ICE Nov 175 call @ $1.60

Quote from optioncrotch:
SI am borrowing and bastardizing this quote a bit but the point is still the same:

Ignorance is not doing some thing stupid with disregard to all good advice and common knowledge, it is doing it again and again and expecting a different result.

Reminds me of a person who is banging themselves in the head with a hammer and each time wonders why his head hurts.

Stop the insanity. Do you realize that if the next OTM lottery ticket comes through you are still in a big hole you have dug for yourself..
More...

My live trading record is not bad, but needs improvement.
  • SBUX = loss
  • SBUX = loss
  • CSCO = gain
  • SBUX = gain
  • QQQQ = gain
  • ICE = loss
I also think the charts I post showing the trade in progress are quite educationial.

Quote from ajna:

Quite frankly your exit doesn't make sense either. Assuming you didn't risk your entire bankroll, why try to salvage a couple dimes on a long shot bet? If your taking a low prob bet in a volatile stock, might as well let the play go all out.
More...
It has nothing to do with salvaging dimes. I can't monitor the position all day so I had to close the position when I was at the computer, I don't want the calls exercised if they moved slightly ITM, as in the GOOG call position I mentioned earlier. Until I read that GOOG thread I thought long option holders only had there ITM positions exercised at their descretion, not automatically as in the GOOG situation. I assume you can contact Interactive Brokers before the market opens on Monday if you are stuck with slightly ITM options but I don't want to deal with any hassles.
 
Quote from damnit:

Did you ever pay for that 10k loss or did you sue em?
More...

That wasn't me...and I'm not sure the outcome of it. But that thread was a real eye opener and one of the more educational threads on EliteTrader. That 10K loss was because the calls ended up about $0.05 ITM. The 10K would have been in addition to the loss on the long calls.
 
Quote from forex-forex:

I bought one ICE Nov 175 Call contract @ $1.60 today. It's down to $1.05 but I'm hoping to sell at $3.20 within the next 2 days, my order to sell is already in.
More...

If your order to sell was already in, how did you lose money on this trade?:confused:
 
Quote from JDAndy:

If your order to sell was already in, how did you lose money on this trade?:confused:
More...

My sell order was placed when I opened the position @ $1.60, the calls never reached $3.20.
  • Action = Sell
  • Limit Price = $3.20
  • Order Type = Limit
  • TIF (time in force) = GTC (good 'til cancelled)
This way I don't have to monitor the position and it will be closed automatically if $3.20 is reached, I think the highest it got was $2.00.


Quote from TorontoTrader2:

If you had bought Dec OTMs you'd still be in the game now.
More...
I might play the ICE December calls during the last week, maybe a day trade. I noticed that my November calls had a price range of $0.15 - $1.50 on Thursday (November 15) during its "W" like trading pattern. ICE chart for Thursday (November 15)
 
Quote from forex-forex:

My live trading record is not bad, but needs improvement.
  • SBUX = loss
  • SBUX = loss
  • CSCO = gain
  • SBUX = gain
  • QQQQ = gain
  • ICE = loss
I also think the charts I post showing the trade in progress are quite educationial.
More...

It IS bad because the trades are lottery tickets. 3 losses probably are much bigger than the 3 gains. You are playing a low probability game where you will accumulate more losers than winners and each winner will never be enough to get you out of a hole.

Stick with your namesake product or learn more about how options work.
 
Quote from optioncrotch:

It IS bad because the trades are lottery tickets. 3 losses probably are much bigger than the 3 gains. You are playing a low probability game where you will accumulate more losers than winners and each winner will never be enough to get you out of a hole.

Stick with your namesake product or learn more about how options work.
More...

When it comes to live trades posted in real time to EliteTrader 3 winners to 3 losers is not bad at all, I don't think I have seen such a record on Elitetrader and I do hope to improve my record as stated earlier. I have seen some posts with one or two trades and then the poster gives up.

I do have a good idea how options work and I think my exits on CSCO, QQQQ, and SBUX proves it along with the reason I exited this trade early as explained to ajna.
 
Quote from TorontoTrader2:

ICE up over 4% today. you should have bought DEC calls!!
More...
My original trade plan was to only hold for a couple of days during the last week of option expiry. December calls were too far out.
 
You must log in or register to reply here.
Back
Top