ES Journal Archive (2006 - 2008)

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Quote from Buy1Sell2:

Update on long position.


I am long 22 units at an average price of 1436.02.

So, I am currently in the black roughly 25 pts per contract.

Will continue to hold position long.

Update: I am still long these 22 units. Over the past couple of days, I have been buying puts just under my position (one per contract) as a hedge. I am using some of the profits that I have built in here with the idea that I will let those put options decay in favor of longer term upside. --Cost of doing business, but now there is no need to place any stop orders. In fact, if we had a crash, it wouldn't be so bad for me. This will free me up as well to look at adding more positions as I see fit.
:)
 
Quote from Buy1Sell2:

Update: I am still long these 22 units. Over the past couple of days, I have been buying puts just under my position (one per contract) as a hedge. I am using some of the profits that I have built in here with the idea that I will let those put options decay in favor of longer term upside. --Cost of doing business, but now there is no need to place any stop orders. In fact, if we had a crash, it wouldn't be so bad for me. This will free me up as well to look at adding more positions as I see fit.
:)

Hello B1S2

Maybe stupid question, but haven't done anything with options yet. Would these be options on the futures contracts, so that the value of the option is the same as the value of the contract you bought? Thanks.

JIM
 
Quote from Buy1Sell2:

Update: I am still long these 22 units. Over the past couple of days, I have been buying puts just under my position (one per contract) as a hedge. I am using some of the profits that I have built in here with the idea that I will let those put options decay in favor of longer term upside. --Cost of doing business, but now there is no need to place any stop orders. In fact, if we had a crash, it wouldn't be so bad for me. This will free me up as well to look at adding more positions as I see fit.
:)

a very nice strategy....

fwiw, i think the sp is up tomorrow: 7-15 points from here.

just my dos centavos...fwiw.
 
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