Day trading SPX index options. 100% daily ROI possible?

Overnight with SPX will eat you alive. I've proven that over and over and over and over so that I'm OVER that.

I can consistently make money with Day Trading, and have, trading it only on expirations. What got me into trouble this time was not paying sufficiently careful attention to what's going on in the environment. I missed that FED statement yesterday which is what caused it to tank.

On Monday I 'fixed' a perfectly good trade that would have put me considerably ahead. TWO serious mistakes in two sessions that were completely avoidable had I been just a tad more diligent and a tad more cautious. I've no one to blame but me. The way to correct that is to know more about more than I have been doing.

I was doing 10 days, back when I started, and that is what killed me in October and every time thereafter; when things, quite suddenly, spiked not 100 points but 60 or 80. With 10 days, even with the wider margin, the time decay isn't enough to make it worthwhile if you exit before expiration and, if you hold to expiration, there's a very large chance that it will go South before the closing bell, or so that is what my experiences have shown me.

Even so, I'm greatly encouraged by what I've learned and will strive even more diligently to avoid the mistakes that cost me so dearly this time 'round.
 
Back in the game today for a $507 net gain. Three IC's two contracts each. I gave this one very wide berth.
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So a total of 6 condors. That's $84.5 net per condor.
What time of day did you place your order? Can you post a screen shot of the filled order showing prices for each leg?
 
I can't b/c I didn't make one. I think I used around $600 BP for each trade for between $0.85 and $0.90 per x 100. I actually entered the order at around 10:00.
 
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Romeg said:
At the moment. But since I started following the plan I have outlined on this site I've increased each of those three accounts from around $2300, as of April 8, when I started to almost $6000 EACH, about $3800 gain per account. I have now had 13 straight winning sessions (no losses) and am now averaging around $1200 gain each session. As my balances grow then the size of my trades will grow commensurately as does the amount of gain. I expect to surpass $25000 in each account by the end of the year. That is the goal I have set for myself.

As for that $25,000 cap, if you follow what I've laid out above, then that $25000 PDT limit will never come into play. If you structure your trades properly leaving room on both sides of the price line for it to move (an absolute minimum of 10 strikes and I would not hesitate to recommend 12 strikes) then you should be able to avoid adjustments which will result in your Day Trade Counter ticking up each time you make one.

If you have more than three 'Round Trip' transactions (a Round Trip is the purchase and sale of the same security within a 5 day period) then you WILL get suspended. First time, no biggie. Just request a reset. But you only get one of those every 90 days, which is how I wound up with three accounts. I actually have had five, two of which I closed permanently. I would get suspended and use part or all of the balance in that account and open a new account.

Do not exit your trades early. The goal is to have them expire worthless (OTM) Out of The Money so that you keep ALL of the premium you collected when you sold the spread(s) in whatever form they took. And, most importantly, DO NOT TRADE AM EXPIRATIONS. They are a trap and a sucker's bet. You will find yourself either having to exit the trade early, which is costly and that PDT ticker clicks up for each one you exit early, OR you will be stuck in the position until the next day's close which will, almost invariably, cost you not only all of the premium you collected but you will, in all likelihood, have your position expiring ITM (IN The Money) and it will be assigned and exercised and that will ding your account to a fare-thee-well. I ONLY trade weekly and non-standard expirations and ONLY on the day of expiration; IN in the morning and, when the closing bell sounds, I'm OUT and, so far, on average, around a Grand richer. ($1400 yesterday, the 6th of May and $1171 on Monday, the 4th of May).


As always, NONE OF WHAT I HAVE POSTED HERE SHOULD BE CONSTRUED AS ADVICE. I AM NOT A QUALIFIED INVESTMENT ADVISER AND WHAT I POST HERE IS FOR INFORMATION, EDUCATION AND ENTERTAINMENT PURPOSES ONLY. DO NOT TRADE SPX OR ANY OTHER SECURITY UNLESS YOU CAN AFFORD TO LOSE YOUR ENTIRE INVESTMENT.
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