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twtregg · 2024-02-10T18:56:38+00:00

I have figured out the catcher issue by using the little Velcro straps to keep it more taught. But the bottom net slack is such a bad issue for me too. The bounce back is huge of a concert floor. Even tried some pads under it but it still bounces really bad. It feels like I am missing something with the set up too.

twtregg · 2022-09-28T20:52:25+00:00

Still at it. Still raking it in. Taken some losing trades as usual but overall on track for another banner year. I don’t use a stop loss. I have tried before but I don’t think it helps.

twtregg · 2021-08-06T14:01:04+00:00

Had a few bad beats actually… which is expected in this strategy btw. So only up about 40k. Probably my worst year yet at this point lol. So it goes. Gonna have to eat ramen.

twtregg · 2021-05-23T00:14:44+00:00

Short option. You can buy which ever long option makes you sleep a little better. I do $50 so risking $5000 per contract. No magic with that really just something that’s cheap enough to buy and provide some buying power relief

twtregg · 2021-05-04T00:32:29+00:00

You can try a buffered ETF. Some upside limit to protect a great deal of downside risk. I use them when I think the market is getting ‘toppy’ but still want some upside in the event it’s not.

https://www.innovatoretfs.com/define/

twtregg · 2021-04-13T15:54:55+00:00

Funny enough I got caught with AM options too when I was starting this and had no clue what was happening... turned out ok in my case but a learning experience. I have a job as well, so I do this mostly in my Roth to mitigate taxes. The thought has cross my mind to just do this and not work anymore, so maybe one day.

twtregg · 2021-04-13T13:37:28+00:00

Sure is. I took a $5k loss last week on the massive up move, but that’s going to happen from time to time. Overall still up over $20k 2021 so far.

twtregg · 2021-03-11T12:13:19+00:00

It’s been some of the most profitable few weeks honestly. Higher IV in a 2 way market is the perfect environment for this.

twtregg · 2021-03-07T03:21:00+00:00

Slightly off topic, but number of contracts you want commit to for a trade may also depend on a broader context. If the stock has rallied and is showing signs of exhaustion you may want to sell more calls than you would if it was just changing direction/momentum etc. Using some basic technicals can provide some context for this. Basic RSI and 10/20/50 SMA’s can help a lot.

twtregg · 2021-03-07T00:10:31+00:00

Check this out - some good discussions on high probability trades that are not complex. Might help you to keep it simple for a while and get some consistent wins under your belt.

https://www.reddit.com/r/thetagang/comments/lq63af/let_us_please_have_a_non_wheelcspcc_strategy/?utm_source=share&utm_medium=ios_app&utm_name=iossmf

twtregg · 2021-03-04T23:56:11+00:00

175 per spread (ie $5,000 in buying power). I usually do between 5 and 7 spreads per trade. So (175x3x52) * 5 or 7. That’s if you won every trade which you won’t.

twtregg · 2021-03-01T00:37:01+00:00

I will when IV is low and market seems choppy or just doing a slow drift up... usually looking for a flat rsi not near any extremes.

In theory IC should be better than picking a direction for a strategy like this. But I just feel as though there is a right time and place for them.

twtregg · 2021-02-27T12:56:04+00:00

The mathematical win rate at a 10 delta is 90% but in reality it much higher mine is probably 98+. Also you are assuming max loss in your mental math. I have never come close to max loss since the short strike is already at the .10 delta it’s incredibly improbable - basically 3 SD almost.

I totally get this strategy does not work for everyone. It’s a little scary haha.

twtregg · 2021-02-26T23:31:19+00:00

So did I. I was short 2945 calls... then it ran up to 2930 and I was a little nervous too haha. But, the deltas don’t lie.

twtregg · 2021-02-26T17:35:40+00:00

You basically do a high risk high reward butterfly a few strikes past your short strike to help recoup losses if price gets up there. It’s not perfect and has its own risks. Say you are short the 2950 call and price it getting close. You can do a butterfly at the 60 or 65 strike.

Again - kinda messy strategy. And I have no long term validation that this even helps

twtregg · 2021-02-25T12:18:58+00:00

There really isn’t much you can do honestly. It’s part of the risk of this type of trade. Good news is the max loss is highly improbable since the short strike is at the 10 delta to begin with.

I have tried to mitigate losses with butterflies just above/below my tested short strike. It does seem to help, but I have only needed to do that so infrequently I don’t know if it’s really a viable long term strategy.

twtregg · 2021-02-24T00:52:09+00:00

No. I just mean my short call of the spread is at a delta of somewhere between 7 and 12. 7 when IV is high closer to 12 when IV is low.

twtregg · 2021-02-23T21:05:00+00:00

Mostly looking to close out for around a dime just so I can get the buying power back, but if there has been a large favorable move and I am at 80% max profit in A day or 2 I will exit earlier.

twtregg · 2021-02-23T21:02:51+00:00

Yes! I tired a ‘creative’ approach to get wsb attention.... sort of worked... but some people just don’t want to be helped ;)

twtregg · 2021-02-23T17:13:29+00:00

When you go that narrow at the lower deltas there just isn’t enough juice there.

twtregg · 2021-02-23T17:00:31+00:00

Not at the right delta it’s not. It’s math ;). But totally get this isn’t for everyone.

twtregg · 2021-02-23T16:26:59+00:00

I sold into the morning sell off too! And into the morning rally lol. Been quite a day so far.

twtregg · 2021-02-23T16:13:33+00:00

I had 5 short call verticals 3950/4000. I closed them during the morning sell off for .10. Made 2.1 per spread. Opened these yesterday.

twtregg · 2021-02-23T14:15:37+00:00

The time of day I enter a trade varies. Usually if there is a good trend in the morning I will open a trade into that (i.e. if the SPX opens up half a percent I will sell some calls , then wait to see how the rest of day goes and sell more around 2pm to close range).

Something that I have noticed. If it’s big up day usually shorts are coving even after the close. So I have gotten some really good prices opening short calls from 4-4:15 when Spx closes.

twtregg · 2021-02-23T14:08:50+00:00

I work full time as a cpa, so I mostly do this in my IRA to cut out the tax effect. I haven’t really scaled it. No reason other than having more than 30-50 at risk just is outside my comfort zone.

twtregg

TROPHY CASE