Vol-trading for beginners

.sigma said:
This is what I was wondering... is this GOOGL 231p just for examples sake, or a trade you'd actually open? Because the JUL21 2600 puts have 0 OI, in fact the whole chain looks illquid. What about ITM strikes with massive liquidity?

So always try to open flies with all 3 strikes OTM, this might be hard for me as I've been opening a lot of natural ATM.
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Curious as to fly set ups in terms of R/R profit tent. I've been gravitating towards ones that have above a 3:1 pay out. Usually these have to be somewhat directional but I find if IV is high enough they can be done with the first leg in the money.
 
.sigma said:
This is what I was wondering... is this GOOGL 231p just for examples sake, or a trade you'd actually open? Because the JUL21 2600 puts have 0 OI, in fact the whole chain looks illquid. What about ITM strikes with massive liquidity?

So always try to open flies with all 3 strikes OTM, this might be hard for me as I've been opening a lot of natural ATM.
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No, I am not trading out to July. I've only posted one trade in this thread--my son's 121 fly. The rest are quoted for demonstration purposes and chosen completely at random. Any real trades will include fill prices.
 
I am long MSTR in size. Completely outside the scope of this thread, but I don't have anywhere else to post it.

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destriero said:
I expect to see 1050 by end of the week.
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I'm holding given longer term implications of BTC on their balance sheet... I'm surprised WSB haven't identified this as a YOLO trade yet.

I am a total beginner with options; only sold my first put on PLTR this week (usually trade Futures and CFDs). If you're getting round to this excuse my post; but it would be great to know the basic framework (in simple english) around these plays, e.g. long or short butterflies, weeklies/monthlies, trades for high or low IV environments.
 
I didn't trade any naked positions (strangles or straddles) today. I think I jumped the gun anyway as I was going to cover half sized (synthetic) combos first.

Tomorrow I will trade a synthetic short straddle (half lot), post the fill in real-time, and then address it after the close. Stay tuned, f*ckers.
 
destriero said:
I have some stuff to offer newbs to protect them from themselves. I am not going to f*ck myself and offer anything that I deem proprietary, so if I don't respond to your question then you'll know why.

If I get more than 10 likes on this post I'll start the journal. I don't want to waste my time if there is zero interest.
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50 likes?!

I've so many to thank. I'd like to thank the Academy and all those haters in the Pol-forum. A record number of likes. #humbled

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.sigma said:
This is what I was wondering... is this GOOGL 231p just for examples sake, or a trade you'd actually open? Because the JUL21 2600 puts have 0 OI, in fact the whole chain looks illquid. What about ITM strikes with massive liquidity?

So always try to open flies with all 3 strikes OTM, this might be hard for me as I've been opening a lot of natural ATM.
More...
Trade as a fly, normally you won't get a fill at mid. But you can always get fill if you are willing to pay. Perhaps that was why Dest sometimes did synthetic and iron?

You won't do ITM if you know you will be giving money away?
 
I'll hit up the thread in the morning with the half size combo. I forgot to put one on today. Strange day. Vols up across the board, ended flat (+2K) but my downside long vega only began to earn near the close.
 
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