SPX Credit Spread Trader
- Thread starter El OchoCinco
- Start date
I just saw Max Ansbacher on TV. He is a very poor spokesperson for 'options.'
When I write or speak, my goal is to get the average investor interested in options. So many people fear options because too many professionals (brokers and financial writers) consider options to be 'dangerous. ' It makes me very frustrated to see a boob, such as Ansbacher, trying to get the public investor interested in lerning how to use options.
I'd love the opportunity to be interviewed on TV in place of Max
Mark
When I write or speak, my goal is to get the average investor interested in options. So many people fear options because too many professionals (brokers and financial writers) consider options to be 'dangerous. ' It makes me very frustrated to see a boob, such as Ansbacher, trying to get the public investor interested in lerning how to use options.
I'd love the opportunity to be interviewed on TV in place of Max
Mark
I took some losses, closed CTM and reopen further. The wind has changed and volatility make it a little bit difficult but at the end I like where I am at for this expiration.
If I lose 5-6K this month I will be greatful. Adjustment is the name of the game ; I made some on-time adjustment that saved me a lot of pain.
And I also opened some APR Calls that are making money as well.
Now it's time for me to concentrate on CALLs only for the next 3 months. I'll do some PUT but close to expiration.
I hope you are ok
If I lose 5-6K this month I will be greatful. Adjustment is the name of the game ; I made some on-time adjustment that saved me a lot of pain.
And I also opened some APR Calls that are making money as well.
Now it's time for me to concentrate on CALLs only for the next 3 months. I'll do some PUT but close to expiration.
I hope you are ok
So, does this means that for many put side credit spread people, this month was a loss, regardless of CTM, ATM, FOTM? The only one that was safe was the way, way FOTM 4 sigmas credit spread.
I ask this because a lot of people have used this drop as an opportunity to blast FOTM credit spreads as a method of options trading.
although, i will say that i took a 25% loss on my 1385/1375 put spread, but made 3% on my 1500/1510 call spread this month. Remains to be seen how my rut 830/850 and 700/680 will do.
this month there was no safe put credit spread play. The only people who came out unscathed were those who had hedges on.
I hope today's move gives people a chance to adjust or hedge or get out of their put spreads 
Quote from optioncoach:
I hope today's move gives people a chance to adjust or hedge or get out of their put spreads
I'm, sure it did. But, IMHO, anyone who was not well-hedged and held through the drop, hoping for the best may have come out a winner. But, the lack of discipline will come back top haunt them.
I chose not to wait/pray for a miracle. I locked in my reasonably-sized losses and did not risk the farm. I was thrilled at not getting hurt with such a large down move.
After fixing my portfolio, I chose to take advantage of the extremely high IV and sold March credit speads - both calls and puts. This gives me a chance to come out ok for the month. Of course, it gives me a chance ot lose still more.
Mark
I did the same thing. Yesterday sold a put spread (1365/1350) and today a call spread (1420/1435) net credit $5. Hey for 8 trading days left why not!