Gold Members: Find the trades and discussions by clicking here.
“Track That Trade” has been a much requested feature at Options for Rookies.
The following video offers a description of how I plan Follow That Trade to work.
To avoid any misunderstandings, please note:
- Do not expect to see an update or comment every day. We are not day traders and there is not always something to do
- When there is something of importance to mention, there will be a blog post
- As a members, you are encouraged to make comments or suggestions about any trade, at any time
- When a decision is made – even when it’s a ‘do nothing’ decision – I’ll discuss my thoughts in a post
- If you have a question, trade suggestion, or wonder why there was no blog post, please let me know by leaving a comment
- I’ll update trades and adjustments as near to real time as possible
- If several positions require attention at the same time, it is more important to make the adjustments first, and then post the actions taken
- Carefully managing fewer trades allows for higher quality discussions and avoids trader overload. Nevertheless, the plan is to have several trades (quantity unknown) working simultaneously
How Follow That Trade information is organized:
- Every comment or trade is published as a separate post, and takes its turn at the top of the blog page.
- Each Opening Trade is identified by the date (yymmdd). That date is the individual trade identifier
- Example: I’ve set March 2, 2011 (110302) as an imaginary example for the first trade
- All posts related a given trade are added to one page that tracks that position
- Multiple positions can be followed simultaneously without confusion by placing each one – and any ensuing discussion – on its own page
Disclaimer statements are a necessary part of this business, but I offer this with all sincerity:
Please do not make these trades.
- Many trades are randomly selected. They are NOT recommendations
- The trades are chosen primarily to provide an educational opportunity, not to earn a profit
- If I own any trade for my own account, I will disclose that information immediately
- Any given trade is probably not appropriate for you because the positions vary from conservative to aggressive. Reminder: Learning experience is the objective
- Your risk tolerance, investment objectives, ability or willingness to accept risk cannot be considered – by me – when the trade is selected – unless you recommend the trade
- Position size may be inappropriate for your account
- Your trade plan is probably different from the one we will follow here
- You may time adjustments differently, or choose alternatives (Please comment when that happens)
- The purpose of following a variety of trades is to learn about managing trades
- Repeat: The purpose of Track That Trade examples is to provide powerful teaching example, not to earn cash
- I make little or no effort to time the entry
- I do not use any form of technical analysis
- The purpose of Options for Rookies Premium is to teach and educate
- This is not an advisory service
March 2, 2011
Iron Condor; Trade Details