Hi Paul,
I don’t remember which video, but yes, insurance. He mentions that several times in various vid’s. And yes, I was too late for “insurance” per se, and I was indeed paralyzed as you mentioned but if I had been educated about insurance in these kind of trades, I would have either had it on in the first place (I’m sure I would have given the out-of-control volatility) or thought of putting it on after the gap up and captured the continuing move up after the gap, lessening my loss.
It was a brutal way to learn, but that one trade taught me more than everything I encountered in that SpreadTrade outfit. Believe me, they never discussed insurance methods on a condor.
But hey, it’s Sunday afternoon. Time for a margarita and jump in the pool…
I’m expecting good upward movement this week.
Jim
From: OptionClub@yahoogro
Sent: Sunday, June 13, 2010 1:35 PM
To: OptionClub@yahoogro
Subject: RE: [TheOptionClub.
Could you elaborate on the Sheridan video?
Did he mean to buy a couple extra calls/puts for insurance?
I can see where that would help. However, if I wait until the underlying ‘runs away’, it is not going to do me any good. L
I suspect many of us have had a similar situation where a position goes against us. I know I usually get panicked/frozen and don’t know what to do. Conversely, I would not know how to help you when you asked for it.
Paul,
Looking for a way to make money? I have a friend that writes credit spreads on the OEX weeklies. OTM, not good risk/reward ratio BUT only has to wait a week. L. I tried it and my first couple of trades ran against me – big time, almost max loss. L I decided I did not like those big equity swings.
From: OptionClub@yahoogro
Sent: Sunday, June 13, 2010 11:06 AM
To: OptionClub@yahoogro
Subject: RE: [TheOptionClub.
Hey Paul,
You might as well stay here. Going to another list will be the same thing. It’s the nature of the Internet. Whatever mood someone is in, they’ll fire off on you, because there’s no real accountability. You can pick up good info here, over time.
I posted a question about an Iron Condor that ran way outside both short and long strikes awhile back, looking for ANY kind of thoughts and no one even bothered to respond. Then I’m watching a Sheridan video and he mentions throwing 1 or 2 long calls (or puts) on top and you go from losing thousands to losing hundreds. So f&^#’ing simple and yet I didn’t think of it at the time. But did any of the 2 dozen+ people on here that was obvious to bother to mention it? Heck no. But, I’ve seen threads here where people have held someone’s hand through days and days of assistance on some basic and some pretty advanced trades. It’s “like a box of chocolates…”
Just hang in there. Go slow and be patient. Watch every free video out there and be VERY cautious before buying anyone’s courses.
As for this or any other list like it, bottom line is, the day you post your question, you just have to hope that someone is feeling generous that day and isn’t in a pissy mood thinking “Ha, no one helped me with that Iron Condor I lost thousands of dollars on, screw him.”
From: OptionClub@yahoogro
Sent: Sunday, June 13, 2010 10:23 AM
To: OptionClub@yahoogro
Subject: [TheOptionClub.
I know I am not very smart- that is why I ask questions about how to trade options for profit. I already know how to lose.
I ask and get answers, sometimes the answers work and sometimes they don't. I ask again- get new answers. etc.
Seems there is no one way to trade. I want one that I can do- profit consistantly and lose seldom.
I know it must be annoying to answer my questions by people who have option trading down but isn't that what this group for? to learn how to trade options without losing it all?
If my questions are too annoying, maybe I will have to seek answers elsewhere.
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