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Rebel's Journey From A Cheap Engineer To A Super Trader - Page 7

post #121 of 247
7/15/10 at 5:17pm
Quote:
Originally Posted by RebelT09 View Post
Hmm, I'll have to check them out then. I contacted TOS this morning and they said they don't offer cash accounts anymore, but maybe sometime in the future.

And yeah, I think we're headed lower from here. Crossing my fingers we'll even gap down tomorrow. I'm in at 10 contracts with 17% of the portfolio. If needed, I'll average down if I see continued weakness. Furthermore, if I see a uptrend emerging then I'll have to hedge with calls.
Uhhh. You know that if you choose TD Ameritrade that ToS comes with it? I opened a TDA cash account in December and downloaded desktop-ToS about a week ago.

Plus if beehivesjoe gives you a referral he gets $100 cash/free trades that he can split or something .
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post #122 of 247
7/15/10 at 5:27pm
Thread Starter 
Quote:
Originally Posted by beehivesjoe View Post
What strike do you have? The problem with expiration week is holding overnight it seems like they're worth half the value just at open the next day!
Yeah, that definitely seems to happen. I may be getting ready to learn an important lesson (losing major money) later today and tomorrow morning . But like I said, I'll just have to manage accordingly to the best of my abilities. Anyways, they're 109 Puts and now I'm having to hedge them with the 109 Calls. I should of known at the start of this day to NOT go for an overnight option play w/ expiration being tomorrow AND especially not go for intra day play that I can't get out of.
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post #123 of 247
7/15/10 at 5:30pm
Quote:
Originally Posted by RebelT09 View Post
Yeah, that definitely seems to happen. I may be getting ready to learn an important lesson (losing major money) later today and tomorrow morning . But like I said, I'll just have to manage accordingly to the best of my abilities. Anyways, they're 109 Puts and now I'm having to hedge them with the 109 Calls. I should of known at the start of this day to NOT go for an overnight option play w/ expiration being tomorrow AND especially not go for intra day play that I can't get out of.
Yeah, I bought puts yesteday in X and Spy then it turned against me. I bought this week expiration and I got fooked holding overnight. I think on expiration week Im going to focus on day trades! The markets so crazy expiration week anyways I guess it's kind of stupid to hold overnight.
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post #124 of 247
7/15/10 at 5:36pm
Thread Starter 
Quote:
Originally Posted by beehivesjoe View Post
Yeah, I bought puts yesteday in X and Spy then it turned against me. I bought this week expiration and I got fooked holding overnight. I think on expiration week Im going to focus on day trades! The markets so crazy expiration week anyways I guess it's kind of stupid to hold overnight.
You can say that again. I wanted to sell my puts this morning after the big drop, but of course had to hold on. Damn it, somebody just get me out of these and open me up a cash account!
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post #125 of 247
7/15/10 at 6:03pm
Quote:
Originally Posted by RebelT09 View Post
You can say that again. I wanted to sell my puts this morning after the big drop, but of course had to hold on. Damn it, somebody just get me out of these and open me up a cash account!
If you haven't got flagged for daytrading yet, now might be the time. They usually let you get by once or twice. I did it once to save my capital and they let me off with a warning.
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post #126 of 247
7/15/10 at 6:09pm
Thread Starter 
Quote:
Originally Posted by Slappified View Post
If you haven't got flagged for daytrading yet, now might be the time. They usually let you get by once or twice. I did it once to save my capital and they let me off with a warning.
If they lock my account, does that mean they lock my funds up? Because at this point I don't care if the account get locked, I just want to find a new broker.
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post #127 of 247
7/15/10 at 6:46pm
Quote:
Originally Posted by RebelT09 View Post
If they lock my account, does that mean they lock my funds up? Because at this point I don't care if the account get locked, I just want to find a new broker.
If they restrict your account, you can still transfer your funds to another broker. Very unlikely they restrict your account, especially for your first time.
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post #128 of 247
7/15/10 at 7:35pm
Thread Starter 
FCK! TOS locks you out from even trying to get past the 3 day trade rule. Looks like this is going to be one of those "learning a lesson" moments. Can only hope that we shoot lower and gap lower tomorrow, though hope should never be part of the equation for success.
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post #129 of 247
7/15/10 at 8:06pm
Thread Starter 
Suffered about a $600 loss today (finally got out of that stupid penny). Will be interesting to wake up and see what my account does. Anyways, hope everyone had a little better day trading and I'll see y'all tomorrow.
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post #130 of 247
7/16/10 at 1:39pm
Thread Starter 
Closed out all my positions this morning to end the week around $4,250 or so. I feel I'm quickly finding my niche in this wild game, thus I believe I'm more suited toward trading options on an intra-day basis. From what I have found, I can call moves on a 15min/5min chart better than any other time frame. I'll revise my method AGAIN this weekend and in the mean time I'll be opening up a cash account with eoption to make my method possible. Good luck to all and happy trading!
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post #131 of 247
7/16/10 at 1:54pm
If you end up making an account with eoption let me know! I dunno if it's my computer or what.. but it won't let me make an account! It's been pissing me off lol. Anyways atleast you haven't lost your entire ac**** before figuring out your niche! Keep up the good work!
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post #132 of 247
7/16/10 at 2:09pm
Thread Starter 
Thanks man, but DAMN. I could have been at the $5,500 had I just held on a little bit longer this morning. Oh well, I'll let you know how the eoption thing goes.
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post #133 of 247
7/16/10 at 2:10pm
Quote:
Originally Posted by RebelT09 View Post
Thanks man, but DAMN. I could have been at the $5,500 had I just held on a little bit longer this morning. Oh well, I'll let you know how the eoption thing goes.
I was wondering why you sold so early when it was breaking out at the open? Oh well, nothing is perfect with trading that's for sure! And thanks man
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post #134 of 247
7/16/10 at 2:14pm
Thread Starter 
Quote:
Originally Posted by beehivesjoe View Post
I was wondering why you sold so early when it was breaking out at the open? Oh well, nothing is perfect with trading that's for sure! And thanks man
Well, I still wasn't quite sure how quickly options lose their value on expiration day. I figured, "Oh we're down about 0.5% on the futures, might as well get out now before time value rapes me". Thus, I sold out at probably the low of the day for those puts.
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post #135 of 247
7/16/10 at 2:17pm
Hmm after Blooeys thread and mitzers, I think the main thing we need to figure out is money management with these options. It seems like a small ammount of money gets turned into a couple grand pretty fast and then everyone blows up the account? The only thing I can think of is money management.. Im going to be thinking a lot about this during the weekend!
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post #136 of 247
7/16/10 at 2:42pm
Quote:
Originally Posted by beehivesjoe View Post
Hmm after Blooeys thread and mitzers, I think the main thing we need to figure out is money management with these options. It seems like a small ammount of money gets turned into a couple grand pretty fast and then everyone blows up the account? The only thing I can think of is money management.. Im going to be thinking a lot about this during the weekend!
I was noticing that also, which has me especially nervous since I am getting ready to start options on Monday (I did papertrade some and did fine with it). I was just reading a chapter on money management/position sizing. I guess I need to re-read it a couple more times.
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post #137 of 247
7/16/10 at 4:08pm
Thread Starter 
Quote:
Originally Posted by Slappified View Post
I was noticing that also, which has me especially nervous since I am getting ready to start options on Monday (I did papertrade some and did fine with it). I was just reading a chapter on money management/position sizing. I guess I need to re-read it a couple more times.

Yes, money management with options is vital, especially if your playing the front month contracts.

Should of, could of, would of had a double in those much hated puts . Oh well, I'll post a screen shot of the excel file later today.
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post #138 of 247
7/16/10 at 8:28pm
Jeesh we both had terrible days but we both learned good lessons this week! On wednesday I bought spy 1 otm and x 2 otm. Today I sold my 41 x puts for a loss of 93%. I went and looked at the 42 puts just 1 strike difference and it was up 360%!!!! Very big lesson, don't be greedy! 1 otm max for me. Yawn lesson learned and my spy puts were up over 100% so I still have 450 dollars in my account Lesson learned and I still have capital! Woot!
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post #139 of 247
7/16/10 at 8:34pm
Quote:
Originally Posted by RebelT09 View Post
Closed out all my positions this morning to end the week around $4,250 or so. I feel I'm quickly finding my niche in this wild game, thus I believe I'm more suited toward trading options on an intra-day basis. From what I have found, I can call moves on a 15min/5min chart better than any other time frame. I'll revise my method AGAIN this weekend and in the mean time I'll be opening up a cash account with eoption to make my method possible. Good luck to all and happy trading!
Rebel, a guy on here turned me onto Forex recently and I've given up options all together and also kissed the day-trading rules goodbye as well. I'm up 30% in 3 days. (actually I've been doing it for about 2 weeks now, was up 30%, lost it, and gained it back today 7/16 lol) commissions are only about a $1.00 through ToS as well. I can't see myself ever going back to stocks/options. you can get as much or more leverage compared to options also (if you want), but you gotta be careful with position size just like with anything. Do some paper trading for a while to get the hang of it, but i bet you'll catch on quick...i feel that I have.

there is a good "beginners" thread over in the forex section that helped give me the basics. also, you can trade 24hrs/day except between friday at 4pm EST and sunday 4pm EST I think.
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post #140 of 247
7/16/10 at 9:41pm
Thread Starter 
I've actually played with Forex before, but that was when I was in school. Needless to say, I epically failed lol. However, I have always been interested in studying Forex more deeply, as the 24 hour trading does appeal to me and is a lot easier to handle in college (when you know what your doing). I probably wouldn't try any forex trades anytime soon, however I'll probably pick up a book to get more used to it. Thanks for heads up.
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