My option trades for the past 6 months, feel free to ridicule, or offer guidance

T

thebubs

Here are my option trade records for the last 6 months, If you look through them I wouyld say I have been pretty succesful thus far, maybe its beginers luck or maybe not. Feel free to show me lessons of mistakes or just laugh at some of the dumb options I bought and sold

02/18/2009 19:25:26 CLIENT REQUESTED ELECTRONIC FUNDING RECEIPT (FUNDS NOW) 320.00 $321.47
02/24/2009 15:46:54 Bought 3 KWWAJ @ 0.9 -282.24

03/12/2009 12:23:39 Bought 2 WDOAB @ 0.85 -181.49

03/24/2009 11:02:36 Bought 2 NQDFZ @ 0.45 -101.49

04/01/2009 10:43:23 Bought 1 RFYDJ @ 1.61 -171.74

04/02/2009 10:08:35 Bought 3 GEWEA @ 0.61 -195.24

04/03/2009 09:30:40 Sold 1 RFYDJ @ 10.3 1,019.25

04/06/2009 14:28:44 Sold 3 KWWAJ @ 1.05 302.75

04/08/2009 10:53:23 Sold 3 GEWDA @ 0.12 23.75

04/09/2009 10:30:37 Bought 3 GEWDA @ 0.35 -117.24

04/13/2009 09:52:30 Bought 10 BXFV @ 0.1 -117.49

04/13/2009 09:57:40 Bought 10 PFEFP @ 0.14 -157.49

04/23/2009 12:32:25 Bought 2 PFEFC @ 0.12 -35.49

04/24/2009 13:50:41 Bought 20 PFEFP @ 0.06 -144.99

05/12/2009 13:20:54 Bought 16 MZRGF @ 0.15 -261.99

05/15/2009 11:54:32 Sold 3 GEWEA @ 0.9 257.75

05/27/2009 13:38:02 Bought 3 UPYFL @ 0.45 -147.24

05/28/2009 09:32:20 Bought 2 UNEJR @ 1.2 -251.49

06/05/2009 11:21:53 Sold 3 UPYFL @ 2.1 617.74 $617.74

06/05/2009 15:58:27 Bought 4 UPYRI @ 0.15 -72.99

06/11/2009 13:55:21 Sold 2 UNEGR @ 0.4 68.50 $68.50

06/11/2009 15:00:30 Bought 3 USOAJ @ 1.95 -597.24 -
06/11/2009 15:23:14 Sold 3 USOAL @ 0.75 212.75 -

06/19/2009 10:58:56 Sold 2 PFEFC @ 0.13 14.50 $14.50

06/22/2009 00:00:01 REMOVAL OF OPTION DUE TO EXPIRATION (BXFV) 0.00 $0.00
06/22/2009 00:00:01 REMOVAL OF OPTION DUE TO EXPIRATION (NQDFZ) 0.00 $0.00
06/22/2009 00:00:01 REMOVAL OF OPTION DUE TO EXPIRATION (PFEFP) 0.00 $0.00
06/22/2009 00:00:01 REMOVAL OF OPTION DUE TO EXPIRATION (UPYRI) 0.00 $0.00
06/23/2009 15:25:07 Bought 10 MZRGT @ 0.1 -117.49 -

06/26/2009 10:57:59 Bought 2 UNEGR @ 0.1 -31.49 -
06/26/2009 11:21:13 Sold 3 MZRGT @ 0.4 107.75 $76.26

07/06/2009 10:09:48 Bought 7 AAGB @ 0.31 -232.24 -$232.24

07/08/2009 10:02:42 Sold 7 MZRGT @ 1.01 691.74 $691.74

Everyone seems to feel I should'nt be buying options b/c I will be wiped out (based on my last to posts), I'm not investing alot of money as seen above and enjoy it, just looking for some pointers and constructive advice, thanks to all who do that
 
Quote from thebubs:


Everyone seems to feel I should'nt be buying options b/c I will be wiped out
More...

I would never suggest that you will be wiped out. But this is the truth - take it for whatever it's worth to you:

Buying options is a very risky game. True, the potential payoff is huge, but you must correctly pick direction, timing of move, size of move, and the implied volatility you pay for your options.

Professional money managers have shown they are incapable of beating the market averages.

The average individual investor under-performs the market averages, based on published studies.

If you are one of the few who can succeed at this game, then fantastic. Go for it. But it is difficult. It is against the odds. Yet, underdogs do win and long shots do come home ahead of the field.

Good luck.

Mark
 
Quote from dagnyt:

Buying options is a very risky game. True, the potential payoff is huge, but you must correctly pick direction, timing of move, size of move, and the implied volatility you pay for your options.
More...

Agree (as playing the underlying requires only picking its direction, relatively easier and much much cheaper hence closer for breakeven), but technically and practically where do the long calls and/or long puts coming from (as if every smart guy knows only shorting is the game)?
 
Quote from dagnyt:

I would never suggest that you will be wiped out. But this is the truth - take it for whatever it's worth to you:

Buying options is a very risky game. True, the potential payoff is huge, but you must correctly pick direction, timing of move, size of move, and the implied volatility you pay for your options.


Professional money managers have shown they are incapable of beating the market averages.

The average individual investor under-performs the market averages, based on published studies.

If you are one of the few who can succeed at this game, then fantastic. Go for it. But it is difficult. It is against the odds. Yet, underdogs do win and long shots do come home ahead of the field.

Good luck.

Mark
More...

As with most things the risk is in how you do something. Long options approached the right way can in fact be a low risk high return method! Generally I wouldn't go near the usual short options strategies as the RR is poor more often than not.

Unless you intend to be average(not make much/ get churned), then you will need to forget what you have been told, use your brain, think outside the square, the answer is in fact out there!

Success in long options has absolutely nothing to do with underdogs or longshots coming home, but rather understanding the nature of markets and understanding the nature of options.

I can only speak from my own experience.

Best Regards

Johno
 
Quote from Johno:

As with most things the risk is in how you do something. Long options approached the right way can in fact be a low risk high return method! Generally I wouldn't go near the usual short options strategies as the RR is poor more often than not.

Unless you intend to be average(not make much/ get churned), then you will need to forget what you have been told, use your brain, think outside the square, the answer is in fact out there!

Success in long options has absolutely nothing to do with underdogs or longshots coming home, but rather understanding the nature of markets and understanding the nature of options.

I can only speak from my own experience.

Best Regards

Johno
More...

Looks like ET has not too many long options players, as far as my searching found.
 
I suspect there are a healthy number but some options writers around here are very aggressive and shoot down anyone hinting that they go long on options so they keep a low profile... (I have no preference for myself, I go as I see the market...)


Quote from OddTrader:

Looks like ET has not too many long options players, as far as my searching found.
More...
 
Quote from OddTrader:

Looks like ET has not too many long options players, as far as my searching found.
More...

Yes and the vast majority of traders lose, go figure!

Also, not too many non or non- traditional Chartists and/or TA exponents here. As in life, people, generation after generation, keep making the same mistakes and falling for the same illusions, as they do in trading. Personally I prefer to search for my own truths, as the times that I've allowed myself to be led have proven to be not only painful but also expensive!

Regards

Johno
 
Quote from heiasafari:

I suspect there are a healthy number but some options writers around here are very aggressive and shoot down anyone hinting that they go long on options so they keep a low profile... (I have no preference for myself, I go as I see the market...)
More...

My idea is ET should have 3 forums for options. Trading Options as Sellers (aka: Options Professionals); Trading Options as Buyers (i.e. Dream Makers); and Using Options for Hedging (i.e. General Traders/Investors). Then we the buyers can have a better place and space to discuss our "nonsense".

Anyway, we do need some belittling from others to encourage our ambitions!
 
Quote from Johno:

Yes and the vast majority of traders lose, go figure!

Also, not too many non or non- traditional Chartists and/or TA exponents here. As in life, people, generation after generation, keep making the same mistakes and falling for the same illusions, as they do in trading. Personally I prefer to search for my own truths, as the times that I've allowed myself to be led have proven to be not only painful but also expensive!

Regards

Johno
More...

imo:

Unfortunately, several ET threads about buying options didn't do quite well. I think obviously selling options would be much easier to make a living, while with proper and simple hedging. Not a secret about that, even without any special edge by the individuals.

However, buying options to make profit can be a very challenging work indeed, definitely requiring a certain edge derived by the individual trader.

Not only different mind-set, but also different trading style and strategies, as far as I can understand for now!
 
Quote from OddTrader:

My idea is ET should have 3 forums for options. Trading Options as Sellers (aka: Options Professionals); Trading Options as Buyers (i.e. Dream Makers); and Using Options for Hedging (i.e. General Traders/Investors). Then we the buyers can have a better place and space to discuss our "nonsense".

Anyway, we do need some belittling from others to encourage our ambitions!
More...

I'm not in the arena to compete, just to win! I actually prefer the percentages as they are, as less competition best suits my purposes! Perhaps this logic also explains the apparent absence of options buyers on this and other forums

Regards

Johno
 
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