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If you are riding short straddles...the easiest thing to do to protect
profits
is turn them into "iron butterflies" by buying the wings when they are
cheap enough
example: sell 50 straddle
buy 45 put
buy 55 call
Need to do the whole thing for more than $5 to make money.
> -----Original Message-----
> From: dbtg [SMTP:dbtg@xxxxxxx]
> Sent: Wednesday, June 03, 1998 10:42 AM
> To: RealTraders Discussion Group
> Subject: Re: Gen: The problem with the subject of systems.
>
> Hi,
> Thanks for a great list; the postings over the last two weeks
> were about the best since I've been on. I am still a newcomer
> to this business but I'd like to contribute something.
>
> - I think the CONNORS VIX reversal kicked in two days ago,
> can anyone confrim this? I do it manually and the 5-day RSI
> was 80 plus on Monday.
>
> - Has anyone tried the TRIN THRUST signal; I read about it somewhere.
>
> - There isn't a lot about OPTIONS in the RT ; I'd like the DOCTOR &
> others to comment on getting out of an option STRADDLE.... It's very
> slippery, trying to track both sides, I made a mess of the first one
> and
> my profits fell from 1800 to 250 in a few minutes. Looking back, I
> realized
> I wasted too much time deciding what to do, procrastination being the
> thief
> of time, AND money.
>
> - Option Decay : again this is new to me... but the OEX premiums seem
> to
> be decaying very fast this month!!!! I haven't looked at it closely
> but it
> seems as if
> the premium decay accelerated last Friday and are evaporating by the
> minute.
> I expected this type of decay after Friday's report. Short straddle?
> strangle?
>
> Many thanks
>
> -----Original Message-----
> From: BrentinUtahsDixie <brente@xxxxxxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>; Scot
> Billington <scot.billington@xxxxxxxxxxxxx>
> Date: Tuesday, June 02, 1998 11:03 AM
> Subject: Re: Gen: The problem with the subject of systems.
>
>
> >Scott and group,
> >
> >> Do you trade to avoid boredom or to make money?
> >
> <<< SNIPPED a long section here >>>>
>
> >So what types of posts would I like to see? Revealing ones I suppose.
> For
> >me pictures are worth thousands so I appreciate the .gifs.
> Personally, I
> >would like to talk with experienced parties that trade and understand
> >Option Straddles. Having looked around I haven't found too much out
> there
> >about that. I don't quite have the RX for Real Traders, part of the
> problem
> >is the nature of the beast.
> >
> >Rambling on,
> >
> >Brent
> >
>
>
>
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