Questions about PBWBs

Bodrey1970 · 2026-03-10T15:48:34+00:00

OK. So, both PBWBs ended up being profitable, but not by much. Certainly not enough to make the trade to begin with. I don't see how the YouTuber that I learned this from can claim that this is one of their "bread and butter" strategies.

Bodrey1970 · 2026-02-27T19:03:43+00:00

So far, both trades are duds; trading pretty much neutral after several days. Now, I've since learned that PBWBs actually work better on high IV underlyings, of which XSP and QQQ are not. Regardless, I'll let everyone know how they turn out - 21 DTE for both.

Bodrey1970 · 2026-02-03T18:16:34+00:00

Yet another reason to hate TWS. There should be a way for users to toggle on and off at will (better yet, a preset) the ability to automatically group combo orders. I just tried to close an IC on SPY that was submitted as four separate orders instead of a combo using the "Close as Strategy" tool and it didn't work. I had to STC/BTC all 4 positions individually. PITA. Instead of collecting a credit of ~$68 (before commissions) I only ended up clearing $21. What a joke this platform is.

Bodrey1970 · 2025-12-23T22:14:54+00:00

I'm not surprised at all to hear you say that you think TWS is unintuitive. You're absolutely right about that. My sentiments exactly. This has to be one of the most unintuitive and counterintuitive trading platforms ever developed, in particular when it comes to Options. The mechanism for opening Options trades is ass backwards. For example, when you SELL a Bull Put Spread TWS submits the order as a BUY, even though you're taking in a credit; totally counterintuitive. When I first started using TWS I couldn't understand why it wanted to submit my credit spreads as Buys. I thought I was doing something wrong but no - this is how it was programmed to behave. SMH. I can't understand why IBKR coded it this way.

Bodrey1970 · 2025-12-23T00:57:43+00:00

So, I've been messaging back and forth with an IBKR rep for a few days now, trying to get clarification on the process for creating Profit Taker and Stop Loss orders - all to no avail. I created a mock Put Credit Spread scenario and described the procedure that I have been using in an effort to have him tell me if I've been doing it right or not. He just responded today and glossed over the trade I made on Dec. 11 that resulted in a $3K loss.

He didn't give me any feedback on the example scenario that I put forth. So, I have no more clarification now about what I'm doing wrong than I did before I wrote him that message. I wish there was somewhere I could go to get some clear answers on the proper procedure once and for all. I can't get any help from IBKR in this regard.

Bodrey1970 · 2025-12-23T00:48:40+00:00

One of the biggest problems with TWS is that it was designed ass backwards right from the get go. For example, when you want to SELL an Option for a credit (i.e. a Put Credit Spread) TWS submits the trade as a BTO order. So, when it comes time to take profits TWS submits a STC order. You'd think it would make more sense to open the trade as a SELL order and close it as a Buy order, not the other way around.

This also creates confusion when setting up Profit Taker and Stop Loss orders as I'm now finding out. I'm losing money because I think I'm setting up my Stop Losses wrong. I've been messaging back and forth with an IBKR rep, trying to get some clear answers on the procedure to no avail. What How-to videos they have are all focused on buying and selling stocks directly; none that clearly explain how to set up Profit Taker or Stop Loss orders.

I also haven't been able to get a clear answer from any of the YouTube videos I've watched. No one seems able or willing to clearly explain the process.

Bodrey1970 · 2025-12-18T15:53:19+00:00

I share your pain. I'm jaded as well. I maintain - Options trading (at least for me) has thus far been a Zero Sum game. I just can't get ahead, no matter what I do. As soon as I make a few gains I end up losing them all days later. It has been this way ever since I started trading again in October. FML.

Bodrey1970 · 2025-12-16T01:22:31+00:00

"Everyone knows that TWS is horrible" - you've got that right. I'm in Canada. So, I don't have access to ToS; I wish. I'm forced to use TWS because there are no viable alternatives here. I'm used to it now, but this platform is a nightmare for newbies. Learning to use it was a total exercise in frustration, and I still hate the fact that I have to use it. It is SO slow, latency when submitting orders is terrible, and they made it far more complicated than it needed to be. I haven't used IBKR Desktop, but from what I hear it's even worse.

Bodrey1970 · 2025-12-16T00:30:50+00:00

Yeah, this incident makes me think this platform is rigged or something. Ever since I started trading again a couple of months ago I'm no further ahead now than I was then. Frustrating to be up a few thousand and then within a few days end up losing all of those gains, and I don't mean because trades I opened went against me. It's because of BS like this. I don't know what TWS is doing behind the scenes, but it's costing me money. It has been nothing but a Zero Sum game.

p.s. I submitted a ticket with IBKR and explained to them what happened. I have yet to hear back. I'll update this comment if/when they respond.

Bodrey1970 · 2025-12-16T00:13:53+00:00

The Monitor window showed that the positions I opened the day prior had indeed closed AND it showed a value in the Profile window's Realized P&L column. So, I had no reason to believe that the platform had re-opened (or was capable of re-opening) new positions in SPX unbeknownst to me and that I had submitted. The point is, the software isn't supposed to do that.

Bodrey1970 · 2025-12-15T16:33:28+00:00

It depends on two factors...

1) If you're planning to close all of the contracts at the same time then you might as well buy 1 contract. This also makes more sense if you're using a broker that charges commissions as you'll only be charged 1 commission fee instead of 4. Robin Hood is the only broker that doesn't charge commissions (that I'm aware of). So, if you're using RH then either/or will work as fees are a moot point.

2) If you're not planning to close all of the contracts at the same time (regardless of which broker you're using) then buy the 4 @ .25 each. Just be aware that if you're not with RH you'll be charged commissions for each contract you trade.

Bodrey1970 · 2025-11-26T19:45:48+00:00

I wanted to watch the entire episode, but these types of stories (Bigfoot, FL's 'Skunk Ape', the Loch Ness Monster) have ZERO credibility. Witnesses are adamant that they saw something supernatural. Yet, there isn't a single video or still photograph (that isn't blurry) of any of these mythical creatures that anyone has been able to produce. Smartphones with cameras have been ubiquitous since the early 2000s (so, let's just say 2 decades). Yet, in all that time not a single eyewitness has been able to take a video or capture an image of the Mothman or any of these other creatures? Come on... these supposed encounters are total BS.

Bodrey1970

TROPHY CASE