Just wow. No end in sight. Few Call spreads and a June 72 call hurting, but broke even on the day because I bought a 1300 next week /gc firstname.lastname@example.org last night and sold it today @10.90
Ironically, it matched the loss I have in a few of my NUGT position to give me a break even day in gold.
1400 in gold seems probable soon at this rate.
I wanted to get some insight with those on regular 3 to 1 Margin accounts with under 50k.
When selling naked calls/puts (especially calls right now) on NUGT/UVXY what is the max number of calls you sell?
Also, how did you fare in August with margin requirements when UVXY went from 40s to 90 in 2 days. For example, a 170 Jan 2017 call or March 165 call, even though way otm would triple or quadruple on the next big selloff.
Were you able to maintain those positions with say 25k in the account or should spreads be the call sale of choice.
Any insight as to how best play the #vxxgame with a smaller 3-1 margin account would be great.
Seems the shiny stuff has a big reversion to the mean to the upside. RSI OB on daily, but not sure it matters right now.
Trying to work back all the money Inlost in DUST/NUGT
STO June 72 call 4.65
The last week has put my feb 10 puts from decent profit to underwater in a week. $10.32 close means it may be roll time tomorrow.
The part about premium selling that sucks is the whipsaw. The shiny stuff putting the heat on right now.
Time to freak?
NO-Time to follow the plan and adjust/roll when atm hits. #psychology
STO March 30 put @ 1.25 earlier. Late post due to work.
Anyone play these on a consistent basis? Would shorting calls in each be viable as a way to take advantage of any drag or compounding issues each hold.
I use spy to beta weight my portfolio and would probably short more tna calls vs tza calls for more overall negative deltas as the market moves up on this countertend rally towards major fib lines.
Thoughts? Suggestions? Please let me know your experiences with these ETFs.
Thanks as always!
Following plan to close at 80% profit
BTC DUST Feb. 19 34 call @.10
BTC DUST Mar. 40 Call @ .24
both around 80% profit
Miners on a tear lately.
Taking advantage of this down move.
BTC UVXY Feb 21 put @.08
BTC UVXY Feb 22 put @.11
STO SVXY Feb 29 put @.60 This effectively balances my SVXY positions on each side.
Both UVXY positions would likely close with full profit, but I am choosing to be nimble in this market and take it when it gives it to me.
Couldn’t post these due to my other real job.
STO Feb2 UVXY 27 put strike @.40
STO Feb ’16 SVXY 45 call @.60
STO Mar 1 UVXY 23 put @.65
STO Feb2 UVXY 29 put @.65
BTC Jan5 UVXY 82 call @.18-Probably would expire worthless, but nice two day gain and in this market I choose to error on the side of caution and take it when I have the nice gain.
BTC Feb1 25 put @.06
STO DUST Feb4 12 put @.55 I now have equal calls and puts on both sides for February.
I just wanted to comment on what I feel is the most important part of trading and that is psychology. Hopefully this spurs a continued theme here whereby we can notice certain traits with each other and help with self-coaching in this area as it can make you or break you as a long term and profitable trader.
My 3 main areas I am focusing on as strengths and weaknesses right now:
- Position sizing-Strength – I have made some erroneous trades this last year and what has saved me is my position sizing based on my rules per my account size
Goal-Continue with proper position sizing going forward
2. Discipline-Big Weakness- This is an area whereby I need to really focus my self-coaching. I make impulsive direction trades sometimes that are based on “gut” and not a plan or a setup.
Goal: I’ve started to create a set of daily trading plans using Evernote on my phone (Since most of my trades are via phone due to work) The plan includes If/Than statements same as an Algo would have setup in a trading strategy.
3. Stop/loss– Moderate weakness- Sometimes I have good stops and sometimes I let it go too far taking a larger loss than I should before an adjustment.
Goal-Write a plan for each month in my #vxxgame #miners and #/esfutsoptions of what my stops are targets are for each position.
Jeff and everyone,
I hope I did not clutter the site too much with this post and want to keep a continued #tag going on various #psychology self-coaching cues and strategies that could benefit everyone.
Enjoy your weekend!
Added some Feb UVXY montly 25 put strikes. @.35 avg.
This market is a bear until it shows me otherwise so trying to add negative spy weighted deltas to my #vxxgame positions.
Also, took my short 50 WMT puts when I had .35 profit back on the pop. Playing conservative and taking positive detas off the table in some areas.
Greetings everyone. Hope everyone is making it through this downdraft ok. My accounts have seen better times, but I’m still weathering the storm thus far. New contributor and really enjoy the site and learning about the #vxxgame in particular.
Current vxx positions all small. Some positions have been on a while.
Short Jan5 82 calls @1.05
Short Feb1 25 puts @.80
Short Feb ’16 21 puts @.76
Short Feb ’16 22 puts @.66
Short Jan ’17 170 calls @11.75 (underwater currently)
Closed Short SVXY 35 puts today @4.30 Originally sold @1.10 (Will look to roll these somewhere in the coming days)
Gold Miner positions:
DUST-Short Feb ’16 10 puts @.63
DUST-Short Feb ’16 34 calls @.65
DUST-Short March ’16 40 calls @1.25 (Got this idea from Bistro-thanks!)
NUGT-I was burned on some short 19 puts that I put on when it was pushing above 27. Will look to roll somewhere soon.
I put on ES future options spread last night around 9est. I tend to use these to hedge or in place of SPX Spreads during Vol markets.
Feb ’16 1800/1780 put spread bought @4.75 and sold at 6.75 before lunch. (Lucky to get out before the big reversal)
Also short some WMT Jan ’17 50 puts @2.13 back in early December. (Gave back a lot of profit on this in the last 13 days)
I have some XLE calendars I’ve been playing for months and also tend to day trade SPY options a few times a week.
I use daily and weekly options trade alerts to watch the big dogs to help determine direction and large bets in individual names.