Week34-Aug24 Trades - Why have I loved the RED markets recently?
- Down 1% today (or 59 points on SP500)
- ET / SPY Trades
- Tesla Trades
- BTC / ETH price
Down 1% today (or 59 points on SP500)
Why am I happy to see RED in the markets? As an options trader, I have particular views and biases based on what happened in the last few weeks (and my current open positions). I'm still licking my wounds from JULY 2023!
Look at the Excel Pivot data of all my OPTIONS trades for 2023. You can see JULY was a nearly a -$8K month! For the Quarter, it is still -$5K!!
I adjusted my RISK to trade like "old grandma," who is happy with 8% yearly returns. I am waiting for Sept/Oct before moving back into a RISKY "college-age" trader. I think the Christmas rally can be a good time for me to pick up a few points of ROI.
ET / SPY Trades
Let's look at some of the trades I made today.
I added more risk to the OCT 20 SPY Iron Condor. I collected $15 per contract (x4).
The ET trade is unique because I own 200 shares.
I have 2 covered calls on it and 1 CSP (Cash-Secured PUT).
- Covered calls are at a $15 Strike Price (APR 19, 2024).
- CSP are at a $10 Strike price (APR 19, 2024).
The way this is designed is I will make money as long as the shares are RANGE bound and stay between the $10-15. My Cost Basis is under $10. I use these to print money on top of the DIVIDEND that I get from owning ET SHARE.
Tesla Trades
Some people are making BANK on TESLA trades. That is no ME! I barely make a few dollars each week, and I'm fine with that. That is how I trade, and I added TESLA to my portfolio to follow the price movement. This is mostly done not for the PROFITS but for when I go to SOCIAL events, I can discuss the price action.
BTC / ETH price
I am still mining BTC on an OLD Gaming PC. I most likely lose money because it's an old GTX1070 GPU card. I am doing this until it is not worth it anymore.
My machine has been unstable, and I will turn it off at some point. But I think I try to get another year out of this machine. I don't think I can make 70 cents anymore. I think it is going to be less in the future.
However, in the short term, I will bet on more DOWNWARD pressure on BTC going into SEPT. But I play both sides of this. As BTC is dropping, I am buying 100 shares of RIOT. On the options side, I am using a LONG PUT to try to capture some of the price movement RIOT if it continues to move towards $8 a share.
What do you think of my trades?
What moves did you make this week?
SolvingChaos