Stock Trading
Posted: 28 Sep 2022, 13:45
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Congrats! Money was made yesterday. You won't go broke.Del wrote: ↑28 Sep 2022, 13:34OMG! What a dreadful day! Pull up a chart of RUT if you wish, and set it to 10-minute candles.
I woke up this morning with an awesome total of $3127 in premium for this week.
I still had most of this -- with a strong shot at holding on to all of it -- until 2:00 pm.
My short call strike is in the money at 1710. A late afternoon surge started.
It was too late to make adjustments, just an hour short of expiration. So I had to trust and hope for the common phenomenon of a small sell-off at the end of the day, which often happens on surge days.
At the top, 10 minutes before market close, I was looking at $7640 pay-out.... giving back all of my premium, plus taking $4513 from my pocket.
At 2:50, the index started to sell. Ten minutes later, the index closed at 1715.24.
I'll get to keep $507 profit for the week. I'm ready for a drink.
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In aviation, there is a proverb: Any landing you can walk away from is a good landing.
I'm walking away from a crash without a scratch. I must be thankful.
Okay. I set up a new condor for this week. $5000 at risk for $808 in premium. That's 16% return in one week on the position.sweetandsour wrote: ↑28 Sep 2022, 22:13Congrats! Money was made yesterday. You won't go broke.Del wrote: ↑28 Sep 2022, 13:34OMG! What a dreadful day! Pull up a chart of RUT if you wish, and set it to 10-minute candles.
I woke up this morning with an awesome total of $3127 in premium for this week.
I still had most of this -- with a strong shot at holding on to all of it -- until 2:00 pm.
My short call strike is in the money at 1710. A late afternoon surge started.
It was too late to make adjustments, just an hour short of expiration. So I had to trust and hope for the common phenomenon of a small sell-off at the end of the day, which often happens on surge days.
At the top, 10 minutes before market close, I was looking at $7640 pay-out.... giving back all of my premium, plus taking $4513 from my pocket.
At 2:50, the index started to sell. Ten minutes later, the index closed at 1715.24.
I'll get to keep $507 profit for the week. I'm ready for a drink.
=================================
In aviation, there is a proverb: Any landing you can walk away from is a good landing.
I'm walking away from a crash without a scratch. I must be thankful.
Good luck!Del wrote: ↑29 Sep 2022, 11:51Okay. I set up a new condor for this week. $5000 at risk for $808 in premium. That's 16% return in one week on the position.sweetandsour wrote: ↑28 Sep 2022, 22:13Congrats! Money was made yesterday. You won't go broke.Del wrote: ↑28 Sep 2022, 13:34
OMG! What a dreadful day! Pull up a chart of RUT if you wish, and set it to 10-minute candles.
I woke up this morning with an awesome total of $3127 in premium for this week.
I still had most of this -- with a strong shot at holding on to all of it -- until 2:00 pm.
My short call strike is in the money at 1710. A late afternoon surge started.
It was too late to make adjustments, just an hour short of expiration. So I had to trust and hope for the common phenomenon of a small sell-off at the end of the day, which often happens on surge days.
At the top, 10 minutes before market close, I was looking at $7640 pay-out.... giving back all of my premium, plus taking $4513 from my pocket.
At 2:50, the index started to sell. Ten minutes later, the index closed at 1715.24.
I'll get to keep $507 profit for the week. I'm ready for a drink.
=================================
In aviation, there is a proverb: Any landing you can walk away from is a good landing.
I'm walking away from a crash without a scratch. I must be thankful.
Bell curve estimates 10% risk of index moving above or below my targets by next Wednesday afternoon.
Dammit, I will be content with this.
I will not add more contracts and increase my risk.
I will not roll the legs in for more premium and increase my risk.
I will leave it alone unless and until the market forces me to make an adjustment.
============================
I cut my energy position by half. I was in XLE and DRLL. They are both energy indexes. I was only in DRLL because it is not managed by State Street and their woke ESR principles.... but volume is low and call options are not available. And I don't get any margin credit for the DRLL position. So even though I like the fund, it just isn't suitable for trading. My retirement assets are still in DRLL.
I sold DRLL while XLE was trading above 72, so relatively good price. If recession deepens and market takes another drop, I will buy more XLE at bargain.
SPY and XLK set new lows today, led down by the tech sector.sweetandsour wrote: ↑29 Sep 2022, 12:49Good luck!Del wrote: ↑29 Sep 2022, 11:51Okay. I set up a new condor for this week. $5000 at risk for $808 in premium. That's 16% return in one week on the position.
Bell curve estimates 10% risk of index moving above or below my targets by next Wednesday afternoon.
Dammit, I will be content with this.
I will not add more contracts and increase my risk.
I will not roll the legs in for more premium and increase my risk.
I will leave it alone unless and until the market forces me to make an adjustment.
============================
I cut my energy position by half. I was in XLE and DRLL. They are both energy indexes. I was only in DRLL because it is not managed by State Street and their woke ESR principles.... but volume is low and call options are not available. And I don't get any margin credit for the DRLL position. So even though I like the fund, it just isn't suitable for trading. My retirement assets are still in DRLL.
I sold DRLL while XLE was trading above 72, so relatively good price. If recession deepens and market takes another drop, I will buy more XLE at bargain.
I sold half of my XLE (against the advice of a couple of friends that I golf with), so I could use the funds for something else, like dollar cost averaging SPY perhaps.
My play account is ~1/2 what yours is. In summary, March was great, June was terrible, and Sept was ~ 2.9%, but YTD I'm still +7%. I'm still nowhere near doing condors, and not sure that I ever will be, or even just covered calls or puts.Del wrote: ↑29 Sep 2022, 14:44 It's the end of the month again. Time to assess my progress -- or rather, lack of progress. September has been brutal.
Balance and performance:
My trading account started year at $23,500. Currently $28,500. $5000 gain YTD. 21.3% return, YTD. Average 2.4% per month.
Since End of August: $30,600. $2100 loss. Much of that due to the overall drop in market afflicting my copper and oil stocks. I lost a net $1000 in overly risky options trades. It could have been a lot worse.
Iron Condors on Russell 2000 Index (RUT)
This has been my workhorse investment, but I should have calmed down in September with wider spreads and smaller position sizes. YTD profits $6100.
Let's update my table of performance in recent weeks:
Week ending; profit/loss:
7/6 $693
7/13 $1194
7/20 $1073
7/27 $-1614
8/3 $1071
8/10 $1328
8/17 $934
8/24 $80
8/31 $1405
9/7 $-298
9/14 $-2054
9/21 $867
9/28 $507
10/6 $808 (just opened)
Size of the account isn't important. I lost a lot of money to get where I am today. The first goal is learning how to trade for consistent profit.sweetandsour wrote: ↑30 Sep 2022, 06:09
My play account is ~1/2 what yours is. In summary, March was great, June was terrible, and Sept was ~ 2.9%, but YTD I'm still +7%. I'm still nowhere near doing condors, and not sure that I ever will be, or even just covered calls or puts.