Option trading with DanPickUp

[bpr]

Dear DanPickUp

what happened ? Why so serious? just chill.
Please understand most of us here are not full time traders more than 95% traders have their own job and I am no exception.
Depending on my workload I have to take a break here and there and trade merely on/off market which I hate.Like it or not Trading always takes a back seat to everything else.But whenever I am here I come back here to check on your newest Post.
I understand the effort that you put in this thread and your frustration that people are too slow to pick up or not participating enough
My suggestion is to have very low expectation from us and lets be real here nobody can become like you overnight.
[Quote: Expectation is the source of all sorrow/sadness/anger/frustration. Bhagbat Gita]
The option subject takes a lot of time to sink in.
Please understand all your effort on this thread will never go wasted.
Earlier I always thought option is a very bad compared to futures and thanks to you and some other option lovers here that perception has completely changed.Now I think option is the best way to trade markets.
Please do continue to visit this thread whenever your time permits and continue to enrich us with your knowledge.

thx
Bpr

 

[bpr]

OK Here is my trading plan with my limited knowledge of option.

1) First find a bias say Buy or Sell with some basic TA (starting of expiry)
2) If I have a buy bias then I will write naked OTM puts and vice varsa.
3) Then monitor the instrument everyday.
If the stock stays there and slowly goes upwards thats it we got a winner.
if the stock shows sign of reversal then we might consider selling OTM calls converting our position to short strangle.
4) if the stock threatens any of my strangle leg I will do either of the 2 things
a) accept defeat and close that side of the short strangle with loss.
or
b) I will convert that side of the short strangle to ironcondor leg.

5) if the price crosses any of the ironcondor legs then consider Selling OTM Calls/PUTs on the opposite side.
say I have my ironcondor on the short side is broken with a force I will consider writing new OTM Calls where the strike price will be less than existing OTM Calls that I am holding.
Keep on writing more and more Calls as the price go more and more south.

6) wait for the month to end.

 

[jain.er]

Ok If I may post a Novice plan...

Plan A : Wish to trade plain vanilla long call/put option for big directional moves
Buy call when Nifty moves above 20DMA and vice versa
SL if market moves below 20DMA or goes down by 125 points
Target1 200 points on Nifty; Target2 400 points

Plan A1 : If market remains range bound convert it into spread by selling option

Plan A2: If market goes in opposite direction then SAR

I do not know if this novice plan is impressive enough to stop Dan from leaving the thread but still I am working towards my target of being a good trader.

 

[Sunny1]

Guys ...he didnt say he leaving ...he said his job is done in this thread...
he given all what ever he wanted to give to option traders...

 

[bpr]

Hi DanPickup
I was going through various calendar spread strategies.
Sometimes I have seen we can directly lock in some profits due to price difference.
But the challenge is that liquidity is not good in far month options.
what is your take /experience with them?Are they worth?
The P/L graph that we see is projected till the end of current month and not the far month end right?

BTW optionoracle stopped working for all NSE symbols, so now we are crippled. God knows when they are gonna fix it.

@sunny1
DanPickup has modified his earlier post which was in a different tone

 

[DanPickUp]

Good by to this forum as there is no control what ever thread is opened on what ever subject.

All respected members have recognized that in the last few weeks and all of us have left this place.

All the best for Sir Traderji

Good trading and by by

DanPickUp

 

[timepass]

Good by to this forum as there is no control what ever thread is opened on what ever subject.

All respected members have recognized that in the last few weeks and all of us have left this place.

All the best for Sir Traderji

Good trading and by by

DanPickUp

Hey hey.. where are you off to ?? Heck man. This is a good time to hang on. At least in the topics of your interest. I don't think in any other forum one would find Options and Cyber Security covered in so easy and friendly language as your threads.

Stay on, even if you don't find much to post, but stay around. I specially look forward these days to your Cyber Security thread.

 

[timepass]

Also, you have chosen not to receive private messages, so how does one stay in touch with you ?

 

[thahir.nm]

Hi Dan,
Youtube links that you had posted has got closed. Not sure why. Can you suggest some new links?

Regards,

Thahir

 

[ashutosh.krsrivastava]

Hi,
I did this spread on 27th Sept.
View Bearish
Buy [email protected]
Sell [email protected].
Giving
Profit Below 5562.7/- with total cost of 1865/- and Max Profit of 8135/-

Views??