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Quick Intro from a Premium Seller

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Virge666

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Hi guys,

Quick intro before i jump right in... been an option trader on and off for about 15 years. Those of us who remember the optionetics courses from years ago will be able to pick my vintage. I trade Strangles, Iron Flys, rarely debit spreads and butterflys. I find selling premium more sucessful than buying spreads, but you need a decent size account to cover the margin. I use IB for all trades at around $1-$2 a side in slippage

Been mildly successful, I trade a smallish account and look to make about 3-5% a month, I trade the aussie banks, XJO, BHP and RIO. Couple of others if I can find some liquidity. With Daylight savings running - I also trade the USA options, which is so much easier. RUT, TLT, XDA and GLD to name a few. So much liquidity and much smaller spread.

Not sure if I will continue the US trading when DST changes... I am not an early morning person !

Anyway - GDay all, hoping to find some like minded guys on here with ETO experience to chat with and share experiences.
 
Virge666 said:
Hi guys,

Quick intro before i jump right in... been an option trader on and off for about 15 years. Those of us who remember the optionetics courses from years ago will be able to pick my vintage. I trade Strangles, Iron Flys, rarely debit spreads and butterflys. I find selling premium more sucessful than buying spreads, but you need a decent size account to cover the margin. I use IB for all trades at around $1-$2 a side in slippage

Been mildly successful, I trade a smallish account and look to make about 3-5% a month, I trade the aussie banks, XJO, BHP and RIO. Couple of others if I can find some liquidity. With Daylight savings running - I also trade the USA options, which is so much easier. RUT, TLT, XDA and GLD to name a few. So much liquidity and much smaller spread.

Not sure if I will continue the US trading when DST changes... I am not an early morning person !

Anyway - GDay all, hoping to find some like minded guys on here with ETO experience to chat with and share experiences.
Click to expand...

Hi I did the vanilla type Covered call writing on ASx stock/ US stock. Naked option selling n FTSE futures options experienced the meaning of "eat like a king and then sxxt like an emperor"
Do you do Married PUT or Married CALL? specially on Futures?
 
mjim said:
Hi I did the vanilla type Covered call writing on ASx stock/ US stock. Naked option selling n FTSE futures options experienced the meaning of "eat like a king and then sxxt like an emperor"
Do you do Married PUT or Married CALL? specially on Futures?
Click to expand...

Hi mate,

I am not much of a covered call writer. Unless i actually own the stock. I am normally just a spread trader, so a strangle, I will sell a couple of naked calls and a couple of naked puts.

I am long a bunch of the usual stocks like banks and the big miners and for those I will always do covered strangles. The margin isnt bad as i already own the stocks and only one side will ever be ITM.

I am pretty good at managing strangles... so go with what you know i guess
 
Welcome..used to do a fair bit of selling too, much less so nowadays.

Virge666 said:
but you need a decent size account to cover the margin.
Click to expand...

Portfolio margin if you qualify for makes life much easier for those US ETFs. Better alternative is using futures options instead - ES/GC has much lower margin than SPY/GLD. Lower commissions too. Only you may not have some symbols like the ETFs do.
 
minwa said:
Welcome..used to do a fair bit of selling too, much less so nowadays.



Portfolio margin if you qualify for makes life much easier for those US ETFs. Better alternative is using futures options instead - ES/GC has much lower margin than SPY/GLD. Lower commissions too. Only you may not have some symbols like the ETFs do.
Click to expand...

Cheers mate - finding some good success with the liquid aussie stocks presently. But BHP and RIO seem to be my bread and butter.

Would love to see some volatility in the market though.. this is boring as
 
Hi,

I too am a premium seller - for the last 10 years. Used to trade US before Thinkorswim kicked out its Australian customers in 2012. But I hated trading in the middle of the night.

Now I concentrate on naked OTM strangles on the XJO. I put a trade on every month. I do Iron flys on the banks, BHP and RIO or just sold puts and calls depending on volatility and my guess at price movement. I use Commsec - the tools are non-existent and the commissions are high - but with ASX span margining and the ability to use my share portfolio as security means I don't need to cash secure as you do with IB.`

Would be interested in sharing trade management ideas and general thoughts. Look forward to hearing from you.
 
I've been trading U.S markets last couple of years. @ 30% ROC prior year, @ 50% ROC year to date. I like the larger selection of liquid products and lower slippage in U.S markets.

I sell calls, puts, strangles, straddles, iron condors, vertical spreads, ratio spreads, covered writes and other variations.

I buy calendars, horizontal spreads, vertical spreads

I use equities & futures, and operate a portfolio margin account. I prefer equity, because rolling and managing them are a lot cleaner. But for things like CL, NG, ZS, ZC etc it just makes a lot more sense using futures due crappy or non-equivalent ETFs.

I'm a fairly active trader, and average 50+ trades per week. Keen to learn more ways to make money.
 
Hi All,

I am new to the scene and looking to sell naked puts. Can anyone recommend a good broker with a good platform that will allow me to sell puts on US stocks even tho I am an Aussie? I know Interactive is one but I am curious to find out if there are any options?

Thanks for your time guys!
 
Jackwhitfield said:
Hi All,

I am new to the scene and looking to sell naked puts. Can anyone recommend a good broker with a good platform that will allow me to sell puts on US stocks even tho I am an Aussie? I know Interactive is one but I am curious to find out if there are any options?

Thanks for your time guys!
Click to expand...

IB or tastyworks
 
Hi All,

Im new here but an Options Trader for over 12 years. Like Virge666, I am somebody that does follow the Tastytrade philosophy....though I do make the odd exception, once in a while.

I trade the US exchanges, exclusively.

Strategies I like and often use include Strangles, Straddles, Iron Condors and flys, Credit and Debit Spreads, Ratio spreads, Calendar spreads and a Tastytrade strategy called the Jade Lizard.

I was looking forward to their new brokerage called Tastyworks, which I thought would be open to us here in Australia. The platform was created by Tastytrade, who were the creators of ThinkorSwim.

Unfortunately, I have heard from a good resource, that Tastyworks isn't available to us here, because they have issues with their clearing house.

Drat...

Be that as it may....feel free to touch base and happy to chat with any trader and talk shop...

Have a nice day, and thanks for reading through this.

WT
 
Righto - that makes two of us...

Surely there are a few more floating around here
 
Hi all,
I'm new to this forum and thought I'd say hi.

Looking to start trading the US market again.
Used to sell covered calls / naked puts before.
I started learning about credit spread / iron condors / diagonals and how to defend with back ratios.
However, making adjustments is expensive due to the ticket charge (min $14.95 with OptionsXpress), even if all I want to do is buy/sell 1 contract.

I've looked into IB, but can only open a cash account which doesn't allow me to open spread trades.
It seems like the only way I can get around the margin issue is starting a company, but I'm not at that level yet. My account size is smallish, just above the PDT limit (USD$30k)

Do you guys selling naked puts / credit spreads trade through your own company?

I read in another thread that tastyworks won't be available here either which is disappointing.
I really loved ToS, especially with the ability to beta weight portfolios.

Thanks, hope to get to know some local US options traders too :)
 
Welcome! I agree, OX can be quite expensive. IB gives you a Margin Account, if you trade as a business, meaning, get yourself an ABN. Neil Swanson, of IB, will give you more details.

Good Luck
 
w37b said:
Hi all,

I've looked into IB, but can only open a cash account which doesn't allow me to open spread trades.
It seems like the only way I can get around the margin issue is starting a company, but I'm not at that level yet. My account size is smallish, just above the PDT limit (USD$30k)

Do you guys selling naked puts / credit spreads trade through your own company?
:)
Click to expand...

I have had an IB account for ages and I just dont have this problem, even when it was small i could still do all these kinds of transactions. (sub $15K)

I have 16 trades on now that have naked options, I also have another 11 spread trades.

Why does everyone have so much trouble with this and I dont, have i ticked a box somewhere? If we can figure this out - then surely it can help you guys who want that capability.

I also have a simple personal account

AC
 
Hi,
It seems like IB changed their rules in 2014 as they were not in compliance.
There's a thread about it on the forums.
Maybe your account was opened much earlier and it wasnt affected?
Lucky you! :)


Virge666 said:
I have had an IB account for ages and I just dont have this problem, even when it was small i could still do all these kinds of transactions. (sub $15K)

I have 16 trades on now that have naked options, I also have another 11 spread trades.

Why does everyone have so much trouble with this and I dont, have i ticked a box somewhere? If we can figure this out - then surely it can help you guys who want that capability.

I also have a simple personal account

AC
Click to expand...
 
w37b said:
Hi,
It seems like IB changed their rules in 2014 as they were not in compliance.
There's a thread about it on the forums.
Maybe your account was opened much earlier and it wasnt affected?
Lucky you! :)
Click to expand...

yeah - i will take it.

I would have guessed that they powers that be would have nerfed my account as well. Doesnt matter soon as once i am on Tastyworks, I will have SPAN and REG T margins.
 
Virge666 said:
yeah - i will take it.

I would have guessed that they powers that be would have nerfed my account as well. Doesnt matter soon as once i am on Tastyworks, I will have SPAN and REG T margins.
Click to expand...

You seem very sure it'd come here soon. :)
I have also been put on the notification list once they open to international customers.
Crossing fingers that it will happen in 2017.
 
w37b said:
You seem very sure it'd come here soon. :)
I have also been put on the notification list once they open to international customers.
Crossing fingers that it will happen in 2017.
Click to expand...

I'm on the international list also. A couple of days ago I was watching one of the TastyWorks "Confirm & Send" videos and Tom Sosnoff mentioned that they hope to be sending out international account invitations within a month - I can hardly contain myself !!!!!!!!
 
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