Way out of the Money

Way out of the Money Way out of the money is a page for options traders to discuss their strategies to hedge and grow their portfolios.

This is not a page for traders that gamble with their money.

11/25/2023

Modified my trade strategy on spx. Currently doing 1 dte .05 delta bull credit spreads.

08/01/2023

And earnings today. Are we ready? I’m either profiting or getting assigned 700 shares.

Made some decent money yesterday. S&P500 dipped a few cents lower than I expected. One of my spreads was slightly I. The...
08/24/2022

Made some decent money yesterday. S&P500 dipped a few cents lower than I expected. One of my spreads was slightly I. The money, so I lost about $56 from my max gains. I still finished the day profitathough. It looks like we are going back to bearish. This Friday, I will probably sit out since My boy Jerome Powell will be speaking. I don’t like to gamble with Federal Conversation. I will likely wait until Monday to determine market direction. His Friday I will be assigned about 700 shares of stock. Not a big deal to me. Looking at premium of the call side, I will be able to profit a little over $100 a week until the shares are called away from me for a profit. I plan on using the covered call premium to be transferred into my Roth IRA for future tax free gains, and until the shares are called away, it’s more or less free money going into my Roth. My Roth allows options trading too, only lower risk options than a traditional brokerage account. Spreads are allowed though. I am at an even lower risk tolerance in my Roth though.

Yesterday, due to the game down at open i immediately closed a trade from the day prior in order to not lose 100%. I the...
08/23/2022

Yesterday, due to the game down at open i immediately closed a trade from the day prior in order to not lose 100%. I then opened trades based on the perfected direction and made a portion of the loss back. Not all days are green. I am expecting Friday to bounce a bit, but I will consider that more or less as Friday approaches:

Rough day today, but still profitable. Opendoor and CCL already sunk like a rock. Probably going to move the funds from ...
08/19/2022

Rough day today, but still profitable. Opendoor and CCL already sunk like a rock. Probably going to move the funds from both after I wheel them into AMD, I more or less decided to only focus on large cap or mega so for the wheel strategy. S&P closed lower today, but my spreads were still profitable, so I can’t complain.

Today’s P&L August 18, 2022.Market ended up a little bit today So My SPX position carried me strong though the day.Open ...
08/18/2022

Today’s P&L August 18, 2022.

Market ended up a little bit today So My SPX position carried me strong though the day.

Open door (OPEN) had some legal issues and scared people away. All of my cash secured puts are in the money already. I will likely be assigned in 8 days and turn them into covered calls.

Carnival cruise lines I actually want to be assigned because the premium on their calls is strong right now, and I expect growth once things get back to normal in 2-4 years.

Starting today, I will begin a new portfolio with $5000 cash. I plan to build that portfolio to various levels through s...
08/18/2022

Starting today, I will begin a new portfolio with $5000 cash. I plan to build that portfolio to various levels through simple goals.

1. $25,000
2. $100,000
3. $250,000
4. $500,000
5. $1,000,000
6. $2,000,000

Weekly, I will deposit $100 from my pay to add to the account.

I will use vertical spreads, cash secured puts, and covered calls to grow the portfolio. Other strategies might be used, but as of right now, I have no intention of using any other strategies.

Videos and photos of trades will be used. Ideally I want to start at an average daily P&L of $100 per trading day and build up from there. I have no interest in my entire account being at risk all at once. My plan starting off is 25% cash secured puts until I am assigned, 25% vertical spreads, and 50% cash. This is for risk management purposes.

08/18/2022

Welcome everyone! This page has been started to discuss my strategy to grow a portfolio using options.

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