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Hello, I am Edward Siegel.
I have been trading and investing in the market since 1975. I have been trading equity and index options since 1993. And I have been trading credit spreads since 2006. I left my job in Aug 2008 and now trade full time. My primary investment vehicle is credit spreads and iron condors on the SPX and RUT and selected equities. In 2009 my return on my investment was 9.0 %. And 8.5% in 2010. For 2011, credit spreads returned 1.6%, however, overall portfolio performance was MINUS -7.4%.
Monthly Credit Spreads: The Ins’ and The Outs. To get “In” I look for a delta of 7 or 8 with a credit premium .50 to .60 cents. These trades have a 95% probability. To exit either, (a), After a position fills I put on a GTC to buy it back for .05 cents. This usually fills 2 or 3 days before expiration. (b), If the trade is going against me I watch and exit when delta is between 20 and 25. There are several strategies to exit a trade when it goes bad. I normally just close it out, walk away, lick my wounds, and fight another day.
Unlike most email alert systems that don’t make their trades themselves, they just tell you to trade but don’t dare risk their own money. I make these trades myself. And on what I call “Lottery Tickets” AAPL PCLN etc 1, 2, or 3 contracts.
Follow our current trades here on MyTrade.com: You can follow all my trades here for free! Yes, FREE! But this is after I trade, After you check the site. if you would like to be alerted to what I am trading before or when I place the trade, then please subscribe to my service. I will email you personally when it happens.
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Weekly Credit Spreads – The Ins’ and the Outs’ To get in I scan my list of stocks looking for a spread 2 or 3 points OTM, with no news or events pending. My strategy is to have 3 to 6 high probability positions on each week. If one goes bad the others still give us a positive week. In 2013 I began trading weekly options with phenomenal success. Please view my history tab.