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This group is for brand new option traders. If you've never traded an option, this groups for you. Although... we would like to have some experienced option traders to help us through the more difficult trades. I will start this group with a simple covered call. This will be my first option trade, so the excitement starts right away. We will be using The Options Playbook as our guide. Everybody can ask all and any questions without the fear of looking like an idiot.

Active Since 10/21/08

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Options for Beginners Forum > Did you trade the rally?

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TradingLeg

Member since: Mar 08
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Posted November 13, 2008 (11:22AM)
I bought QQQQ calls and I'm starting to regret the fact that I didn't sell by the close of today...
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PutAngel

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Posted November 14, 2008 (12:49AM)

Yeah,I traded the rally.   I caught the drop and got out of my put positions for QQQQ, but I missed the rally...didn't think we'd be up this big. Yeah, we might see profit-taking today...nothing spectacular, but at least an initial drop...u should be good though because the Q's trading range goes up to $34/share, so you might even want to buy more going into the weekend. G20 meeting plus we smacked the technical bottom in the face, so we might rally REAL big next week on any good news...but today is profit-taking day. I'm buying QQQQ Nov. 28 calls at the end of the day.
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Govols

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Posted November 14, 2008 (09:12AM)
The rally was a short opportunity for me. Thought about buying SPY puts at the open Friday but decided to wait to see if the market would continue up. Went up briefly but then started going down. I never pulled the trigger and started kicking myself as the Dow was down 250+ before lunch.

I decided to put in a limit order for 2 Dec 95 puts at my original desired entry price on the off chance that the market might recover, and then I went off a did other things. I heard on the radio at 3:30 that the Dow was off 52 (maybe it was up 52, can't remember), so I thought "well, my order probably triggered." Little did I know that right after that the market would tank and my position was up 28% at the close.

I wonder what Monday will hold...