@SeanHasOptions

I’m Long Gamma.

 YOLOrado
stockmarkettv.com/all-star-options-free-note
Joined March 2009
  • Tweets15.4K
  • Following320
  • Followers19.2K
1.6KMedia

Making Room

I closed a lot of stuff this morning.

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I bought $MRVL calls for $6.60 and sold them for $117 on expiration day. All I had to do was sit on my hands, which is the hardest thing we do as traders.

The Hardest Thing We Do

A tweet from Cams has been making the rounds this week, and it describes a feeling every trader knows.

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The S&P is ~2% off its highs. Goldman’s high beta momentum basket is -41%. My breakout strategy has been getting wrecked since June, and the index is doing a great job hiding why.

Carnage Under the Hood

The S&P 500 is about 2% off its highs.

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If you have to check a position every hour, either it’s too big or you’re not being honest with yourself about your timeframe. Either way, take some off.

SIGNAL: Chills in My Lower Back

Stephen Manning (@StephenCFU) posted something yesterday that stuck with me: if he’s checking a position every hour, it’s too big.

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An 80% win rate and a $268K wipeout in a single day. I’ve been there. Selling premium is the hardest way to make an “easy living” in trading that I know of.

The Hardest Way to Make an Easy Living

A trader on r/wallstreetbets lost $268,000 in a single Friday session trading 0DTE options (24/7 Wall St.).

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Shameful: Wall Street Opens the KPI Casino

The SEC just gave Cboe the green light to list binary options on company KPIs, and Robinhood will be the first broker selling them to retail.

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Hundreds of Paper Cuts Add Up

The tiny losses continue piling up as my breakout strategy is out of sync with this market. But man, they sure add up.

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So Close, Yet...

Yesterday afternoon, at a nearby park, I walked a labyrinth similar to this one in the image above.

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There Will Be Months Like This

Months like the one that just ended are the cost of trendfollowing. If you can't pay the price, you can't play the game.

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Adapt

When markets move, smart traders adapt.

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Strip Away That Which is Not Working

When I cut losses, it is an act of stripping away that which is not working for my portfolio. But cutting losses goes far beyond trades and portfolios. It is a way of life.

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Four Flat Months and Why I'm Not Losing Sleep

July options closed slightly in the red, basically handing back what I made in June. And if you zoom out, the last four expiration cycles have netted close to flat. April was ugly, down over 22%. May …

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