StockFetcher Forums · Stock Picks and Trading · Snake's Options Journal<< 1 2 3 4 5 >>Post Follow-up
svtsnakebitn
141 posts
msg #153719
Ignore svtsnakebitn
8/24/2020 4:50:55 PM

Alright I'm going to make a push to create my own options journal - sorry shillllihs for cluttering up your journal. I made a little over $4K on some futures longs I had since July. I'm going to try and expedite my journal to wealthy by trading options with this $4K. I am going to try and shoot for 25% gainers (if some calls make more than 25% then the more the merrier). I will buy all my plays EOD and average down the next day if they go against me. These will only be weekly plays!

If my math is correct I need 25 plays of 25% (compounded) to turn my $4K into $1M

To start off, I just picked 101 $25 XLF Calls 8/28 expiration 100 @ .20 and 1 @ .19 (thanks to whoever sold me this lone contract @ .19).

Follow me along this journey to either making some money or watching me blow my profits!

I will no be editing any post on this journal - what you see is what you get. I may post after hours, but should only be up to an hour after close with my position.

sandjco
648 posts
msg #153720
Ignore sandjco
8/24/2020 6:37:28 PM

Thanks for sharing Snake; I am sure I can learn something from you!

svtsnakebitn
141 posts
msg #153721
Ignore svtsnakebitn
8/25/2020 8:41:36 AM

Thanks for stopping by sandjco! I will try and get my charts in order and post up my charts for my picks.

svtsnakebitn
141 posts
msg #153722
Ignore svtsnakebitn
8/25/2020 9:19:05 AM

sold right at the open for a 50% gain on 1/2 of the account which equates to my 25% gain. Up $1000.

Account at $5,000 now.

svtsnakebitn
141 posts
msg #153723
Ignore svtsnakebitn
8/25/2020 10:04:37 AM

I should've gone out another strike or 2. Those hit 75% and 100% respectively. Hard to predict based on all the IV that options have right now - crash high!

nibor100
574 posts
msg #153724
Ignore nibor100
8/25/2020 10:49:20 AM

25 weeks is the correct math though if you could start with a $1M it would only take you 3 wks.
Ed S.

Village Elder
230 posts
msg #153726
Ignore Village Elder
8/25/2020 12:11:00 PM

That math requires 25 consecutive wins at 25%, no losses and the ability to reinvest ALL of the profits into the next trade. While statistically possible, it is not going to happen. On that 25th consecutive trade, would you REALLY invest ALL of your proceeds? What are you trying to accomplish here?

Instead keep trading the same trade size until you can add another trade (and another after that) as your profit grows. Talk about the reason for each trade when you place it, and review the trade after it has closed. Use this as a learning exercise, which includes understanding how to manage your risk.

svtsnakebitn
141 posts
msg #153727
Ignore svtsnakebitn
8/25/2020 12:27:11 PM

I agree that I doubt I will have 25 winning trades in a row, but I am also sure that there will be a couple trades that pop at least 100% so if I am looking at the laws of averages I picked the 25% number. The the thing is that I am only deploying 50% of my account and if it goes against me I am averaging down the next day to try and make it back to either BE or squeak out a small gain.

Again - I am using pure profits, which $4K is money that I can live without. I just want to see if I trade weeklies following my signals if I can make it to $1M. I am sure that if this accumulates to six figures I will pay of some of my debts, but the ultimate goal is to hit $1M - would love to do it in 25 trades, but know there will be bumps along the road.

svtsnakebitn
141 posts
msg #153728
Ignore svtsnakebitn
8/25/2020 12:59:35 PM

Trade 1 is in the books.

24 more trades to go!

svtsnakebitn
141 posts
msg #153733
Ignore svtsnakebitn
8/25/2020 5:55:53 PM

No trade taken today

StockFetcher Forums · Stock Picks and Trading · Snake's Options Journal<< 1 2 3 4 5 >>Post Follow-up

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