Bullish, Bearish & Neutral Strategies | Trading a Smaller Account
[Music] [Music] good morning everyone welcome to trading a smaller account it is friday morning the friday of a long weekend and i don't know about you but it feels like it's been a long week so what we do in this class it's an intermediate level class and we look at ways to take advantage with what is going on on in the market whatever that may be in a way that is conservative um and and mindful of the fact that we are trading a smaller account um we have a group of people that link arms and show up each and every week um the chat has already been blowing up love that you guys come and bring such great energy with you so good morning to john and vijay and ap 514 and kasoon and sarah and radio wayne and kit kabuchi tan like some of these names i just get a kick out of um uh charles and uh doug we've got marcy brent ganesh papa papa jeep do you have a jeep uh frank lamarr orlando tony lynn liu gretchen um i know i'm missing a few uh we've got jim we've got charles we've got rjs we've got juanita um we've got neil and don and denise and pete and and more tuning in all the time uh wrong you and one of the things i love is that we've got people from sunny florida we we've got people like me who are still in the dark um and i saw someone else tuning in from um you know the west coast we've got people coming in from toronto one of my favorite cities on the planet i did live there for a decade and it's home to me um but thank you all for continuing to show up so let's get right down to business we've got 45 minutes and we want to make the most of it if you've got questions we've got ken rose in the chat with us and he brings a wealth of experience he's a great guy i love when he's in the chat because he always gives us a sense of what the market may be doing as it's opening because we start this class as the bell rings on the trading day um so if you've got questions and you're with us live you can certainly type those in if you are joining us for the first time let us know that so that we can greet you i i see already that we have a few people here for the first time so all i can say is welcome and we're so glad you're here um if you are one of the many like there are thousands that that watch this in the archives if you've got questions or you love that whatever you'd like to say just type it into the comment section and i do look at those on a daily basis um and the third way to get in touch with this is via twitter so at be armstrong underscore tda is my twitter handle ken rose at k rose underscore tda if you're not taking advantage of this free resource it's a way for us to communicate with all of you and you to be able to reach back out to us with your questions um you know you are welcome to do that um so somebody's asking you know that you descri discuss the trades in this class in another class as well so i've decided that we're going to treat the long call class on mondays now this monday is martin luther king junior day so we will not be meeting but i try and place at least one trade in that class on mondays in this uh you know trading a smaller account account and we will sometimes will follow up on those trades either in this class or in the next class monday it just kind of is a way of giving us more time together when we don't have two official times to meet so somebody's asking is this going to be about options or the regular buying of stocks we do a bit of both in this class but it is predominantly an options class now if you are new to options trading let me know that and as we go through i'll give you a quick down on dirty on this str on the trades um the type of trades that we're placing and i'll also put links in the top corner to the getting started with options class that i also teach um where we go over the basics of what this is yeah so um there's a question about you know i have a smaller account but don't do options so what i would highly recommend in that case is getting started with options it's tuesdays at high noon and i will put a link in the top corner here to that getting started with option series i happen to kind of love it it was a series that i you know wished that we had had when i started with td ameritrade 10 years ago as a client and so if you are new to options thank you for letting me know that um i will yes and and if you're new to options i'll give you a quick and dirty um on what the strategy is but know that this is an intermediate level class so i'm assuming that you understand some of the basics so you know juanita if you're new you may want to stay but it could be a bit like drinking out of a fire hose i'm just going to warn you even if you're not new we kind of run in this class and so but getting started with options is an excellent class and i'll show you how to find that actually so there's a couple of ways one is if you come to i'm going to show you from youtube so if you come over here and and open youtube and then just type in trader talks and you want trader talks webcast from td ameritrade and then when you'll see this round disc when you go into trader talks we're going to go to playlists which is right here and i happen to know getting started with options is uh the second one from the end just luck of the draw is how that ended up there if you view the full playlist you you can start now we're almost at the end of the rotation you can come back here to one of 12 the basics let us begin okay okay so somebody's asking how to close out a shortcut vertical we'll talk about that today because we have some short put vertical trades on okay okay so let's get through our important information so we can get right down to business know that options aren't suitable for all investors there are special risks inherent to options trading that can lead to substantial losses we do discuss what those losses might be in each and every class that we trade also know that this content is taught at an intermediate level and is for education and informational purposes only it's not to be construed as investment advice or a recommendation to trade any particular security or strategy in any particular way know that with both if you're new to td ameritrade both options and futures trading privileges you have to apply for the beautiful thing though is that in your paper money account you can do trade however you like um and but just be forewarned when you go to place a trade in your live account you're going to need to have approvals for that and know that all investing involves risk including the risk of loss know that while we look at technical analysis other approaches including fundamental analysis can provide a different and important perspective all right so what are we doing today and this you know our menu for today always looks kind of um vanilla but we're going to go out have a look at what's happening with the market we're going to look at the trades that we placed last week so last week was our first class of the year for trading a smaller account and we wiped the slate clean so we started off with 20 dollars again okay um and we place several trades and then we're going to look at how to place a few new trades given you know what's happening in the market today so let's get out to our platform and we are going to start by looking at the s p 500 and so what we can see here you know some people might look at these lines you know technical analysis is somewhat in the eye of the beholder right they might look at these lines and say you know with this slight um exception it seems to be kind of we have this double bottom pattern but it's kind of back in the range others might be saying well i'm seeing a series of still higher lows and higher highs so you know today it's it opened lower so we're still down a third of a percent but it opened lower and it looks like it's it's trying to rally and so you know it is this a compromise of this uptrend um you know it we don't know yet is the answer to that but it started out a little lower and some might say well why did you draw your line here well i kind of try and eliminate the wicks but if you include the wicks and you bring them down bring it down here it's still within this range so we'll just have to wait and see how the day plays out i mean we have had a lot of whiplash within certain trading days i mean monday you know things were looking up and then they started to sell off you know when we ended up you know here on like it's been kind of a crazy week it's been kind of a crazy week and we've seen a lot of big candles which means a lot of movement throughout the trading day like right now in an average day over the last 14 days the s p 500 has moved almost 60 points 58.93 so let's come and look at the nasdaq and the nasdaq is kind of doing a similar thing right but do we see you know this up trending pattern we do not we see more of a sideways pattern and it broke out of that it broke down below that pattern and so you know will it recover and so some might be looking at this here and saying you know what i'm looking for now that i'm you know this pattern is continuing to to develop is a diagonal resistance breakout you know will it you know and it's got a long way to travel to get back up across that line and you know we're down we're we're below the 100 on the nasdaq we're below the 30 and below the 10. that's a lot of blows my friends yeah somebody is saying the vix is up yes are we surprised we are not you know after looking at at the last two charts how about the dow well the dow seems to be kind of you know it pulling back the last couple of days and certainly you know out of the last what one two three four five six seven eight out of the last eight trading days six up and down so some might say i spy with my little eye bear flag maybe setting up but at least that this is still kind of closer to the top of you know its all-time highs um than the other two indexes currently appear to be um and then that brings us to the last of the major indices and if we come and we look at the rut you know it's back at the lower end of the trading range and why am i ending with that one well because when we come to our monitor tab and we look at our current positions we had placed a short put vertical on the right um at 2130 and 2125 and we can see now with the volatility rising even though it's still above this trading range and we have two weeks to go with it pulling back today it's kind of dragged it under water but if we come and we look at this we could say well you know our strike is at 2130 it's still below this trading range now if we have um if this candlestick was positive might we choose to add another short put vertical here at support and go out another three weeks you know or 20 to 50 days we might well do that but with the other indexes pulling back along with this one do we want to take that chance and so you know we could look at it and say well if i came out three weeks and this is definitely a more aggressive entry so if we came out 21 days and looked at you know this 21 25-ish range bring in 15 strikes so if we look at this or the 2120 range i mean one of the advantages of putting a trade like that on on a day like today is the premium is likely to be higher 2120 that's lower than our current strike it's only ten dollars below but that's you're expressing a degree of confidence that this support level that has held for the last year will continue to hold and have we seen other periods of time with this index um you know where it's come out and it's hung out in the lower end and recovered we saw that kind of here we saw it here we saw it here you know we're seeing it again here but so you know what one might do is say we want to put this trade on but only if it goes back above today's high so we put this in the iron condor category because the expectation was that if this came back up uh when this came back up to the upside we could put on the um short call vertical piece of it so it was kind of an open face if you will it was just half of an iron condor but we haven't really you know got that bounce yet yeah and so you know if we look at again come in and look at today's candle um you know and and this is a very young candle we might choose to take advantage of it but what if we did this in our paper money account which is the only account we trade here what we could do is put a note in and say aggressive entry today um you know just based on the fact that we only get to meet once a week and we wanted to do this as a regular kind of strategy how much are we risking here well we're risking 330 dollars to make well we're risking 305 to make 200 so if we look at this and we bring our calculator up so i'm going to switch our gadget here and we say okay and isn't it interesting how much this price is fluctuating let's call it 165 divided by 335 that's a 49 return for a trade we would be in for 30 days so we could go further out or we could say well we think this support level around the 2130 35 ish is going to hold we want to take advantage of this volatility so we're going to go ahead and put this in and we'll put this in this iron condor bucket with the um being optimistic that it will go back up to the midpoint and we can layer on the short call vertical and just put a note in here that this is a more aggressive entry and the thought is that we are trying to take advantage of the spike in volatility today and closeness to the support level this is just a note from us to us an index cannot be assigned early it is one of the differences between trading a stock and trading um placing a trade on a stock in an index with an index something will not be assigned early also in paper money things will never be assigned early um just so that you're aware of that and paper money if if a strike is in the money it will it will not be assigned early uh in your live account that can happen have i seen that happen yes have i seen it happen on a short put vertical yes did it freak me out the first time it happened yes you know like i i'm a product of this education so i was figuring it out like just like you guys are all figuring this out and and some days i'm still figuring this out so you know we're all linking arms and we're learning together so we're going to go ahead recognizing that we're taking more risks but how much are we risking we're risking 295 dollars yeah and how much can we make we can make 200. how much have we given ourselves permission to risk in this class 400 on any one trade but we don't want to risk more than 400 on any one trade so we're gonna go ahead send that in and we'll just see if that fails i'll make sure it fills at some point today like it was i think at 205 when we put that in so if you want to see where you are on it on a trade if we come in here saying okay it's uh trading at now at 185 and our credits at 205.
so we'll just see and in some ways that's a good thing because you know the higher the credit um the closer it is right yeah so somebody's has typed into the chat you know the idea of being assigned is scary um it's scary if you don't know how to react to it you know and in some cases like on a long call vertical or a long put vertical you know being assigned you know could just mean that you're exiting your trade early and you're still getting a you know a good profit or with a buy right covered call if you were called away early it just means you have your max profit earlier in the game and and that can be a good thing so if you know beforehand hey if if the short call was assigned early how am i going to react to that when that happens if you know then it really helps allay that fear so i'm just going to come down here to just get rid of that distraction okay so that's that one so we've got our first trade teed up um so now we're going to come back and look at some of our others so we have a buy right covered call on devin so what does a buy right mean and let's bring up devin so with it with a buy right kind of the idea and you can do this for a couple of different reasons or a couple of different thought processes here one of them can be well i see devin hit a new you know intraday high back here on the 12th so on wednesday it's it's looking like it could be closing at an all-time high um maybe what i want to do is sell a covered call above it in case it pulls back and i don't really want to be called out but in our case we said you know we're not certain of what's going to play out in the market um energy has continued to be strong and ken rose and i love him for this he typed into the chat at the beginning of the day like oil continues to go up and so a lot of these oil stocks are are doing very well and we said we're going to place a short-term trade so last week we bought a hundred shares of stock and we sold the 50 call and our goal is to end up being called out in february and why would we do that because the first time i heard of this buy right covered call strategy i thought it was the dumbest thing i'd ever heard of like why would you buy a stock which is bullish and then sell a covered call which is bearish to neutral if the stock is up trending and someone said because you could be in the trade for a short term and earn a return that might be two to six or seven or even eight percent and i went okay and i'm listening you know and and so this is a strategy that we um placed i think at one trade on last week and we could add another one and so we're up 177 dollars where is devon trading right now well it's trading a you know what 48.58 and so if it goes above that are we okay absolutely now and we've only got seven days to go on this um and if we're called out at 50 how much did it cost us to get into this trade well it cost us 47.36 so we could make how much we can make 250 or actually we can make 2.64 cents
and you might say well that's not that much but if you say okay but if i can make two dollars and 64 cents in 14 days because we only have seven days left to go on this on something that i got into for 47.36 what kind of return is that well that looks like about five percent to me so 264 divided by 4736 that's five and a half percent that's a five and a half percent return on my risk on our risk in this example trade and then so what if it isn't above 50 well no problem what's our choice well actually it's trading above that it's at 51. right now and so if you say as long as it stays above 50 i get called out and i have this kind of return so on um in a live account it is most likely that you would be called out there are special you know circumstances in which you might not be but let's say it it's one of these kind of almost a unicorn event where it's in the money and you're not called out well is that such a bad thing like the stock is now trading at 51 you get to keep the premium and you still have the stock you could just sell another one but typically the expectation would be that you would be called out at expiration well we're already at 49.05 so might we say you know what with this crazy market i just want to take that profit and ring the bell i've only got a dollar more that i can earn i've got half of my max gain so we could do that um but in this case because energy continues to be strong and devin continues to be strong we're just going to let this one play out now we had a long put on pen we put that in the in in the monday class and we can see that here's our target so pen gaming has been down trending and we can see it's like this candle of indecision and so you know at some point you know what we may do at the end of the day today is move our stop and say hey if it goes starts to uptrend we want to exit we don't have to leave our original stop in place but our target on this is 41.99 and we're going to let that one percolate okay yeah so on this you know is are you likely to be called out at expiration if you're in the money the odds are are quite high that you would be called out okay so now we have a couple of short put verticals and i just want to come back here because this has been bugging me i like to have net liquidating value in here and when we own a position like when we own the stock so when we sell this what would it be worth the other thing that i always like to see is the profit and loss percentage and so we're gonna add those so we can see you know we're up four percent on a in a week on this trade um and when we exit you know we would be exiting if we were to liquidate this for four thousand nine hundred and eleven on a twenty thousand dollar account our rule is you can't have more than twenty percent in any one position so here's our two short put verticals one um is on builder which we're down on and the other is on fang so we'll have a quick look at both so fang our strikes are at 115 and 120 this is another stock in the energy space and we can see that that is up quite nicely today and you know what's one of the advantages of a three-day weekend is that time decay keeps ticking away which is exactly what we want um and so we've got you know here's our short vertical and as long as it stays anywhere above this 115 strike we will have a profitable trade and so we might look at you know next week with time decay continuing to chip along we might say well you know what um you know if we have 60 or 80 percent we have an exit at 80 percent of our max gain so we're gonna let that one continue on with builder this is a building company our strikes are at 80.
oh so we got filled on the rut um our strikes are at 80 and 75 and where is it trading right now right at 80. but you know has it compromised this line that you know we based our trade on not yet but next week if it looks like the trade is going against us do we want to take a max loss no we might you know we might say hey if this looks like it's not going to continue up trending um we might just choose to exit it and take a smaller loss than the max loss okay so those are the positions that we have on right now okay so for new trades let's look first at verizon and verizon yesterday was kind of i thought looking a little interesting i posted something on twitter on this because i looked at this and said well it has been down trending and down trending a lot of the communication stocks have really taken a beating but i was kind of seeing this inverted head and shoulders and then it moved to the upside and what if we get this good nice earnings announcement it's not a super expensive stock so you know today it seems to be pulling back but the thought on this was you know if we looked at a long option that was inexpensive and we could say let's just buy this if it goes above today's high so today's high on verizon is 53.70 if we looked at coming out you might want to come out a little further now so if we came out to february 11th have we got volume if we looked at we only want to get in if it goes above 53.70
this would be under a dollar to buy the 54. and you know if we look at this 54 strike we have 28 days now we might want to come out a little further so if we looked at this 54 strike and we come out 42 days it gives it more time to move we have earnings coming up so this would be considered by some to almost be an earnings play and a technical play combined in that you know this went from let's call it 50 to 53 dollars if we had a three dollar move to the upside from 53 to 56 and when we had this 54 option while if if it goes up to 56 that one would assume like that that option must go up to at least being worth two dollars plus whatever time value is left in it and so we're going to just do a bullish trade in spite of um what's going on in the market today and in spite of the fact that this group has been beaten up but we're seeing a lot of things starting to come back around the corner um and and this stock also you know pays a dividend of almost five percent p e ratio of 10 and although we don't talk a lot about fundamentals in this class what have we been seeing kind of in the market of ge in general is that there seems to be a bit of this rotation where last year we saw a lot of the tech stocks gain phenomenally that some investors might say you know i'm going to take my profits and i'm going to invest in something that's a little more sedate so we can see we've got earnings coming up on verizon and yet still the volatility you know this isn't a terribly volatile stock and so if people are kind of doing this rotation more into safety with an eye for value and an eye for dividends this checks the value box the dividend box and it checks a technical box so we've got three check marks now might this trade go against us absolutely could how much could we lose well we could lose sorry let me come back here and just show you where you can see this and i did post this on twitter earlier this week like there's all kinds of little things if you see a little icon like this let me just get my drawing tool you know you know that there's a drop down so here's our dividend yield on verizon and here's our um p e ratio on on this and so if we come out 42 days thinking if there's an earnings bump it gives us some time and if we were to look at this 54 strike rate now it's between 85 and a dollar so if we were to get in only if it goes above today's high of 53.70 we might be paying about a dollar for that how much are we willing to risk in this class well up to 400 we might say well i don't want to risk the whole 400 every time and you don't have to you might say well let's do two contracts and just see how this plays out okay okay so how would we t that up well we're going to right click we are going to buy and we're going to buy a single we're going to do two and the current price is 97 but if if we say we only want to get in if it goes above today's high that's a little bit higher than where it's trading today so we don't know exactly what that amount is going to be and so we're going to click our little sprocket and say we only want to get in if this goes at or above 53.70 if the
stock goes above 53.70 and normally this is where i would say and you know in in our long options class on monday we'll check and see how this one is doing yeah but we'll check on this one for sure next friday okay and confirm and send how much can we lose on this well we could lose 186 dollars which is what they're assuming if we got in now if we might have to pay a little bit more so we could be risking 200 or 210 but if that's within our realm of acceptability and then when we look at this next week if it started to go up we may put in a stop loss to either protect our profit or we may add a stop at post earnings and say you know what if this you know goes to the downside but where we know that we could lose technically this entire amount and we might just put a note in here to ourself you know our pe is 10.05 um dividend yield now are we going to get paid a dividend no because this is an option but the reason that we might pay attention to that is because we're thinking that other people might find it attractive and buy the stock and if more there are more buyers than sellers it would drive up the option right and earnings around the corner and uh inverted head and shoulders so this was kind of our thought process behind that and if you're looking at this lady and you're going why on earth did i do this we could also make it a buy limit there's lots of ways that we can you know put these trades in so are we going to hear a little ping of you know it filling not necessarily because you know it it the stock would have to go above this price for us to enter the trade okay so how about a something that's bearish because we've seen some bearish opportunities out there right and so when we kind of look at the three indexes because i get asked this question a lot so now it looks like it's trying to rally so we're now positive on the day isn't that interesting but we see that of the major indices this one has been kind of pulling back a little more nespa hasn't it yeah so if we come over here we could say well let's just bring up the nasdaq and i didn't have to travel too far so like i jokingly say sometimes you know today is sponsored by the letter a um and so what i was doing with this watch list was saying okay i'm just looking for a setup that you know could be bearish now you could look at this and say well earnings is coming up you know so they where a short put vertical or short call vertical might have been attractive if we were trying to do that as a base hit strategy we might want to avoid doing that over earnings um if we come down to airbnb well now it's interesting because now this is this candle is slightly positive but we've seen something that's been down trending and so you know with what's going on do we think a lot of people are going to be traveling now they might rather stay in an airbnb than in a hotel but they might say oh the cleaning protocols might not be as strong could we come up and maybe sell a short call vertical which even if it starts going sideways could be profitable around this like 175 ish level and would there be enough premium in there for us so if we came to the 175 level have we got volume well we've got 148 contracts we've got a you know about a 30 25 30 difference could we sell the 175 and then buy the 180 and so the idea for those of you who are not familiar with this strategy is going to sell a call on a stock we don't own a airbnb and when i sell that call what i'm agreeing to do is sell stock that i don't own so my risk is technically unlimited so some brokers won't even let you do that trade so what we're going to do is buy a call above it and in doing that i've now defined my risk because buying a call gives me the right to buy the stock so worst case is if i sell the 175 and this doesn't go according to plan and it goes through both our strikes worst cases i can come out and buy the stock at 180 and then i have to sell it at 175 so how much would i be out five bucks a share less what i paid to get in which was i think around we were paid around we'll be paid around 1.75
so the thought is we think this stock might continue down if it does we have a profitable trade if it goes sideways we have a profitable trade you know it can even come up a little we can even be a little bit quote unquote wrong yeah yeah now some brokers um with futures will not allow for physical delivery so if you don't you know manage the trade and get out ahead of time they will go ahead and close it so that you don't end up with delivery td ameritrade is a such a broker yeah so and and somebody's saying what about doing an iron condor but if you think it's down trending then that's a little riskier um so we're just going to put on this short call vertical piece of it at 175 and 180. if we get paid a dollar a dollar 27 and we're risking how much are we risking well we're risking you know 333 so is the juice worth the squeeze so if i say okay a dollar 27 divided by 333 that's a 38 return for trade we'd be in for you know 21 days so if we said okay we're okay with that we're going to go to first trigger sequence right click opposite order and say you know when this is worth about 25 cents when i've got about eighty percent of my max gain on this i'm going to exit um yeah if you're new to the world of trading i would recommend there's a course called stocks technical analysis i would do that first then connie hill teaches a class today at uh noon called getting started with option uh getting started with stock investing then i would do that and then i'd get to the getting started with options series so we're going to put this in our short call vertical bucket and away we go okay we wanted to do another example like that um i had my list and i didn't have to get very far adobe i always think of harry potter and dobie it was a so if we can see you know this stock was up trending hit this high of almost 700 and then really started moving to the downside and of course when i looked at this a few minutes ago it was down trending and now it is like slightly positive by three whole cents but you know it's still below this 10-day moving average the 30-day moving average is kind of miles away and and so is the hundred so it's below these three major indices it's below this previous support level um and and some might argue this is kind of a bear flag set up so we said okay it's positive only you know by a few pennies here this is an expensive stock 545 dollars and so you know well this is a support level at 545 it's currently trading at 5 17 but could we sell the 545 or maybe the 540 and would there be enough premium um and greg is asking why we don't put in a stop as well and we could do that we tend to manage those week to week because we want to look and see if it's breaking a support level or a resistance level so we're going to come here and again we're going to come out you know somewhere in that 20 to 50 day range if we look at this you know if the rule of thumb is we don't want more than about a 10 bit ass spread this is too wide you know this is too wide and 540 to 660 well that's a little bit better but it's almost a dollar you know and so we're saying yeah i don't like the bid ask spreads on those so then the question is is that because it's a weekly what if i come to the monthly so if we come to the monthly uh that's within the realm of acceptability and we want to come out to this 545 you know this is a delta of 30 which means there's a 69 percent chance of that expiring worthless um so if we right click sell vertical we get a dollar 40 credit for that this is trading at 5 15. so this is trading you know um thirty dollars above that and if we'd still get that premium a dollar forty minus three sixty that's within our realm of acceptability it's about a thirty it's it's pretty similar the last one was 137 right and that was a 38 return for a trade we'd be in for 35 days we're going to do first trigger sequence right click opposite order when it's worth about you know that would be 27 cents well let's make it you know we could make it 25 or we could make it 30. so yes there's a trade journal that is accessible um there's a blue link when you go to the archives and if you go we're out of time for today but if you go to my the top post that i have pinned to the top of my twitter feed it shows you how to get there if i have a second just at the end okay we don't if we're only going to get in we want to get at least a dollar 50 for this and if we can't then we won't place the trade okay so let's just let that percolate it's kind of going all over the place and we would put that in our short call vertical bucket fire in the hall okay well guys we are out of time if you want it and i don't know if i'm still signed in or not uh cancel so if you come to the education tab or you can do this from the thinkorswim platform just click on the education tab and when it brings up webcasts upcoming webcasts or if you come to the archive webcast if we go down to last week's here's in ken's class short verticals there's this blue link to the trading journal or um it's you'll see the same link in getting started with or sorry this class okay so that's where you can find the trading journal so guys that's a wrap for today did we do what we set out to do well we placed a couple of trades one bullish too bearish we looked at our current positions we looked at the overall market so keep in mind that everything that we do in this class is for education and informational purposes only none of it to be construed as investment advice or a recommendation to trade any security or strategy in any particular way know that with trading options there are transaction fees for every option trade that we place both to get in and to get out so we need to be aware of that we also need to be aware that there are special risks inherent when we trade options we need to be aware of those as well and understand what the risks are when we enter a trade know that all investing involves risk including the risk of loss so as we close i just want to thank you i want to thank you for showing up and bringing your a game every friday i want to thank you for linking arms with me um i started this journey 10 years ago and if you had said to me back in uh well it's now almost a little it's my 11th year in 2011 that someday i would be on this side of the camera i would have left um and i am still learning like all of you these classes are archived so you can go back and watch this in the record recording but i applaud you for showing up and if you haven't subscribed to this channel and you want to link arms with us and you're new we meet every friday at this time so there's a button down here that you can click um there's an icon if you're watching this in the archive subscribe to this channel you'll be glad that you did you can turn on your notifications you'll get a reminder every friday if you enjoy this hit the like button um it lets other people know that you found this of value too so does leaving a comment um if you're watching this in the archives it shows people that you were engaged and um last but not least if you have a trading buddy and you're saying oh you should have seen this there's a share feature and you can um copy the link and send it to to a friend so um thank you have a wonderful long weekend everyone huge kudos to all of you for being so active in the chat and a big thank you to ken rose so that's a wrap for today guys thank you so much for joining me we will see you in a webcast coming up soon the next class stop is actually connie's getting started with stock investing at uh 10 o'clock mountain noon eastern hope you'll check it out bye for now