ES Journal - 2019/2020

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wiesman02 said:
doesn’t matter if you’re 20 or 70. Who’s needs a reason to draw a random penis when presented with opportunity
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Mark Hanna: You gotta pump those numbers up. Those are rookie numbers in this racket. ... So you gotta feed the geese to keep the blood flowing. And keep the rhythm below the belt.
 
WTI crude oil (CL) hit a recent high today...$29.48. Highest since April highs. It appears domestic demand has picked up enough to keep Cushing OK inventory levels in check. June contract settlement is next Tuesday. Domestic oil drillers/pumpers need $30 to break even. Most shale oil producers need $50 to break even.
 
NQurious said:
Mostly looking at SPX options though I have done some SPY options trades as well (mostly debit and credit spreads and mostly last summer).

I've been doing the option trades as a small side operation in an equities account I keep at ToS. I just transferred $25K from my bank this morning to fund a separate ToS account that I'm going to dedicate to options. The funds won't clear until late next week for options though so the week of the 25th I'll be able to trade it.



I have used the monthlies for some swing trades and I trade all weeklies and non-standards as well. I trade them like I trade the ES and I am not going to pretend I know what I'm doing - but I am a learn by doing guy. I have done a few basic spread trades, and I know guys like @destriero kill it using more complex strategies. So I am studying options to get a better understanding of how they are priced, how one can use multiple options combined, etc.

But brother, I am a basic, plain vanilla, directional player right now. My opinion isn't worth much when it comes to options. I reached out to ocho and he said his book was for beginners and advanced beginners - and when it comes to options, that is where I see myself.

At the same time that won't keep me from trading them because that is how to learn this business, imo. If you never get out of the starter's blocks you'll never pass "go" much less reach the finish line.
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NQurious, as far as i think, with your market reading skills, you really do not need to take fancy options trades. Simple directional bet using calls and puts is sufficient for a trader with great reading skills, taking full advantage of the fact that simple SPY or ES calls and puts is much safer in terms of limited risk than ES . If i understand your preference of simplicity correctly, then simple calls and puts is great for you; by the way , ES options has a advantage over spy options, you can trade ES options whenever you can trade ES but not the case for Spy options.
 
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