riskarb's trading journal

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Quote from riskarb:

SP Straddle

Sold 20 June SP [$250 handle] 1280 straddles at 13.60% vols, $26.50 credit. My feelings are that we'll churn here at 10% on stat-vols. Expect to meet some resistance here, but I don't expect to revisit the lows of this week.
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nice call ; DAX vols were down 7% this morning , SPX to follow...
 
I think we are at the top of the SPX range here. Reason being is my book is now breakeven, and the market always goes where it can f*** me before giving in. :D

-segv
 
Quote from riskarb:

SP Straddle

Sold 20 June SP [$250 handle] 1280 straddles at 13.60% vols, $26.50 credit. My feelings are that we'll churn here at 10% on stat-vols. Expect to meet some resistance here, but I don't expect to revisit the lows of this week.
More...

For those of us that just sell naked or verticals and are new to this, just exactly what calls and puts and prices made up that 200 June SP straddle.

Also, what is the major symbol to lookup the quote if we want to follow your trade?

Finally, you talk alot about gamma and other things that I don't use, how does this help you make money trading, and are there any books we should read that explain how to use it in our trades?

It seems most of your trades are hedged to reduce risk. If the sp trade starts to go against you say to the upside, do you buy in the money calls to hedge it, or do you just kill the trade if you are down by a certain amount of money. On some of my trades, I just kill it if it gets too close to the strike price, only to watch it reverse and fall back down and pissing me off. Also, being more of new option trader, what % of my portfolio should I risk on a single trade?
 
:eek:

Straddle

Gamma, and other greeks also known as hedge parameters. The clue is in the question :D

More elaborate and helpful responses from others to follow I'm sure...

Quote from oraclewizard77:

For those of us that just sell naked or verticals and are new to this, just exactly what calls and puts and prices made up that 200 June SP straddle...
More...
 
It seems that you forgot to include the word "namaste" in your inquiry.....:)




Quote from oraclewizard77:

For those of us that just sell naked or verticals and are new to this, just exactly what calls and puts and prices made up that 200 June SP straddle.

Also, what is the major symbol to lookup the quote if we want to follow your trade?

Finally, you talk alot about gamma and other things that I don't use, how does this help you make money trading, and are there any books we should read that explain how to use it in our trades?

It seems most of your trades are hedged to reduce risk. If the sp trade starts to go against you say to the upside, do you buy in the money calls to hedge it, or do you just kill the trade if you are down by a certain amount of money. On some of my trades, I just kill it if it gets too close to the strike price, only to watch it reverse and fall back down and pissing me off. Also, being more of new option trader, what % of my portfolio should I risk on a single trade?
More...
 
Quote from optionpro007:

It seems that you forgot to include the word "namaste" in your inquiry.....:)
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Namaste!
How is it pronounced, what does it mean?
Subject: Re: Namaste
Newsgroups: soc.culture.indian,alt.religion.hindu,
alt.fan.jai-maharaj,hawaii.nortle,
alt.religion.vaisnava
From: jai@mantra.com (Dr. Jai Maharaj)
Date: Sat, 16 Aug 1997 22:26:20 UTC

In article <33f57cea.0@mapperley.innotts.co.uk>,
ukindia@innotts.co.uk (amar joshi) wrote:
> I am lookingh to verify the correct spelling and
> definition of the word "Namastee" from sandskrit.

Commonly written "Namaste", it is pronounced as "Namastay"
with the first two a's as the first a in "America" and the
ay as in "stay", but with the t pronounced soft with the
area just behind the tip of the tongue pressing against the
upper-front teeth with no air passing (as the t in "tamasha").
- Jai Maharaj

> I have been told it means something like to
> pay homage to the inner light in all living things.
 
I have no idea where you are from, but in civilized cultures people use the words "please" and/or "thank you" when asking for advise from others, specially if they are strangers.

That was what I was trying to imply..:)


Quote from oraclewizard77:


> I have been told it means something like to
> pay homage to the inner light in all living things.
More...
 
riskarb, I can't recall you ever using the eurofx or energies such as crude. what are your thoughts on the viability of these markets in selling premium and hedging with an excellerated number of cars?
 
Quote from oraclewizard77:

For those of us that just sell naked or verticals and are new to this, just exactly what calls and puts and prices made up that 200 June SP straddle.

Also, what is the major symbol to lookup the quote if we want to follow your trade?

Finally, you talk alot about gamma and other things that I don't use, how does this help you make money trading, and are there any books we should read that explain how to use it in our trades?

It seems most of your trades are hedged to reduce risk. If the sp trade starts to go against you say to the upside, do you buy in the money calls to hedge it, or do you just kill the trade if you are down by a certain amount of money. On some of my trades, I just kill it if it gets too close to the strike price, only to watch it reverse and fall back down and pissing me off. Also, being more of new option trader, what % of my portfolio should I risk on a single trade?
More...

"ES" futures options are fungible to the "SP" options, but 1/5 the contract value.

You can trade options w/o "partials" if you're a good directional trader, but knowing your risks is critical if you're intent on succeeding trading non-directional strategies. Knowing your greek exposures/risks will make a good directional options trader, better. Your question is so broad that it's impossible to answer in as many words.

Plan your trade/trade your plan. Dumb cliche, but it's important to know what your course of action will be under any scenario.
 
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