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Hi – I’m not sure one can help here without idea of your goal for the trade, and the details of your position. Lacking that, I wonder why you haven’t listed rolling down/out as a possibility. Teddi has lots of incredible articles taking you through how to analyze ways to save a trade, what you choose really depends on your goal.
All the best,
DAve
Regards,
Dave
Hi Teddi – My average price for the Sept 16 VIX 14 Calls is $2 as well. Do you plan to buy more to average down?
Dave
One thing you might try in addition to the exercise and breaks is a kneeling type ergonomic chair. I purchased one six years ago and still use it (it takes time to transition into using it). Mine is called a Kneelsit – the manufacturer was an individual in Australia who has since passed away and it is no longer available. However, the Kneelsit website is still there and has a lot of really useful information on the topic of this type of chair. Best wishes
Dave
Hi all – Denis raises an incredibly important cautionary note. I started following Teddi in mid-2013 and since the market was going up, a lot of my beginner’s errors were covered up by the rising market and my returns were great. 2014 was more difficult – I was assigned on a couple of stocks, and basically did not understand at that point how to protect my capital by (immediately!!) selling deep in the money covered calls. A lot of good 2014 gains were offset by a few losses and 2014 ended up with a moderate gain. With lessons learned from 2014 – in 2015 I’m just below 1% per month on my overall trading capital and I am much more focused on protecting principal as job number 1.
Anybody – further thoughts or references to Teddi’s content on the topic of preparing for the days of a 40% correction are welcome.
Dave
Kikib – Schwab has an options specialty group that you can call and get support from for the options you are thinking of doing. Call the main support number and ask to talk to one of them. They are really helpful – get the numbers to call and their name. My calls now go directly to that group. I don’t know how being a Private Client affects how you relate to them…. In my situation I started to make better progress about options/Schwab when I started to bypass my assigned local consultant and called the main support number and began “poking around”. I recently attended an option education event in my local Schwab office – the content was very basic given what I have learned in past 18 months from Teddi – but the takeaway is now I have the name and number of my Regional Trading Specialist and an appointment with him when he is back in town in mid-June where I can pick his brain.
Dave
Teddi – I’m very interested in your answer as I have wondered about this too.
Dave
Teddi – Are you considering adding VIX index calls at this time?
Dave
STO June 15 67.50P $0.82
Looks like good support around $67
Kikib – If you haven’t found this yet – Go to the home page – column on right. See Step 4 in the “Become a Better Investor” section – it explains how Teddi analyzes support levels. Regards, Dave
I went with the $124P earlier today so I would be a wee bit below the $125 support line. I don’t know if there is such a thing as a formula for determining support, but following Teddi’s method has proven to be pretty reliable for me over the past 1.5 yrs I have been using it. I too was uncomfortable at first since I didn’t know if I was getting the “right” answer regarding support. I now accept that there are no guarantees – circumstances continually change — best for me to get to a conservative place where I am comfortable with — that I can monitot and adjust position by rolldown or rollout if needed — understanding rolldown/rollout and being ready to use it as soon as it’s called for has meant HUGE improvement for me. Read and re-read that info…
Dave
Thank you Teddi.
Hi Sadaiyer – strike-pegger seems intersting. How long have you used this? Do you subscribe? What has your experince been?
Regards,
Dave
STO WMT 5/22/15 77P @ $0.84
will add capital if it falls and will roll down and/or out as needed to avoid assignment
Thanks for the head’s up
I sold T April 15 32P today. If T reaches $32, I will roll down/out to avoid assignment and keep income coming.
HI Teddi – Did you mean you bought UDOW?
Are you or anyone else still watching IWM? I’m starting to watch it – I think it’s losing momentum as it’s reaching new high. I’m wondering if it’s nearing time to buy Puts. I’ve been mainly put selling on stocks I would own for about a year now. As I read Teddy’s current market direction comments it seems that she sees possibly more upside, so I’m holding off on acting for now.