dull. In congestion, before a breakout. Did a little more reading, and it was suggested I move to in-the-money options around $5 for faster and better moves. Instead of using the customary out the money option. Should shave $25 off the commission on a $4000 trade.
 
Quote from rew:

How do you short stocks in an IRA? Or do you only day trade in the long direction?
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Not the OP, but I can answer the first question at least. To short a stock in an IRA buy itm puts and far out. But how to day trade short in an IRA i don't know, again because the spread will whack you.

(N.B. actually a short call and a long put is synthetic short stock, but you can't do that in an IRA, but you could of course buy a bear spread or any bear position so long as the risk is defined.)
 
Quote from rew:

How do you short stocks in an IRA?
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A six month out, deep in the money put (70-80 negative deltas). A couple of those and you will pretty much have it. This will give you a synthetic short == minus 100 deltas with very little theta.
 
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