I just got an assignment...HELP

[Tums]

Quote from maae10:

I see. There was some time value as the stock still has a month left but I guess there wasn't enough time value.

you guess there were time value, that's why you sold it.

the problem is, you did not know how to calculate the time value before you made the decision to sell it.

if you knew how to calculate the time value, you would not have sold it. Period.



and you wonder why people did not give you credit for your option trading experience?



p.s. the method to calculate time value is the same whether you buy, or sell, options. It is so simple, most of us just eyeball it. ;-)>


BTW, nobody here never challenged you, or did not believe you, on your profits.
Being profitable in options and being knowledgeable in options are two different things. We are all genuinely happy for your profits.

 

[Eliot Hosewater]

It doesn't appear that you understand what has happened or that you have learned anything for your next trade.

 

[rallymode]

Wow all this bashing because the OP asked a simple question. So what if he traded something he didnt understand, i am sure many of you who are jumping on maae10 are/were guilty of the same at some point.

BTW, for all you know it all experts, time value isnt the reason you sell options and having negative or no time value doesnt mean the option shouldnt be sold. So following the logic displayed in this thread i can say that everyone who said the ops shouldnt have been sold due to the time value don't understand what they are doing either.

Oy Vey!

 

[MTE]

If you go back to the beginning you'll see that it all started very innocently. maae10 asked a question and got an answer (in the usual slightly harsh ET style, but nothing too dramatic) and then some of us also provided a good intentional advice about getting educated about options before trading them cause as we all know it's very easy to lose your shirt in options if you don't know what you are doing. At that point, we didn't question maae10's experience or knowledge, we were just stating the obvious, which, once again, was good intentional.

Then maae10, construing the advice about education as a personal attack, started defending him/herself stating that he/she has several years of options trading experience, yet maae10 has clearly been unable to demonstrate any practical options knowledge, hence the doubts were raised. After that it has pretty much snowballed in, once again, the usual ET style.

I don't see what the big f*cking deal is here!?

maae10, once again I'm not attacking you, so get over ego and get yourself educated about options.

 

[maae10]

Quote from Tums:

you guess there were time value, that's why you sold it.

the problem is, you did not know how to calculate the time value before you made the decision to sell it.

if you knew how to calculate the time value, you would not have sold it. Period.


p.s. the method to calculate time value is the same whether you buy, or sell, options. It is so simple, most of us just eyeball it. ;-)>


BTW, nobody here never challenged you, or did not believe you, on your profits.
Being profitable in options and being knowledgeable in options are two different things. We are all genuinely happy for your profits.

I didn't pay attention to the time decay because there was almost none and I wasn't selling the options trying to capture that money. As I said before I'm bullish on the stock.

I know how to calculate time value.

It was insinuated that I shouldn't be trading options because my lack of knowledge would lead to ruin.

IMHO you can't get "lucky" for as long as I did. I may not know the ins and outs of iron condors and the like but I know the fundamentals of options trading. Perhaps a lacking a few major points in selling because I'm new at but that's all. Everyone is jumping on me because I just started selling and got assigned for the first time and wanted to make sure there were no surprises.

People keep saying that nobody is being rude and they're not really jumping on you. That's simply not true, aside from the obviously rude post my not being able to calculate a simple P&L keeps being brought up even though it's false.

I figure technical traders just don't like when stock pickers can make money in options without knowing all the "moves". Then again you have been just as critical but nice and civil and the same time. I'm sure that all the criticism I'm receiving on this thread is at least partially true, but I'm also trying to figure out why everyone is being so rude about it.

Is there something about my post that triggered something? Are most of the folk here just not very nice? I frequent a few message boards (though this is the first financial one I have posted on) and I have never gotten such a welcome anywhere else.

 

[MTE]

Quote from maae10:

...Is there something about my post that triggered something? Are most of the folk here just not very nice? I frequent a few message boards (though this is the first financial one I have posted on) and I have never gotten such a welcome anywhere else.

As I've mentioned before, ET is not a friendly place (nor is the market, for that matter), it's the Wild West of discussion forums, you either gotta be really sharp or honest about your experience/knowledge or both.

Occasionally fakes come here and claim to have achieved great success, so when someone asks a basic question, which however unintentionally implies a newbie, but then claims to be a successful trader it instantly creates a very explosive situation cause the two contradict each other.

A newbie cannot be a successful trader cause he/she hasn't traded for long enough to claim success, and a successful experienced trader has a good understanding of the instrument he/she is trading and of all the procedures related to that instrument.

By the way, nobody gives a sh*t around here whether you are making money as a "technical" trader or a stock picker. In fact, you seem to be the only occupied by this.

 

[maae10]

Quote from CYOF:

maee10,

If you worry about what others think of what you think...then don't...most people know nothing about anything...there are a few that know what they need to know...and that is all that matters to them...you must know what you need to know...forget about all the rubbish that the majority speak of...for that is what it mostly consists of...rubbish...

I have not read your full story...but if you have been assigned after doing a short put...then you need to look at your losses...look at your account...and see how you are fixed...you are the only one who can make the decision...if you have a loss...so what...I am sure it is not your first...nor won't be your last...so...as they saying goes...head up and move on...sometimes a loss can be the best thing that ever happens to you...but that depends on you...and how you think...do not let others do your thinking for you...think for yourself...for you must...there is no other way...although many seem to think there is...:eek:

Regards,

CYOF

Now here's a mench.

 

[maae10]

Quote from CYOF:

You will have to be more clear...for my foreign language vocabulary is limited...I hope you are not one of the majority...

LINK

A person having admirable characteristics, such as fortitude and firmness of purpose: “He radiates the kind of fundamental decency that has a name in Yiddish; he's a mensch” (James Atlas).

 

[MTE]

Quote from CYOF:

Take this quote for instance...I do not know the poster...it is the third post I have read on this site...but it shows all the hallmarks of the usual rubbish that the majority of trading sites offer...arrogance and suggestiveness...what a combination...really...:eek:

Good start mate! Your 4th post and you're insulting others already! Congrats for becoming the first member of my ignore list!

By the way, what's up with the ...? Didn't they teach you to write in complete sentences with commas and stops!?

 

[demoship]

The only reason people are insulting maae is because he claimed to have been trading options for 3 years, but doesn't understand how a simple assignment works.

Nobody bashes people when the say "i'm a noob, how does this work?" But when you claim to do something for 3 years, and it appears to be false, ppl will call you out on it.