Guardians of Grail

cheapbag214s · Posted: Sat 13:47, 24 Aug 2013 Post subject: Options Trader Friday Outlook

Options Trader Friday Outlook,[link widoczny dla zalogowanych]
Phil, I don't know how I can thank you enough for your guidance this past week. I'm up significantly in my portfolio and I've never been so relaxed watching the market panic. Thanks once again for being here for us.
- thechaser,
Oil - thanks Phil, got in late at 0.53 on the 38p today, set a sell for 0.75 and took the dog for a walk - 70% gain and more than enough $$ to buy dog food. TZA Aug 35/40 BCS - closed out for a 100% gain in under a month - thanks again for introducing me to these trades.
Your board has been fantastic helping the less experienced (includes me) navigate through all the turmoil. The contributions from your members has been well rounded, objective, and extremely helpful. Sans the politics you have built a fantastic community and that is a tribute to you. I thank you and all fellow members for there contributions over the past few days. Fantastic group!
- dclark41,
August 3, 2011
Phil - Not that you dont usually, but you have DEFINITELY earned your money this week. THe recommendations have been PERFECT. Selling into the initial excitement (MULTIPLE TIMES), hedges, everything. Im reading this when I get home from work and want to cry b/c I cant trade at work! I might have to start getting up at 3 AM though to catch those trades bc youre killing it then too! May you and yours have a blessed weekend!
On Optrader's section yesterday he was asked how he works with AAPL as an investment. He replied that he just 'plays with the covers'. I've got a separate portfolio where I use primarily this technique over the past 6 months. Up 60% The principles involved are stock selection, patience,[link widoczny dla zalogowanych], patience,[link widoczny dla zalogowanych], using covers to protect profits, rolling covers to maximize premium return,[link widoczny dla zalogowanych], and exiting when covers are gone and stock price is high. Sometimes it's hard to remember where you learn to do this stuff, but much of it is from integrating principles I've learned here with thing I already knew. Thanks for the help on this,[link widoczny dla zalogowanych], Phil and others.
- Iflantheman,
August 8, 2011
Thank God for Phil. A few months ago (April) I didn´t even know what hedging was, and someone recommended I should check out some of Phil´s plays,[link widoczny dla zalogowanych], especially on the retirement portfolio. When I first started to read it, none of it made a blind bit of sense to me,[link widoczny dla zalogowanych], but I stuck with it and gradually began to work through some of the trades to see how it worked. Now I am putting on 5:1 SPY backspreads combined with bear put spreads,[link widoczny dla zalogowanych], entering and leaving positions after consulting the VIX,[link widoczny dla zalogowanych], and engaging in other esoteric maneuvers that are keeping my portfolio above water.
- jmm1951,
August 18,[link widoczny dla zalogowanych], 2011
I took $2 (up 133%) and ran on those USO puts, quite a bit more than the 20 you played in the $25KP. Thank you once again for turning a bad market week into a great personal week. You will be happy to know I am back to cashy and cautious with a few of your favorite longs into the weekend. Thanks to Phil,[link widoczny dla zalogowanych], JRW and all the members who share their knowledge here.
GIVE THANKS/PHIL Have not done my 10,000 hours, but a couple of years at PSW,[link widoczny dla zalogowanych], and moved from fishing with a single line to owner of a commercial trawler (metaphorically speaking). Now I fish with many lines. It is amazing when you go over the same information time and time again, eventually it clicks. Like planting trees; being the house,[link widoczny dla zalogowanych], 20% sale items, selling into the excitement. and patience. I just sold an AAPL Jan 12 340/390 BCS financed by the sales of Jan 12 275 Put. The trade was put on one year ago for a net credit and exited five minutes ago for a 49 dollar per contract profit. No point in waiting till opex to see what happens,[link widoczny dla zalogowanych], and I will just sell 10 of those VLO puts to make myself net the round 50. I no longer worry about opex coming as I have adjusted well in time for most positions that go against me. I still make some howlers (RIMM, TBT, TRGT) but I play the percentages and my winners outdistance my losers by many miles. I would never be in this position if it were not for Phil. He is a treasure, pure and simple. The goose that lays the golden egg if we care to listen and practice. It all helps the mental and emotional discipline of the trading too. My problem was swinging for the fences. Since becoming a member Jan 1 this year and getting into to scaling into small trades I am amazed at the steady profit growth I have experienced already while not worrying about getting killed. And having fun doing it. Phil, Thanks for the education, the help you give and the chance to learn more and get better. Also thanks to all the members who have answered the few questions I had when your not around.
Phil has some great insight into the market. He's given me a different perspective on the market and I know I'm a better trader/investor because of it. I've been trading options since the late 80's and Phil is right. Unless you know what is going to happen (how can you, unless you have insider information), then do what the smart money does - be the house. Remember guys, we're allowed to sell options. If you're afraid to be short,[link widoczny dla zalogowanych], then do a spread to limit your liability. When I think about the money I've made and lost on options, a good approximation is that I win 30% of the time when I do a straight buy; I win about 70% of the time when I do a spread; I win nearly 90% of the time when I sell naked.
I've been trading/investing since the early 80's (my dad started me out young). I've had seven figure accounts (in the past) and I've done lots of trading, so I can say that I'm a well seasoned investor. Phil is the real deal. His trades make sense and his strategy is sound. He sees things that others miss and he's one of the best at finding price anomalies. When he makes a mistake, he has an exit strategy already planned. He hedges very well and he has an instinct which tells him to go to cash or to be all in.
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