SPX Credit Spread Trader

Quote from rdemyan:

Well, I'm going on vacation next week. I'll be disappointed if there aren't at least 200 posts that I have to wade my way thru when I get back requiring a minimum of 4 hours of effort. Mo, how much do you charge to summarize the important points of a week's worth of thread postings :)

I guess taking Cottle on vacation means that I've passed the point of no return. :eek:
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I'm just getting back from a long vacation and found about 30+ pages to catch up on, great discussions going on! I've been up for the last few hours trying to catch up. I think I have really hit the point of no return, I read some of Cottle's book on vacation (I even remember reading the exact page that Rally quoted). I've been itching to get back on ET to see what has been going on.

I have found it good to be flat while on vacation, not having to worry about the market one bit. I took a decent loss right before I left and have had time to think things over. I followed my plans and made the right moves, then the market had to throw it in my face and have SET at a point where I would have made a good profit for the month :p. Win some, lose some but need to follow my plan to stay in the game which is what I did.

I've been looking at daytrading the ES the last few weeks using a few simple TA signals. Thanks to Coach for his inside tip! I will have to review those and see what works for me.
 
Hey, Ryan.

Good to hear from you. I thought maybe you'd gone over totally to the CTM side, but see that you were just on vacation.

Yeah, the discussions over the last couple of weeks have been really good with a lot of interesting information. I'm even opening an account with IB to prepare for eventually trading options on futures.

I thought about going flat, but with a bear call that has a short strike at 1355, I feel pretty safe.

Last year I took a huge loss right before I went on vacation. I have to say it ruined the first couple of days for me, but like you said it gave me time to think about it and formulate a new plan, which since then has been conservative and profitable. It was also right after that vacation that I joined this thread which was a life saver (thanks, Coach and all posters).

I'm taking 7 chapters with me totalling about 150 pages. Normally, I could read that easily in several hours, but with
Cottle.....




Quote from ryank:

I'm just getting back from a long vacation and found about 30+ pages to catch up on, great discussions going on! I've been up for the last few hours trying to catch up. I think I have really hit the point of no return, I read some of Cottle's book on vacation (I even remember reading the exact page that Rally quoted). I've been itching to get back on ET to see what has been going on.

I have found it good to be flat while on vacation, not having to worry about the market one bit. I took a decent loss right before I left and have had time to think things over. I followed my plans and made the right moves, then the market had to throw it in my face and have SET at a point where I would have made a good profit for the month :p. Win some, lose some but need to follow my plan to stay in the game which is what I did.

I've been looking at daytrading the ES the last few weeks using a few simple TA signals. Thanks to Coach for his inside tip! I will have to review those and see what works for me.
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I dunno, Coach. ET might prevent it given how lengthy your journals get. :)

Look forward to it.


Quote from optioncoach:

Starting Aug. 1 I might start my futures daytrading journal lol....
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Quote from rdemyan:
).

I'm taking 7 chapters with me totalling about 150 pages. Normally, I could read that easily in several hours, but with
Cottle..... [/B]
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I vote we pay MO to do a "Cliff Notes" version of Cottle:p
 
Coach
Can you please give an example of gamma scalping trade.I am reading cottles book but i am afraid it will take many reads to comprehend the info.

Appreciate it.thanks
 
Coach, how are you doing with the fills in the ES? The liquidity is some of the best out there but it has to trade through my entry price to get filled. Most of my trades are usually countertrend as well. Several times over the past few weeks it has printed my entry and then rallied 10-12 points without a fill! I am going nuts and mainly trade the ER now because of it. The ER is very violent and i would like to have some diversification by trading the ES but am thinking about throwing in the towel because i never get filled and dont chase trades.... How do you cope with getting filled on the ES? Or am I the only one not getting filled.
Thanks
 
Quote from optioncoach:

Starting Aug. 1 I might start my futures daytrading journal lol....
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coach, because you mentioned that you use es for hedging and daytrading in this journal, i was able to recoup 2k in the june expiry...thank you!! i understand that ideally using a unlimited risk position to hedge a limited risk position is perhaps a no-no, but it certainly did help.
 
With the ES options I always shave a bit off the bid or ask and have not had a problem. Way better than the SPX in my opinion because when I place an order it becomes the bid or ask. Of course you cannot get filled in the mid-point but so far no complaints. If you are trying to be too aggressive with your shaves you might never get filled but there is no need to constantly miss trades for .25 in ES points.

I have not realy had to cope with getting filled on the ES, I shave a bit and let the order sit a bit. Try a less of a shave :D


Quote from apex82:

Coach, how are you doing with the fills in the ES? The liquidity is some of the best out there but it has to trade through my entry price to get filled. Most of my trades are usually countertrend as well. Several times over the past few weeks it has printed my entry and then rallied 10-12 points without a fill! I am going nuts and mainly trade the ER now because of it. The ER is very violent and i would like to have some diversification by trading the ES but am thinking about throwing in the towel because i never get filled and dont chase trades.... How do you cope with getting filled on the ES? Or am I the only one not getting filled.
Thanks
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As long as you understand how ES works and the risks of using it as a hedge and do it intelligently and sparingly, go for it... I have not had too use ES as a hedge yet given the distance OTM I go, but it is in the toolbox.


Quote from iprph90:

coach, because you mentioned that you use es for hedging and daytrading in this journal, i was able to recoup 2k in the june expiry...thank you!! i understand that ideally using a unlimited risk position to hedge a limited risk position is perhaps a no-no, but it certainly did help.
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