This Week's Cool Club
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This Week's Cool Club So as The COOL Club Dude, I really appreciate that our weather across the country is finally COOLing off. But as we move into the winter months I may have to rename our group the HOT (Happy Options Traders) Club. We are going to be quite busy at our meeting this week but before I talk about that I need to make sure everyone knows that we have posted new versions of the COOL TOOLS for Covered Calls and Cash Secured Puts. The latest version fixes a problem with the date algorithm and so the latest version number for both Tools is 2.10. This link will take you to where you can download the latest and greatest http://www.bivio.com/cool_club/file/Public/Cool_Club_References.html Now to this week's meeting. First and foremost we will be rolling out a new Cool Tool specifically aimed at selling options on Index ETFs such as SPY and IWM. I know lots of you are using the existing tools to do Index options but I think you will really like the new tool that is actually built to focus on these. Next we will look at the closing out of our Coach Cash Secured Put that we sold in August. And then we will look at anyone's homework assignment where I asked you to try selling cash secured puts on one of the following stocks: FAST, PNRA, ORLY ALGN. Finally with the new Cool TOOL for Index ETFS we will work through examples with SPY and with IWM but I would be happy to entertain any other ETFs you might want to talk about if we have time. Feel free to submit those tickers to the Cool_Club@bivio.com. Glad that Fall is starting to show up as it has always been one of my favorite times of the year. Hope to see as many of you as possible live at our September 12th, COOL Club Meeting. The time this week will be 8:00pm ET. Paul Madison Paul I thought take a shot at the home work and the virtual trader. Early this afternoon I put in 2 limit order puts, one for PNRA and one for FAST. The PNRA got filled,
CHUCK B From: Paul Madison <TheCOOLClubDude@gmail.com> To: cool_club@bivio.com; club_cafe@bivio.com Sent: Tuesday, September 11, 2012 12:52 PM Subject: [cool_club] This Week's Cool Club Chuck I also placed an order today for PNRA Sept 12 155 Put but I was asking 1.15 so it didn't get filled. All on the Virtual Simulator, of course. On Sept 5, I did 3 contracts for ALGN Sept 12 34 Put for .65 premium. 37% APR (180.05 net) On Sept 11, placed a BuyToClose for .10 - I netted $135.10 with an APR of 72% (It was still over $100 & good APR) I decided to Buy it back when the stock price jumped up & premium fell and since I had 11 days left, I thought it could go back down since it hit a high for the year. I decided to take the money & try a different stock. On Aug 24 I had 200 shares of SPY put to me at a net of $141.51. On Sept 10, I placed a SPY Sept wk2 144.50 CALL at .73 premium (1/2%) - net price of $129.55 On Sep 11, 2012, at 4:10 PM, charles brunell wrote:
Theresa it looks like your stating to get the hang of this stuff. CHUCK B From: Theresa H <breezytreeshome@gmail.com> To: cool_club@bivio.com Sent: Tuesday, September 11, 2012 5:14 PM Subject: Re: [cool_club] This Week's Cool Club-Home Work Thanks Chuck. I still have a LOT of learning to do (especially when I suddenly realize mistakes I've made). I look at the virtual trader everyday and analyze my positions. Also, for practice, I place a few orders a day to help understand the process. Between the Cool Club webinars, Cool Dudes help, great Cool Tools, and the virtual trader, they have provided an amazing education. Theresa On Sep 11, 2012, at 8:57 PM, charles brunell wrote:
Theresa, Chuck, & Ralph, First let me say I am sorry about being slow to respond to your efforts but I have been burning up "the shop" building the latest cool tool and I just had not had a second to stop and applaud you guys but I will do that now.
I really appreciate you all sharing what you did with the homework as I am sure your experiences and thoughts help others who are just getting started on this adventure. Major kudos to you all!!!
As far as the tools, I am glad people are enjoying them, they are but rudimentary but I hope they lead you down the path a ways. I am sure if you catch "the bug" you will need or at least want much fancier tools than The Cool Dude can deliver.
As I have learned from my own failings in woodworking, just having tools does not make you a craftsman. The only way to become a craftsman is through doing and doing and doing and learning from your own experiences. If you are afraid to start because you might make a mistake then I encourage to quit right now. Success only comes through making lots and lots of mistakes. Now, one does need to learn from their mistakes but there is still no avoiding them. Often we even have to make the same mistakes that people that went before us made and warned us about. The reality is, when it is all said and done, experience is the best teacher.
Look forward to seeing all in the Clubhouse tonight as it is always fun to unbox a new tool in the shop. Paul Madison
On Wed, Sep 12, 2012 at 7:18 AM, Paul Madison <madispa@gmail.com> wrote:
Paul I'm glad you mentioned mistakes, makes me fill better I've made a bunch of them(should be a genius by now!). I'd like to ask a question about selling weekly puts on etf's like the SPY. Maybe once or twice a year something happens that can't be perdicted and the market can fall sharply 10-12 points or more and can stay down for quite awhile. Is therr a way to protect yourself from this or what does one do after it happens? CHUCK B From: Paul Madison <TheCOOLClubDude@gmail.com> To: cool_club@bivio.com Sent: Wednesday, September 12, 2012 8:21 AM Subject: Re: [cool_club] This Week's Cool Club-Home Work I really appreciate you all sharing what you did with the homework as I am sure your experiences and thoughts help others who are just getting started on this adventure. Major kudos to you all!!!
As far as the tools, I am glad people are enjoying them, they are but rudimentary but I hope they lead you down the path a ways. I am sure if you catch "the bug" you will need or at least want much fancier tools than The Cool Dude can deliver.
As I have learned from my own failings in woodworking, just having tools does not make you a craftsman. The only way to become a craftsman is through doing and doing and doing and learning from your own experiences. If you are afraid to start because you might make a mistake then I encourage to quit right now. Success only comes through making lots and lots of mistakes. Now, one does need to learn from their mistakes but there is still no avoiding them. Often we even have to make the same mistakes that people that went before us made and warned us about. The reality is, when it is all said and done, experience is the best teacher.
Look forward to seeing all in the Clubhouse tonight as it is always fun to unbox a new tool in the shop. Paul Madison
Look forward to seeing all in the Clubhouse tonight as it is always fun to unbox a new tool in the shop. |
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