Wallstreet1928 Analysis & live calls on FTSE,DAX,S&P...aimed to help New traders

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SuddenDeath said:
Rezadamus where was your option ? does total profit have cost of option deducted ?
Click to expand...

Sorry, I should have included the option-

Total profit on the index: +1019.4 points
Total Loss on the option: 326.21 (equivalent points) loss

Net= 693.19 points

Decided to bag the profits- getting too volatile plus the option was losing time value and its too hard to maintain the right hedge!
 
masnachu said:
:cheesy: Well held sir , bet you got a few more grey hairs though ;)
Click to expand...

my hedge was tmy saving grace...i was even debating not even having one but thought its wise to do that since this positions were big ones(!)...i knew there would be vol, hence i opted for an option (call option prices rise with vol) but i didnt know there would be so much

I was also thinking to bag the profit on the option at aroun 4300 today and hope for the best- but then i would be EXTREMELY over exposed with naked shorts...it would out ok...(thank God!)

By the way- I would never suggest anyone doing wat i did unless
(a) you have over 2 years experience trading day in day out
(b) know options theory
(c) have complete conviction after REAL analysis of the direct
(d) Have a huge amount of balls!

Regards,

Rez:cool:
 
rezadamus said:
Sorry, I should have included the option-

Total profit on the index: +1019.4 points
Total Loss on the option: 326.21 (equivalent points) loss

Net= 693.19 points

Decided to bag the profits- getting too volatile plus the option was losing time value and its too hard to maintain the right hedge!
Click to expand...

Hey ...........welcome back my friend!!

I knew you would be back .........we were all worried!!

Well done with your position
:clap::clap::clap:

lets have a round of applause for our Greek friend
 
UUP resistance at 24

euro support at 1.4

S&P support @ 903

I have gone long on Legal and general 56.7 ....stop loss 54...
target 59
 
rezadamus said:
my hedge was tmy saving grace...i was even debating not even having one but thought its wise to do that since this positions were big ones(!)...i knew there would be vol, hence i opted for an option (call option prices rise with vol) but i didnt know there would be so much

I was also thinking to bag the profit on the option at aroun 4300 today and hope for the best- but then i would be EXTREMELY over exposed with naked shorts...it would out ok...(thank God!)

By the way- I would never suggest anyone doing wat i did unless
(a) you have over 2 years experience trading day in day out
(b) know options theory
(c) have complete conviction after REAL analysis of the direct
(d) Have a huge amount of balls!

Regards,

Rez:cool:
Click to expand...

lol, nice one reza...there were a few worried posts a while back from well wishers on here...

glad it came out good, enjoy your break! :D
 
masnachu said:
Get the 2nd book Blix refers to , I'm not saying its the best or easiest book on TA , but it will give you a solid foundation in TA to work and gain experience from.

Time ? everybody learns at a different pace . but I'd guesstimate around 2-3 years to :

1) study all the subjects in that book (along with further/deeper reading on various subjects from other sources) , and

2) Gain sufficient experience using those techniques in the markets.

thats 2-3 years to develop YOUR basic approach to trading, to begin to develop consistency in approach and results........

Then the learning really starts ;) ;)
Click to expand...


Another key thing is patience...don't jump in and start trading with real cash. I used to paper trade and have some competitions with my mates on demo accounts to see who could make the most money...don't risk your hard earned cash on experimenting your techniques...thats just out and out gambling...trading is hard (believe me)...you need cast iron discipline. Once you have a SOLID technique, i.e. imagine you have computer programmed your idea, and trade if and when certain scenarios occur, then you are half way there. It takes away your emotion. Greed comes in when you see that u are making money, lose your discipline...then you lose your cash. I could write a book about this- we all need these reminders, in the 'good' times as well as the bad. Good luck!
 
rezadamus said:
my hedge was tmy saving grace...i was even debating not even having one but thought its wise to do that since this positions were big ones(!)...i knew there would be vol, hence i opted for an option (call option prices rise with vol) but i didnt know there would be so much

I was also thinking to bag the profit on the option at aroun 4300 today and hope for the best- but then i would be EXTREMELY over exposed with naked shorts...it would out ok...(thank God!)

By the way- I would never suggest anyone doing wat i did unless
(a) you have over 2 years experience trading day in day out
(b) know options theory
(c) have complete conviction after REAL analysis of the direct
(d) Have a huge amount of balls!

Regards,

Rez:cool:
Click to expand...

With regards to the hedge , yep agree , always nice when you can trade with an element of safty. (Personaly I always use (well attempt to use) the first short term trade to cover the risk on the longer term position trade)

Agree with you on resisting the urge to sell the hedge , it's there for a reason , only remove it when the reason for it is no longer there i.e. the short trade.

So did you dump the overall position in one go or scale out ?
 
masnachu said:
With regards to the hedge , yep agree , always nice when you can trade with an element of safty. (Personaly I always use (well attempt to use) the first short term trade to cover the risk on the longer term position trade)

Agree with you on resisting the urge to sell the hedge , it's there for a reason , only remove it when the reason for it is no longer there i.e. the short trade.

So did you dump the overall position in one go or scale out ?
Click to expand...

I dumped it all as the vol is too high and the price i got was really good compared to the dilema i was having yesterday.
 
nas 100 forming a triangle
 

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I trade currencies as well but at 50p point .......

I will leave this last trade on

long Euro 1.4014 .....stop loss 1.395

target ........what ever it is when i get back from cricket!! haha.........

over and out ......

It's been a good day to trade with you all chaps, and its good to see Rezadamus is back

We all have our own unique style of trading according to our personality
 
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