fibwizard 9:40 am on Friday, November 25, 2016
Tags: SPXcampaign ( 2,265 )

SPX Trade

STO 2 Dec 23 2040/2140 BUPS at 6.06 ( credit of 1212.00 )

prvtrader 10:33 am on Friday, November 25, 2016

Is that a 100 pt spread or a typo?
- fibwizard 10:35 am on Friday, November 25, 2016
  
  100 point spread…the same way I always trade..
tabortrader 11:40 am on Friday, November 25, 2016

Haven’t followed this trade very closely how do you plan to exit?
- fibwizard 11:46 am on Friday, November 25, 2016
  
  I exit the short put at 60-70% profit…and move up to the next Delta 13, and sell that against the original Long side..it increases the spread by 40 points usually..when the 2nd short side is at 60%, I take my profit and let the long side expire worthless..its basically a wide BUPS where the short side gets rolled to a higher delta once or twice and the long side expires, closing that week out…
  - tabortrader 12:33 pm on Saturday, November 26, 2016
    
    Thanks, think I’ve been doing something like that, once-in-a-while, at SPXcampaign 25pt spreads…going to give this a try, with your discipline.
    - fibwizard 1:36 pm on Saturday, November 26, 2016
      
      I do the trades this way to maximize my profits for each week I trade..being on a limited acct, somewhat, margin gets used up quickly..as well I work full time..so I place maybe 6-8 trades monthly and trade 100 point wide spreads and roll the shorts once or twice to get as much as i can with just a few trades..Thus far it works nicely for me, and makes me a nice additional income..It will eat margin, so be aware, but thats no issue for me….cheers.

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