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  • sjs1234321 sjs1234321 Feb 2, 2005 5:28 PM Flag

    Sell my Feb calls? life savings. HELP!

    Should I sell my Feb05 calls? I may have just lost my life savings in the mid morning.

    I tried averaging down but no dice, bought:

    200 Feb05 240 Calls @ 1.71 = $34,200
    200 Feb05 230 Calls @ 1.85 = $37,000
    040 Feb05 220 Calls @ 3.91 = $15,640
    031 Feb05 210 Calls @ 7.01 = $21,731
    --------
    Total Spent $108,571

    Right now, I have an unrealized Loss of $61,000.

    I have $46,000 worth of skin in the game to further lose.

    Please g*d, if you read the Yahoo message boards, when should I get out?

    Maybe some kind highly technical soul who knows about IV, MA, and other charting techniques with some sound advice? or good prayers...

    I am new to this and got in over my head and right now I'm pretty scared and angry at myself for betting the farm. Please, no insults or flames, I think I've learned my lesson.

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    • Hello again - so what has happened with your position? Did you ever sell you're 210C? Did you sell you're Apple calls when it hit 82?

      I'm hoping you managed to do both without too much damage.

      Still wishing you luck.

    • I just sent you and email with the link.

    • very interesting, OptionsXpress.
      I'm going to sign up for it in addition for all the nice services they have. It looks like theres no minimum too, right?

      Found a dated but still relevant nice long thread on IB vs Optionsxpress and others
      http://www.elitetrader.com/vb/showthread.php?s=&threadid=6617&perpage=6&highligh
      t=optionsexpress&pagenumber=1


      BTW, what's the address of your forum you mentioned? Feel free to email me in my profile if you don't want to post it. Thanks!

    • There is someone who keeps two accounts one at OE and one at IB. That says soemthing there.

    • what's the commission charge?

    • wow, that is just what i wanted to know.
      optionsxpress actually exposes a different user interface for different option types.

      thats very nice, it helps you understand what the different parameters are of a given option method.

      what are the bid/ask spreads like and liquidity/fills over there?

      i just switched from scottrade to interactivebrokers for 2 reasons

      1) i was routinely seeing 50-200% larger B/A spreads. like 1.40 to 1.70, vs 1.50 to 1.60.

      2) the liquidity, if thats the right word or the order fullfilment is amazing. at scottrade, the last trade might be 1/2hr ago, and at a poor price as above. at IB, the last trade is seconds ago. amazing difference. i still can't believe it when i compare both side by side.

      3) i can often sell on the ask and buy on the bid at IB. i could never do that at scottrade.


      supposedly IB is known for its option trading? and has something call smart routing, which is supposed to get you the best/fastest excution.

      i say all this because i wonder how IB compares to optionsxpress?

      optionsexpress clearly has some better GUI tools specifically geared for options.

      OTOH, IB has an API with tons of 3rd party trading tools. I would imagine there is an app for IB that replicates/exposes the optionsexpress functionality.

      the other thing better about IB over scottrade, was options are just $1/contract, not $1.25 as scottrade.

    • Explain that one. 9M? I don't think you understand the thread at all. Options are limited to the cash put in, nothing more.

    • Iuse optionxpress for my broker and I think that they offer paper trading.

    • i assume you're talking about if i would have done the short sale (inside the bear credit spread) and puts, right?

      that is why i just wasn't comfortable with that method at this time. not only was i unsure on the techniques of the method, but i had/have some feelings that there is still more upside to GOOG.

    • ktstocks,
      thanks for the options course and book recommendation. i'll check out the reviews on amazon. i'm always interested to learn more.

      i think i should start with a book on even more basics, liek selling short, because while i seem to understand it ever time it is explained, i never rememeber it.

      i think it is one of those things that if i paper traded shorts routinely, it would snap into my brain better.

      sure, i'll check out your board.
      another person here also recommened this small community:

      finance.groups.yahoo.com/group/OptionForum/

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