You can also do “!stream” command in discord bot channel and it will give you the link
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So I was wondering about how you choose sizing relative to risk on some positions? For example, you picked up a LMT call for $3.60 today, which if we go by the original size of the account, is almost 1/3 of the account. Is the allotted capital not better spent on position sizings where you can get multiple contracts so that you can cut some for cost cover and then use the rest for profit?
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By no means am I speaking for anyone but he kind of addresses that here:
Technically, sure.
However in the case of LMT, the options are pretty expensive so instead my line of thought was to take the safest option I could afford. This used all my available cash at the time, however I’ve got plenty of time for the trade to turn green and since its near ITM, the value is decently protected.
With this specific play, I’m probably just going to cut and be done if I’m right, I’m betting on a gap or a dramatic run based on news of a Russian attack on Ukraine, continued momentum after that cut is dicey at best, but worst case, I could easily cut and reposition into other options to optimize my profits (similar to how I traded SENS).
When It comes to options though, I usually just select what “feels right” to me. I select the wrong options from time to time, so definitely don’t mirror me with the expectation of 100% accuracy.
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Today was a tough day. Thanks for keeping the stream going.
So one big question that I wanted to know is how do you keep conviction in a play? At the end of today, I saw that you were still holding the majority of your position in XOM as well as adding to the LMT calls which have a 2/25 expiry date. The LMT calls are all OTM, so this means that they will be hurt by theta decay more than normal, as well as Monday being a closed day for the market. Is the overall risk to reward worth it for the account?
I just thought with the long weekend coming up, as well as the announcement of the Iran oil deal back on, that you would have exited the majority of your positions and held mostly cash.
Hey Conq
Is there a timeframe for this challenge? Do you expect to hit a certain milestone before a deadline?
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I noticed today you averaged up on a position. You might do it more frequently than I’ve paid attention to, but it got me thinking.
I hate averaging up. I’m sure others feel the same way, don’t wanna screw up a good cost average and all that, but I’ve been being much better at not going heavy into a position all at once so I can DCA. This obviously means if I bought the bottom my upside is limited because the position is small.
Do you have any criteria you look at when deciding to average up? Or is it more you just have to take your emotions out of it, realize the market agrees with your thesis, and you have to add at a higher price so you can ride the wave?
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Is this challenge or youtube livestream open to view to the public? If so, are you wary or cautious of outside influencers/drama affecting the challenge plays? (Example: Cadddude or someone PnDding the stock)
Also continuing the question above on averaging up, but when do you know when to average up or down? I am wondering the criteria you are looking for. I did some researching and am seeing that as long as the thesis behind why you are trading this stock remains true, you should avg down/up until it is no longer true or you are overleveraged. Is this how you view it as well?
I just want to say thank you for doing this. I have learned a lot about averaging down and piece selling positions off rather than all at once all the time. I have been trying to follow your trades as best as I can with the time that I have. I wanted to ask your opinion on the last spy put you took. I dont trade spy very often, but I have been watching it since the position was entered and noticed it swinging a lot from the high 4’s to mid to high 5’s. are spy calls a week out normally good for scalping like it would have been today?
@Conqueror are you actively trading other accounts throughout the challenge?
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I believe he stated he isn’t and only focusing on this account.
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@Conqueror what do you mean by the “fake” $2k?
I believe he’s referring to the unsettled cash.
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Didn’t his mortgage or tent accidentally come out of the account?