How long $3000 will last option trading

I was away from my computer most of the time today until now. There were two GTC orders filled.

Bought XOM 65 call for $0.05. So, I convert XOM 60 straddle into 55/60/65 iron fly with positive expectancy about $60 on this fly.

SOLD -1 VERTICAL SPX 100 JUL 06 1320/1330 CALL @2.50, SPX MARK 1276.58

Sold SPX 1320/1330 Jul for $2.50. The current mid is now $3.30 :-(

GS straddle is now shows a small profit due to theta eventhough the IV has increased a bit.
 
SOLD -1 VERTICAL SPX 100 JUN 06 1240/1230 PUT @.60, SPX MARK 1284.16

Bought back June 1290P for $118 profit after commissions. Sold Jul 1265P for $98 profit after commissions.

I don't want to risk if the market come down on Monday and end up loosing on this SPX diag.

Sold CHS June/Jul 25P calendar for $0.10 lost of $19 after commissions.

Bought 1260/1250 Jun P around $1.30,
Sold 1250/1285/1320 IC. expect that SPX will be traded narrow range for about a week. I wish to sell straddle 1285 for a week but has no capital.
The actual trade I made was 1260/1285/1230 IC for $18.15 credit.
 
Chartbender showed up a lot of good IV mainly in fanancial sector (GS, MER, LEH, BSC). This is also correlated to put IV in xlf. I had GS already so I did not want to sell another straddle in this sector. I decided to close out GS near the end of the day. I'll probably save margin for GS to play the earning next week too.

I consider my GS play not so good. I got good theta but the IV has increased so it offset some of those theta.

BTC GS strangle 150/155 for $5.35. Profit $25.

Sold June ICE 50 straddle for $6.25
Chartbender shows IV P&L about $85, on ICE 50 straddle. After b/a slippage, I guess my IV P&L is about $70.

On one of my IRA account I had some SPX call spreads and call diags. I decided to sell some SPX June put since it does not use more margins.

Date: Tue, 6 Jun 2006 15:03:46 -0500 (CDT)
Subject: SOLD -1 VERTICAL SPX 100 JUN 06 1195/1175 PUT @.60, SPX MARK 1263.85

Date: Tue, 6 Jun 2006 15:14:11 -0500 (CDT)
Subject: SOLD -1 VERTICAL SPX 100 JUN 06 1185/1165 PUT @.40, SPX MARK 1263.85
 
Man talk about trading every sector there is. Somehow i am doubtful that all this diversification is helpful to your port the way you trade it.

skanan,

just curious about your performance since the start of this journal. Want to share your gains/losses so far?
 
I'm just experimenting with variety kind of startegies. I wish to show you the performance but it would take me a whole day to track all the trades I made.

I tried to report loss/profit on this journal as much as I could though. Eventually, when this journal is one year old and I'm still not loosing the $3K yet, I'll start another one and will start tracking return on margin seriously.

I estimate that I might make about $3K so far; however, I had an aapl that I took on assignment and still sell call against it. I intend to hold it for long term purpose so I did not put out the trades on the call I sold/bought back in the journal. If I add the paper loss on AAPL, I might end up being positive about $1K.

Quote from rallymode:

Man talk about trading every sector there is. Somehow i am doubtful that all this diversification is helpful to your port the way you trade it.

skanan,

just curious about your performance since the start of this journal. Want to share your gains/losses so far?
More...
 
i averaged 6 figures plus a year 5 years straight in options selling premium and buying deep in the money leap options after stocks move huge 1 way or the other
 
Please let me know if I understand you correctly. Let's say goog suddenly move down 30 points, you'd buy DITM LEAPS put. Is that right ?

Quote from joeyata1:

i averaged 6 figures plus a year 5 years straight in options selling premium and buying deep in the money leap options after stocks move huge 1 way or the other
More...
 
no on volatile stocks like goog i sell the options for the premium. like today goog skied 15 pts. if i were bullish on goog instead of being a sucker and paying huge premium to buy the calls straight out i simply sell out of the money puts and keep the premium so when goog skies the premium gets killed and i cover the option for a nice profit. the huge advantage with this is i could have sold the june 370 puts for $5.90 when goog was $376 today. that means to hurt me goog must hit $364.10 or lower in the next 8 days.since we're near exp it's alittle more dangerous as the premiums are much lower to make it riskier. in a nutsheel it allows you to bet on a direction and give yourself leaway to be wrong and still profit. but it costs a lot of money to do as you msut have 1/3 the udnerlining i believe to fo it
 
Joey,

I admired your ability to be able to predict direction. Having large amount of account surely help to sell GOOG naked.
Somehow I'm right less than 50% of the time in picking direction so I probably loose money even buying the LEAPS.

When you buy LEAPS, do you afraid of buying at the wrong volatility ?

Thanks,
Nick
 
no i wasn't in the goog's yesterday it was just an example. i've done goog many times as the premiums high. this am i sold 10 goog 380 puts when it pulled back to 389 and i brought in $5 a contract. i cvoered them when it skied for $1 or a 1k profit. did i know goog would rally right then? hell no but i had protection to $375 for the next 8 days. erosion is strong with 8 days to go. it allows me to make money even when i'm slightly wrong
 
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