149 replies to this topic

[12SPX]

 

 

I messed up and bought out of the money off the low with a week left, doesn't work too good, QQQ was up 300%

vs. AAPL 50%, should have bought QQQ. Well I shorted AAPL just off 2800, I covered too early for a double, it was up 

600% today had I held. I think I just make too many barely off mistakes that add up to nothing. You can't predict the future or how far something will move after you take a position and especially I don't like carrying a gain overnight, to wake up to a possible 50% drawdown instead.

I read the tape perfectly today, but I bought the wrong instrument and expiration date, strike. You can get by with otm puts after a big rally,

but for longs go itm same day next day expo. I know all this but often times I want the cheap contract with more time to make up for mistakes.

doesn't work.

 

Futures, cash, options, it's all the same in day trading, you better know how to time the market or you will lose on any and all of the three.

This is one of the reasons I prefer to sell options cause even if your wrong the time premium will help you out.  Have been experimenting with the weekly option expirations as I can't believe how much premium is in them.  Been harder to trade them the past couple weeks with the swings we've been seeing unless your on the right side of course lol but they are quite profitable overall.

 

 

 

 

How often are you assigned on a position ?  The funding requirements for level 3 or 4 is not that bad, but if you get assigned and you don't have the money you are in trouble.

 

I've been selling them for over 30 years and have never once been assigned however I'm also not trading in the money options.

[CLK]

So you trade all American style ?      Do you just stay with Index/ETF options or do you sell stock options too ?

 

 

What I have tried to do in the past is sell 2 months out Put and buy 1 week Put to protect it, but they won't allow that on level 3, so if I can get approved for level 4 then that should not be a problem.

[12SPX]

So you trade all American style ?      Do you just stay with Index/ETF options or do you sell stock options too ?

 

 

What I have tried to do in the past is sell 2 months out Put and buy 1 week Put to protect it, but they won't allow that on level 3, so if I can get approved for level 4 then that should not be a problem.

ES options on the CME.

[CLK]

 

So you trade all American style ?      Do you just stay with Index/ETF options or do you sell stock options too ?

 

 

What I have tried to do in the past is sell 2 months out Put and buy 1 week Put to protect it, but they won't allow that on level 3, so if I can get approved for level 4 then that should not be a problem.

ES options on the CME.

 

 

 

Why only ES options ?

[12SPX]

 

 

So you trade all American style ?      Do you just stay with Index/ETF options or do you sell stock options too ?

 

 

What I have tried to do in the past is sell 2 months out Put and buy 1 week Put to protect it, but they won't allow that on level 3, so if I can get approved for level 4 then that should not be a problem.

ES options on the CME.

 

 

 

Why only ES options ?

 

Before that I did the cash options but I like the ES because you can sell both sides with the same margin whereas cash needs both.

[CLK]

Hourly sell at 11am, up 20 points from signal, I did get a volume buy signal but I ignored it and it failed, the reason is that I think since Stockcharts changed vendors, the volume is not as accurate. Right now SPY gave no volume signals so I will watch it for that.

[CLK]

[CLK]

Anybody that says they don't have an hourly setup and stays in cash needs to put their system in the trash bin, it's worthless.

This market is yielding the best swings with most points ever.

 

This is the cleanest system there is, for the last month most have been one brick turns a few two's and a few 20 point drawdowns but hundreds of points to gain. No watching every tick, once an hour is all that is required.

 

 

Edited by CLK, 08 December 2018 - 06:20 PM.

[Waver]

How does this system work?

[CLK]

How does this system work?

 

It's renko, the top of every hour closes and prints the current brick, if there is a turn you close your position and reverse, simple. The actual tops and bottoms don't appear on this system like regular candles, you can't mix candle trading and renko. You are not trying to pick tops and bottoms, you let the renko print the turns then you take the trade, you don't want to trade until the market turns and doesn't look back. 

if there is a retrace after you take the trade, ignore it unless there is a top of the hour print in the opposite direction. The main drawback to day trading is getting stopped out multiple times before you catch a lasting trend, that's a good way to lose overall.