SPX Credit Spread Trader

Yes I am daytrading ES, YM and ER2 as well as the EuroFX futures. But 1-point a day? Jeez I hope not, that would just churn my account :D.

If I said that in the past my bad. I do not have a specific point per day quota, I take what the market gives me. However my entries and exits are based on more than a point of profit (how many points depends on what is going on for the day) and I try and use as tight a stop as I can given support and resistance or the pattern I am trading.


Quote from smilingsynic:

Hi, Phil,

Are you still daytrading the ES, shooting for a 1 point daily average per contract?

I was just curious. Thanks.

Feel free to PM me if you would prefer that this is not appropriate subject matter on the journal.

ssynic
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Well VIX is coming down as the market is going up. On the ES put ratio spread side, I am not doing anything until we get some more downward moves and VIX increases.

On the SPX side, JULY expiration is too close to do call spreads given the negative skew and put spreads are not worth it on this huge upswing. I hope the market can trade back down next week to give me a last shot at July. If not then August is on deck.

Remember if you are not in a SPX or ES or OEX or whichever position, you are still invested in cash so you are not out of the market, just not in the S&P market, so do not get antsy and feel like you have to be in there. I have no July positions really and I am not worried at all. The market will give me another opportunity soon so no need to rush into a bad position just to put your chips in the middle. That always leads to bad trading decisions.

If you have not gotten back in to JULY posiitons, sit back and enjoy the time off. Study the charts and just know the next opportunity is coming. Reflect on the year to date returns, losses, adjustments and risk management decisions. use the time wisely so that you continue moving forward. Feeling like you are standing still and missing out is the WRONG mentality for a trader or investor. Think of the losses you are not taking if it makes you feel better and the interest the cash is earning while you wait patiently.
 
Quote from scienter:

Did you get filled? I sat at .7 after the announcment w/o a fill....at the end of the day, the bid was at .6 and the ask at 1.45. WTF?
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(Edited)
Yup, this morning. Actually a little better. comes out to $1 credit. :D
 
anyone here still waiting on that non obvious 70 point drop from sp 1255? :p

some things of note,
until the breakout yesterday, the sp had been inside the range of one daily bar for an unprecedented 2 weeks.

after a 25+ point move the calls 1 sigma away,which have been worth very little, hardly moved and expectency on them continues to be dismal. the northern exposure is hardly worth it imho.

good trading.
 
Quote from optioncoach:



Feeling like you are standing still and missing out is the WRONG mentality for a trader or investor. Think of the losses you are not taking if it makes you feel better and the interest the cash is earning while you wait patiently.
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I first would like to say that this thread is very educational.

The feeling of "missing out" is a powerful negative energy. I like to think of myself as an accumulator. I look for opportunities to accumulate money/ticks. This helps me stay consistent and relaxed.
 
Still have the Aug/Jul diagonal 1330/1310 call sp (futures). Now have an order for diagonal 1220/1240 put. Gives me a wide profit spread and if goes down, maximizes profit.
 
Quote from scalper21:

I first would like to say that this thread is very educational.

The feeling of "missing out" is a powerful negative energy. I like to think of myself as an accumulator. I look for opportunities to accumulate money/ticks. This helps me stay consistent and relaxed.
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You're absolutely right! I sat out in cash since the May expiration until late yesterday when I placed a bid on a bear call.

Waiting was a strain! I felt like I needed to just do SOMETHING! Didn't though. :D
 
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