were watching and are willing to learn, tell us how you're doing it! i really feel most people are trying to make back there losses, instead of walking away! jmo
Yes. Try to search for my couple of posts regarding this symbol. The only way to make money here is by shorting rallies (i prefer the puts). The august 10s were trading at 2 about three weeks ago and are now near 5. The only sad part about this whole thing is if they DON'T reverse split. We are running out of real estate. I've said it all along - this instrument is built to decay. It's kind of like finding the golden goose. Let's hope for the reverse split so we can keep this up for another year or so.
Like you, I am also an option trader and have been buying puts.
While i agree with you that it would be better if we have a reverse split, there still is plenty of money tobe made by buying options.
You could buy Aug puts (if you want a week trade) at the $6 strike for 90 cents. It looks like we may get to the mid to high 4's by week end. the profit would be
$5.00 price- 10 cents or 11.11%
$4.80 price-30 cents or 33.3%
$4.50 price-60 cents or 66.7%
If you want more time, just buy the September options.
One item though- Schnizo informed me last month that on future expiration date, all of the VIX options for the month have expired and people will buy lots of VIX calls the next day or two (which increased the UVXY price). While that happened in July, I want to see if this happens again this month. Thus, I will be holding off any new September option plays until at least Aug 24th or so.
You have to be fast and take profits. As soon as you think about more you lose what you gain. If you are hoping to get back you should have already stopped out and be thinking of a new move. Work on entering right with a tight trigger and move it up to cover cost with profit. NEVER move it down! Move the trigger up and then dream how high. You blink your eye and you are stopped out , blink again and you're glad. Make sure you play VIX or stocks like ANR as much or more. Then once in awhile you get locked in the sweet zone and ride that bi... Lock down the cash when you can't be protected. Sleep well.
hey scagg, i got clipped a couple of times by UVXY, but every time i think about trying to try one more time, all i hear are how most people have gotten bent over, and run over by a bus, trying to trade UVXY. i really think this is like a gambling addiction, it grabs ya and you can't let go! jmo