My apologies for insulting not one but the two of you
sorry Mark...sorry Tim!
SPX Credit Spread Trader
- Thread starter El OchoCinco
- Start date
My apologies for insulting not one but the two of you
sorry Mark...sorry Tim!Regarding ToS, this is an observation rather than a criticism...
Seems unusual that several things have been mentioned in this forum that are negotiable on an individual basis with ToS rather than having published rates and policies that apply to everyone and that can be compared straight up with other brokers.
This won't stop me from opening a small account with them to compare their rates and services, but looks like I'll to keep on my toes as far as challenging their policies if I decide to seriously consider increasing my account size after my evaluation of them.
Seems unusual that several things have been mentioned in this forum that are negotiable on an individual basis with ToS rather than having published rates and policies that apply to everyone and that can be compared straight up with other brokers.
This won't stop me from opening a small account with them to compare their rates and services, but looks like I'll to keep on my toes as far as challenging their policies if I decide to seriously consider increasing my account size after my evaluation of them.
Zegras,
I'm curious. Does this paid service leg you into IC's over time, or enter both sides as one spread on the same day? What I'm getting at is whether there is an attempt to lower risk by using trend, take advantage of volatility, overbought/oversold, or some other directional bias.
Glad you find the advice helpful. Luck also plays a role. IMO, Most of these so-called services prefer not to sit on cash and will throw trades out there and get lucky until the day they aren't.
I'm curious. Does this paid service leg you into IC's over time, or enter both sides as one spread on the same day? What I'm getting at is whether there is an attempt to lower risk by using trend, take advantage of volatility, overbought/oversold, or some other directional bias.
Glad you find the advice helpful. Luck also plays a role. IMO, Most of these so-called services prefer not to sit on cash and will throw trades out there and get lucky until the day they aren't.
Bingo. Anyone who has done even the first bit of homework on otm credit spreads knows that its a bog-simple strategy with a great w/l rate. Perfect for recommending to a bunch of followers because you're always a winner. And who doesn't love a winner?!? 
How much money you actually get to keep depends on how you handle the adverse moves when they inevitably come around.
This also goes back to the question of money management. Most advisers don't get into your personal allocation of funds (and they shouldn't). Problem is the sheep get all high on the can't miss profits and overleverage. Then when the loser comes, they are blown out.
Zegras, if you want a more hands-off participation in this kind of trading, I suggest you use one of the CTAs out there with an established track record. There are lots of them. www.autumngold.com Go with someone who actually does all the trading and money management, not just a newsletter writer.
And don't get discouraged by everyone's flames about your posting the newsletter website. Just recognize that there are many half-baked signal callers out there. Any positive reference to one of them always gets treated with a bunch of skepticism. Some people are so vehement about it that its gets a little too personal. Don't let it run you off
How much money you actually get to keep depends on how you handle the adverse moves when they inevitably come around. This also goes back to the question of money management. Most advisers don't get into your personal allocation of funds (and they shouldn't). Problem is the sheep get all high on the can't miss profits and overleverage. Then when the loser comes, they are blown out.
Zegras, if you want a more hands-off participation in this kind of trading, I suggest you use one of the CTAs out there with an established track record. There are lots of them. www.autumngold.com Go with someone who actually does all the trading and money management, not just a newsletter writer.
And don't get discouraged by everyone's flames about your posting the newsletter website. Just recognize that there are many half-baked signal callers out there. Any positive reference to one of them always gets treated with a bunch of skepticism. Some people are so vehement about it that its gets a little too personal. Don't let it run you off
Legged into Call side of 'Ear' Vertical for 3.60 credit, making it an 'Ear' Iron Condor.
-10 MAR07 1495 CALLS
+8 MAR07 1505 CALLS
+1 MAR07 1490 CALLS
+1 MAR07 1485 CALLS
Adjustment strategy is a simple exit @ pre-determined risk levels that will shift slighty as expiration nears.
Order entry with IB was much easier after having gained the experience with the Put side multi-leg vertical.
-10 MAR07 1495 CALLS
+8 MAR07 1505 CALLS
+1 MAR07 1490 CALLS
+1 MAR07 1485 CALLS
Adjustment strategy is a simple exit @ pre-determined risk levels that will shift slighty as expiration nears.
Order entry with IB was much easier after having gained the experience with the Put side multi-leg vertical.
Good for you. I am having a heck of a time getting reasonable executions today on SPX. Trying to sell some put credit spreads around the 1400 mark while we are down. But I can't get any significant interest at the b/a midpoints. Even tried adjusting my order size to 100 lot contracts and still no go.
I got in OK the other day on the CALL side at the 1500+ area but today - nothing but 30 contracts or so. It's such a nice day to be wasting inside tweaking orders a nickle here and there. Was tempted to let loose a market order just so I can get out of the house and enjoy the bright sunny warm day. Frustrating that I can't even get a lazy market maker to neutral hedge it at a fair price to give us some trading volume...
TS
Hey guys,
I' m a market maker in the spider pit. If you cant get fill in the SPX try the SPY. Commissions are a little more, but you will get better fills.
Steve
I' m a market maker in the spider pit. If you cant get fill in the SPX try the SPY. Commissions are a little more, but you will get better fills.
Steve
COLLAR:
I bought 100 shares of GOOG Stock at $471 and 1 PUT At 470 Strike for $10. Today, GOOG at 475, i sold 1 CALL at 480 Strike for $9.
So, depending on where GOOG is at expiration, i belive i have locked in a profit
I bought 100 shares of GOOG Stock at $471 and 1 PUT At 470 Strike for $10. Today, GOOG at 475, i sold 1 CALL at 480 Strike for $9.
So, depending on where GOOG is at expiration, i belive i have locked in a profit
Quote from ThunderChicken:
COLLAR:
I bought 100 shares of GOOG Stock at $471 and 1 PUT At 470 Strike for $10. Today, GOOG at 475, i sold 1 CALL at 480 Strike for $9.
So, depending on where GOOG is at expiration, i belive i have locked in a profit
All you did was buy the GOOG 470/480 call spread for 2 pts. Yes, you have risk, you could lose your 2 pt debit (plus the cost of carry on the stock).
Wow Maverick! I got to learn to do the dissection like that.
But the only way i can lose 2 pts is if GOOG is 470 on expiration, right?. I can deal with that.
