SPX Credit Spread Trader

piccon,

Point well stated and taken. However I am far from panicking. I think it's important to define rules and decision points early so, if the market does threaten a position, you are acting on pre-defined rules, and not emotion. I was only stating what one of my decision points is.

Relax? If I was anymore relaxed, my family and friends would have me take a drug test :D

-Cash


Quote from piccon:

The best way to remain sane is to calm down. There is nothing wrong with your 1345 Short. At the time you placed it, you didn't expect the market would run like crazy. That's the nature of trading: You win , You lose, You make mistake, You cry victory.

The market has to go up and down. Don't panic and wait for the market to correct itself.

If you keep worrying everytime the market makes a move, you won't have time to spend all the money you are going to make and your kids and family and strangers and Uncle Sam willl fight for all the money you have made and didn't have time to enjoy because of SPX movement.

I have 1340 and I am not panicing.

Enjoy life
More...
 
Quote from piccon:

The best way to remain sane is to calm down. There is nothing wrong with your 1345 Short. At the time you placed it, you didn't expect the market would run like crazy. That's the nature of trading: You win , You lose, You make mistake, You cry victory.

The market has to go up and down. Don't panic and wait for the market to correct itself.

If you keep worrying everytime the market makes a move, you won't have time to spend all the money you are going to make and your kids and family and strangers and Uncle Sam will fight for all the money you have made and didn't have time to enjoy because of SPX movement.

I have 1340 and I am not panicking.

Enjoy life
More...

You are dead on piccon! I was starting to get that bad feeling in my stomach yesterday with the moves we have been seeing the last 5-6 days. When I start getting bad feelings like that I try to step away for a little bit then go back and look at my alternatives after I have calmed down, even sleep on it if I can. It is amazing how much more objectively you can look at things after you get the emotion out of it.

ryan
 
See I told you March triple witching SET was going to be blah and there was no need to get out of your 1320 short strikes!!!!!


LOL just kidding. Just goes to show you that the market will often do what you least expect, when you least expect it. A blah SET 4 points or so higher on a 3x Witch expiration day lol.
 
I'm also at the same level as you and Ryan. I have a 1345 short strike for April.

I'm considering some hedge strategies that I've never tried before: box, prego fly, etc. So it makes sense to start considering how to do these now so that panic doesn't set in when the time comes. I've never been that big a fan of just rolling up because you can seldom roll up more than ten points without losing most of your initial credit. If the train is moving fast, 10 points is nothing.

So, I'll be interested to see what you two are up to and I'll post anything I do as well. Also, I guess Donna is in the boat with us, so it'll be interesting to see what she does.

That's one of the really good things about a forum like this. If people share, then you're not stuck with trying to make decisions in a vacuum and you get different perspectives. But each of us will need to make our own adjustments commensurate with our risk tolerances.



Quote from CashCache:

piccon,

Point well stated and taken. However I am far from panicking. I think it's important to define rules and decision points early so, if the market does threaten a position, you are acting on pre-defined rules, and not emotion. I was only stating what one of my decision points is.

Relax? If I was anymore relaxed, my family and friends would have me take a drug test :D

-Cash
More...
 
I had my brand new TOS software up today. It made a funny noise and when I looked up there was a little box showing the settlement for SPX, NDX and some others. That saves me from checking the CBOE website every now and then on expiration day.

ryan
 
Quote from ryank:

I had my brand new TOS software up today. It made a funny noise and when I looked up there was a little box showing the settlement for SPX, NDX and some others. That saves me from checking the CBOE website every now and then on expiration day.

ryan
More...

Having a good broker is nice huh? :D
 
Quote from Cache Landing:

Actually, SPY reached almost 131.5 midday yesterday. I'm gutsy and that still would've scared me.

In regards to your question Opra, I got a few notices from TOS, but you can also find the info on the CBOE web site. For SPY ex-div is the third friday in MAR, JUN, SEP, DEC.
:D
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That's what I noticed yesterday, 131.50, and was patting myself on the back for having closed it end of last week. Who woulda thought...

Thanks again Cache for SPY div info.
 
One other nice feature is that TOS removes your maintenance immediately when the SET comes out. Other brokers remove the maintenance requirement over the weekend.

-Cash

Quote from ryank:

I had my brand new TOS software up today. It made a funny noise and when I looked up there was a little box showing the settlement for SPX, NDX and some others. That saves me from checking the CBOE website every now and then on expiration day.

ryan
More...
 
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