Wiki Selling TSLA Options - Be the House

[ammulder]

It would be sad to see the option selling discussion move away from TMC. I personally like to read about people's trades and experiences. It's a important learning tool. Getting feedback is also very helpful. And I cannot imagine that there are negative impacts by disclosing positions and trades. We're just small fish in a big pond and I cannot see market makers taking the time to find out what price someone is trying to get for 50 spreads. If that fears does exist you could limit yourself to telegraphing trades after the fact.

More than market makers, I expect the concern regards friends/coworkers looking at you differently if you reveal a massive portfolio. Oh sure, he/she doesn’t have to work hard on the job because they have this giant stock market cushion, or he/she won’t need a raise this year because they’re independently wealthy, or whatever.

That said, I need another slack channel like I need a hole in the head, so I’ll be staying here.

I don’t actually think revealing trade size has a big benefit… if the point is that it’s peanuts for you, or that it only represents a portion of your available cash/margin, you can just say so. Seeing trades with giant multiplier labels makes them seem less relevant to me since they’re so far out of my league… currently, anyway.

 

[deerfield]

More than market makers, I expect the concern regards friends/coworkers looking at you differently if you reveal a massive portfolio. Oh sure, he/she doesn’t have to work hard on the job because they have this giant stock market cushion, or he/she won’t need a raise this year because they’re independently wealthy, or whatever.

That said, I need another slack channel like I need a hole in the head, so I’ll be staying here.

I don’t actually think revealing trade size has a big benefit… if the point is that it’s peanuts for you, or that it only represents a portion of your available cash/margin, you can just say so. Seeing trades with giant multiplier labels makes them seem less relevant to me since they’re so far out of my league… currently, anyway.

I actually like seeing trade sizes as that tells me the confidence level that the person is trading at. An example is @Lycanthrope, where they are saying 40x is no big deal. But if you are mostly trading 10x, then 40x IS a big deal. And plenty of times you see test positions, which I would just assume 1 or 2x. I would risk 1x at -p850, but certainly wouldn't do 100x at that price.

 

[InTheShadows]

It would be sad to see the option selling discussion move away from TMC. I personally like to read about people's trades and experiences. It's a important learning tool. Getting feedback is also very helpful. And I cannot imagine that there are negative impacts by disclosing positions and trades. We're just small fish in a big pond and I cannot see market makers taking the time to find out what price someone is trying to get for 50 spreads. If that fear does exist you could limit yourself to telegraphing trades after the fact.

Slack also doesn’t keep history past 10,000 messages unless you buy a subscription. The historical value here is one of the benefits of a forum. If we forget what it was like March and April of this year, we can go back and read how we were dealing with it.

 

[bonk3125]

Fwiw, I find value in both forum posts and slack. Detailed posts for the forum, daily conversation-style chat on slack so as not clog up this thread. Just my $0.02. I’m not a prolific poster on either platform anyway.

Back on topic, I’m still holding off on any BPS until I see some premium improvement. I do have an ITM cc at $880 that I’ll look for an opportunity to close/roll today. I like rolling 1 week out for any strike improvement that will be for even/credit. Has worked well for me so far. Just need patience.

 

[Drezil]

What would be funnier than typing in slack would be an open voice-call when markets are open .. HYPE!

That is always the first step in losing lots of money

 

[Boomer19]

It would be sad to see the option selling discussion move away from TMC. I personally like to read about people's trades and experiences. It's a important learning tool. Getting feedback is also very helpful. And I cannot imagine that there are negative impacts by disclosing positions and trades. We're just small fish in a big pond and I cannot see market makers taking the time to find out what price someone is trying to get for 50 spreads. If that fear does exist you could limit yourself to telegraphing trades after the fact.

they don’t need to come here to see what people are doing anyway. that’s so 1970.
algos process the trade data and position adjustments in milliseconds.

 

[Right_Said_Fred]

More than market makers, I expect the concern regards friends/coworkers looking at you differently if you reveal a massive portfolio. Oh sure, he/she doesn’t have to work hard on the job because they have this giant stock market cushion, or he/she won’t need a raise this year because they’re independently wealthy, or whatever.

That said, I need another slack channel like I need a hole in the head, so I’ll be staying here.

I don’t actually think revealing trade size has a big benefit… if the point is that it’s peanuts for you, or that it only represents a portion of your available cash/margin, you can just say so. Seeing trades with giant multiplier labels makes them seem less relevant to me since they’re so far out of my league… currently,

It makes a difference if you are posting under your real name and with an identifiable picture, like you are doing. I can very well inderstand you don’t want to post about large sums of money.

In my case: my name is not Fred and I’m not running around on clogs to plug my finger in every dike that is about to break through…

 

[jeewee3000]

In my case; my name is not Fred and I’m not running around on clogs to plug my finger in every dike that is about to break through…

There goes my worldview of the Dutch.

 

[wnorris]

Wait we have a slack channel? I haven’t been active in this thread for a week or so. Thanks

Can anyone provide the link to the Slack channel? I have recently moved back the US and getting back into doing this full time. Right now times time is spent rolling my cc's up and out each week. Not a terrible problem to have, but I would like consistent projects.

My current strategy is to keep a $30 difference in my -call/-put strangle and roll each out. It is costing a bit, but the gains in the underlying shares are far exceeding the cost. This is my defensive strategy to ensure I can continue this as a broader strategy full time.

 

[jeewee3000]

Can anyone provide the link to the Slack channel? I have recently moved back the US and getting back into doing this full time. Right now times time is spent rolling my cc's up and out each week. Not a terrible problem to have, but I would like consistent projects.

My current strategy is to keep a $30 difference in my -call/-put strangle and roll each out. It is costing a bit, but the gains in the underlying shares are far exceeding the cost. This is my defensive strategy to ensure I can continue this as a broader strategy full time.

Slack

Just searching "Slack" limited to this thread would've provided this, BTW.

 

[mongo]

It makes a difference if you are posting under your real name and with an identifiable picture, like you are doing. I can very well inderstand you don’t want to post about large sums of money.

In my case; my name is not Fred and I’m not running around on clogs to plug my finger in every dike that is about to break through…

OK... but R U 2 S3XY?

Spoiler: Video flashback

 

[Boomer19]

OK... but R U 2 S3XY?

Spoiler: Video flashback

thanks, now i’ll spend half a day trying to get that out of my head

i thought you were my friend

 

[juanmedina]

No better time for a BPS!

well a 5% OTM BPS is paying 20% for today

 

[UltradoomY]

well a 5% OTM BPS is paying 20% for today

What? I am not seeing that

 

[jeewee3000]

Opened a position to test managing a tricky situation:

11/5 BPS -900p/+850p @14.00. (28% compared to secured margin).

If we hold above 900 this could lose value fast. If we fall below 900 I'll see what my options are, learning in the process.

NOT ADVICE. Never had to roll BPS before so that's why I'm opening this.

Leaving plenty of cash unlocked in case of a drop next week.

 

[Drezil]

thanks, now i’ll spend half a day trying to get that out of my head

i thought you were my friend

Not his friend. Only his Mate:

edit: to make a bit of more substance to the post:
- closed my 900c at a loss shortly after open
- opened 800/750 BPS for next week
- opened a litte side-fun: Bought 5 8$ puts on NKLA.

 

[UltradoomY]

BPS 57/55

View attachment 724264

Didn't realize you were talking about SNAP!
My bad

 

[InTheShadows]

I realized this morning that I screwed up yesterday. I opened a set of 775/-850 BPS. They are doing nicely up 23% right now, however my screw up is opening with the spread in $5 increments. I wanted to turn it into an IC a little bit ago and realized I can’t because the call options are in $10 increments. I have a GTC order for these to close at 50%, maybe they will close later today and I can then reopen with a $10 incremental spread size. Something to keep in mind if you are looking to leg into IC’s.

 

[UltradoomY]

I realized this morning that I screwed up yesterday. I opened a set of 775/-850 BPS. They are doing nicely up 23% right now, however my screw up is opening with the spread in $5 increments. I wanted to turn it into an IC a little bit ago and realized I can’t because the call options are in $10 increments. I have a GTC order for these to close at 50%, maybe they will close later today and I can then reopen with a $10 incremental spread size. Something to keep in mind if you are looking to leg into IC’s.

10/29 call options above $1000 are in $50 dollar increments as well.......

 

[BornToFly]

I sold more iron condors this morning. Was able to sell a few 780/730s - 1000/1050 near the open. Then I had to move up to 800/750s to get at least $2 for the condor. I think I'm more worried about the 1000s than the 800s. It sucks that above 1000 we only have $50 increments, and 1100/1150 gets you almost nothing. I can't decide if I wait until Monday to open the rest of my allotment, or keep pushing today....