iceman's options trading journal
- Thread starter iceman1
- Start date
* yes- now a bearish (put) spread. Was not naked. was long Feb 6750p/short Jan 6750/170 puts; closed front month puts - sold Feb 170p and 7250 puts; then added the 180p when I got the premium and level on underlying - that was targeted.
* was/am looking for NDX to top out this week at or near 1750 +/- and re-test 1700. Not as confident in that outlook at this point.
* have followed the same basket/stable of about 12-15 equities/indexes. This year I am going to do more scanning for stocks that I believe are poised for decent moves higher or lower. I am also going to begin trading NQ futures. I have certain simple TA/volume criteria I look at which -- when I see it -- tells me what is most likely to happen.
But I could definitely stand to improve my money mgmt so that when these higher ranking trades appear - and certain signals/patterns are generated -- I am able to take advantage of same and have sufficient available capital freed up to do so - in sufficient size to really profit from being correct. Rather than having too much tied up in underperforming or lower reward positions. I'm sure this is not an uncommon issue for traders that swing and position trade.
I know exactly what needs to be done - which makes me very confident of my performance going forward in 2006.
Will discuss it more in later posts after January 20th when I post trades on here.
OIH
IRA
bought 10 OIH NI (Feb 145 Puts)
@ 5.7 avg
(often early- rarely wrong?) :eek:
buying 5 more OIH NI @ 5 (day order)
SOX
bought 7 SOX Feb 510 Puts
@ 6.05 avg
IRA
bought 5 SOX Jan 540 Puts @ 8.10 yesterday - sold today @ 9.65 avg (way to soon again as the bid hit 11) !!
+775
keep exiting too soon on these small trades. One reason today was recognition that I am trading against SOX trend and this trade was designed as a scalp for point or two on the 540 puts - then looking to re-enter next week (perhaps 550 Put) IF (and when) SOX rallied back to +++ like its done for weeks after each reaction lower, also that expiry is nearing with a Holiday on Monday.
I think out of the last 10 trades in the IRA in a couple weeks - 9 have been profitable. At this pace I will make 250% on the account this year; particulartly when I increase size after weeding out current Janaury positions in other accounts.
Have not been trading it much so far this year.
Well- what needs working on absolutely is drastically reducing positions after expiration. I am feeling extremely positive right now even while taking a hit on a few posiitons that I misjudged, i.e. AAPL. And I don't think it is over-confidence of the kind that might cloud my judgment. Rather my confidence in my ability to repair and manage trades- and find opportunity out of negative situations is at level it has not been at since the 90s. Think it'd due to the market feeling more like old times.
After January 20th - trades I post on here will be substantially bigger size and we will nail some big winners. I cannot increase size in present (mental) state since I am spread to thin and can't take chance at missing something key on a very large trade while concentrating on 18 other small positions.
Ice
IRA
bought 10 OIH NI (Feb 145 Puts)
@ 5.7 avg
(often early- rarely wrong?) :eek:
buying 5 more OIH NI @ 5 (day order)
SOX
bought 7 SOX Feb 510 Puts
@ 6.05 avg
IRA
bought 5 SOX Jan 540 Puts @ 8.10 yesterday - sold today @ 9.65 avg (way to soon again as the bid hit 11) !!
+775
keep exiting too soon on these small trades. One reason today was recognition that I am trading against SOX trend and this trade was designed as a scalp for point or two on the 540 puts - then looking to re-enter next week (perhaps 550 Put) IF (and when) SOX rallied back to +++ like its done for weeks after each reaction lower, also that expiry is nearing with a Holiday on Monday.
I think out of the last 10 trades in the IRA in a couple weeks - 9 have been profitable. At this pace I will make 250% on the account this year; particulartly when I increase size after weeding out current Janaury positions in other accounts.
Have not been trading it much so far this year. Well- what needs working on absolutely is drastically reducing positions after expiration. I am feeling extremely positive right now even while taking a hit on a few posiitons that I misjudged, i.e. AAPL. And I don't think it is over-confidence of the kind that might cloud my judgment. Rather my confidence in my ability to repair and manage trades- and find opportunity out of negative situations is at level it has not been at since the 90s. Think it'd due to the market feeling more like old times.
After January 20th - trades I post on here will be substantially bigger size and we will nail some big winners. I cannot increase size in present (mental) state since I am spread to thin and can't take chance at missing something key on a very large trade while concentrating on 18 other small positions.
Ice
Iceman1, nice journal!
Would you mind giving a brief summary (if possible, also the unrealized p&l) of the still open positions in AAPL stock and options? Seems like you are doing okay, but I lost track of your trades as you open and close many positions.
Thanks and I am looking forward to your new trades.
Would you mind giving a brief summary (if possible, also the unrealized p&l) of the still open positions in AAPL stock and options? Seems like you are doing okay, but I lost track of your trades as you open and close many positions.
Thanks and I am looking forward to your new trades.
too many AAPL trades to post right now - did some repairing and I'm comfortable with AAPl positions now; it is my opinion I will end up NET profitable on AAPL. But objectively -- I sucked on trading AAPL the past 2 weeks or so. Period! No excuse - just sucked!
I went with my underlying paradigm about AAPL selling on good news (which still might occur) BUT should have realized 'they' would MOST LIKELY mark it higher into earnings barring any pre-earnings surprises from Jobs.
will post AAPL trades over weekend
bought 10 @ 1.25 (open order buying 10 @ .95)
seling 10 Feb 65c @ .45
APOL -- down due to Prudential ANALyst opinion and expiry pressures - I never recall Prudential getting it right ! Thus I had to take the shot.
Bank of America says BUY. Go figure!
Think we will see >58 soon (today) - BUT not ruling out <57