Also curious why trading options instead of ES futures for slippage reduction. Not my cup of tea, but choice of SPY options do not seem optimal for the trading criteria provided SPX options or ES futures seems like a better fit I am merely trying to understand, not critique! Hundreds ways to trade if not thousands.
Just a matter of time before you bust out, have seen this hundreds of times of that kind of risk.
I don't daytrade but a swing trading method to trade the spy for a couple of days would be welcome. What's your long-term performance -- I kind of have a similar methodology I have been doing it for a year. I blew few accounts thanks to algos sideways action.
Overall I am in plus since January 1rst. My result on these stocks are mix. I usually give it back what I make next day.
Want to add to the discussion?
It seems to me SPY works the best, esp with an account under 25k that way you choose best 3 trades in a week rather than jumping into every setup. I have been observing its behavior on Friday..
I have seen SPY do crazy things on Friday I am on the other side of his strategy I sell naked puts and calls on spy.. I am tempted to do one day plays..
I make a bet that.. Patelchet likes this.
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Actually First time I traded wednesday expiry last week. I was little nervous. Same thing like friday expiry. Pretty much I always give myself 5 to 6 days the most for expiry.
The Difference Between SPX and SPY – Options Trading
Only mondays I trade same friday expiry. Again I close my position at the end of the day. No overnight! Absolutely NOT. I have been burned so many times so keeping overnight is NO NO. I try not to trade on Tuesdays. Never had a good luck, usually low volume with no news. Friday can be a hit and miss. Especially options expiry weeks. You get the most for your buck. Even numbers can be used as a support and resistance.
I fade these extreme readings.
Best directional SPY options trading strategy | Elite Trader
SPX options are settled in cash since the underlying asset itself is not traded. SPY options are settled in shares since the underlying asset itself is traded on exchanges. All SPX options, except for those that expire on the 3 rd Friday of the month, expire at the close of business on expiration Friday. SPX options that expire on the 3 rd Friday stop trading the day before the 3 rd Friday. All SPY options expire at the close of business on expiration Friday. Choosing between the SPX and the SPY option is entirely up to the investor to decide which option fits their investing strategy best.
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