Hedging: A Conversation | Trading A Smaller Account
well good morning everyone welcome to trading a smaller account my name is barbara armstrong and i am delighted to be with you this morning i'm a coach with td ameritrade i have the privilege of having brent moore's in the chat with us today so thank you to brent he brings a wealth of experience with him so if you've got questions between brent and i hopefully we've got answers for you and as usual we have a jam-packed session ready to go for you this morning so stick around there's lots of great stuff about to come your way [Music] all right i would be remiss if i didn't welcome all of you who are here with me live today um people are pouring in as we are doing our opening but hello to vijay and diego and sandeep and colonel and eric and chris and giles and michael and larry rita mitchell and many others thank you all for not only being here but for being so participatory in the chat if you are here for the very first time please feel free to type a greeting into the chat so that we can welcome you this isn't just a webcast it's also a community of people who are linking arms together and figuring out this whole world of investing and trading together and you'll notice if you're with us live that often if brent is swamped with lots of questions and i'm busy talking about a concept or placing a trade that others in the chat will help one another out and so i just want to say thank you in advance for all of that so what are we talking about today well i've had lots of questions to talk over the last month or so to address hedging so we're going to talk a little bit about hedging today we are of course as always going to place some additional trades in our paper money account we have a whole pile of positions already in our paper money account so we're going to look at those also so buckle up flex your fingers we've got 45 minutes together here we go so first of all i want to start by saying that this class is intended for educational and informational purposes only we place lots of trades in this class but it's not to be construed as advice or a recommendation to trade any security in any particular way so that we need to say right up front but what i do encourage you to do if you're trying to really hone your skills is place these trades in your paper money account and follow along and we will talk about the good the bad and the and the ugly as we go forward and we have had some of all of those um in this a year and a half that we have been uh trading together so um yeah so follow along um the options not suitable for all investors there are special risks inherent to options trading that may expose investors to potentially rapid and substantial losses so be aware of that also if you're brand new to td ameritrade know that you have to apply for option trading privileges in your live account your paper money you can do whatever you like in your live account you have to apply um and that goes for futures also we're going to talk about futures today um a little bit you know patipa but know that futures accounts um at futures all and futures options trading it is speculative certainly um you know not for everyone so you need to be aware of that also know that those futures and futures option trading privileges you have to apply for those too and not all clients will qualify we use lots of actual symbols in this class of course once again that is you know just so that we can demonstrate the concepts this is an intermediate level class so i'm assuming that you understand what a short put vertical is what a short call vertical is you know what a buy right is if you do not understand these concepts it doesn't mean you can't participate i will put links into every type of trade that we teach to the getting started with options class which is taught on tuesdays at high noon eastern but know that this may be a teensy bit like drinking out of a fire hose because we try and move quickly and do a lot so welcome to those that are here for the first time okay so and know that all investing involves risk including the risk of loss okay so today we're going to do a quick market overview there were a lot of people getting their knickers in a twist yesterday as the market pulled back um early in the day i looked at the dow there was one stock up on in the entire dow by the end of the day that had you know and that was ibm i think um you know there were six only six stocks up on the nasdaq by the end of the day that got a little better but still i mean it was a day a sea of red across the board but by the end of the day and we can see when we look at the candles and we will go and look at those um we can see that there was a big sell-off and then you know people came in and bought and and things um you know weren't quite nearly as ugly by the end of the day as they were at the beginning so we're going to do a quick overview of the market we're going to have a conversation about hedging in different ways that we can um mute the bullishness of our portfolio or whatever that means well we'll talk about what that means um that we're going to add some new positions and as always we're going to review some of the current positions because you could be an absolute ninja about knowing when to get into a trade and i love i'm referring to um a fellow coach who's no longer with us he used to talk about not bob who was really great at getting into a trade and that trade would be really profitable sometimes he'd be up one two three four thousand dollars and then he'd give back one two three four thousand dollars and whittle away that nice profit until sometimes he had registered a loss and so we don't you know want to be like not bob and and not understand fully how to manage our positions once we're in and that isn't to say that we might not ever take a loss we have taken losses in this class but we want to know when to say we have a nice profit on this and it's time to ring the bell and take that unrealized game and make it a realized game okay so let's get over to the platform where i like to say where the magic happens i've got the s p 500 up and you know when we take a look this is just a six month chart but you know if we take a step back i mean obviously this has been an uptrending market for the last year and i know that now you know a year ago march is behind us um but you know if we came and we looked at a two-year chart even taking this 30 percent correction into account overall you know since that pullback we've seen a really nice uptrend on the s p 500 and then when we come in here and look a little more up close and personal we saw this gap down yesterday um but today we're already up almost half a percent and even with within the context of yesterday's pullback did it cross the 10-day moving average yes did it close below the 10-day moving average it did not so here's the 10-day moving average so it ended up closing above the 10-day moving average above the 30 i mean way above the 200. so we have a a you know what many would consider to be a healthy pullback within the context of an uptrend and today we're we're moving back to the upside um how about if we look at the nasdaq again two-year chart overall uptrending right and then we we saw when we got into uh about february of this year it started to kind of smooth out a bit and it wasn't up trending at the same pace and we went through this period of consolidation some would call this a pennant pattern you know a bit of a squeeze happening and it broke to the upside two days ago hit a new all-time high um and you know today it's down just a smidge um but you know if if we had closed on this day and you're saying okay it came down to what oh the 10 day moving average so it gapped down gap down hit this two um 10-day moving average and then rallied throughout the day um and today you know we're early in the day yet if we look at the russell so now we're on to the small caps it continues to be you know trading in a range after we saw from march of 2020 this is a two-year chart remember it had this you know moved to the upside kind of consolidated and then from you know about the beginning of november had this terrific run to the upside and hit about march and it's been consolidating ever since and when we look at this um you know and this is not a this is a you know slightly down trending line here because if i had drawn a straight line it would have a price attached to it um but it's basically been trading in a range ever since and you know where is it today right in the middle of that range so yesterday did it pull back yes in fact it pulled back for the last four days but today it looks like it's found this new support level kind of in about the middle of this range and it's bouncing and the last time it came down here back in the middle of june it did exactly the same thing and so you know some might even look at this and say hey you know within this range i'm seeing you know a bit of an uptrend within the range because the lows aren't coming back down to this 2132 level the last two lows have come back to 22-28 and so you know not to really try and convolute the chart we'll get rid of that line you know technical analysis can be a bit like a rorschach test so if you're new to technical analysis you might want to get to cameron may's class on mondays at 11. he talks about basic concepts and then at noon one of our most popular classes along with this one is um advanced churning top by uh pat malali and it's at noon mountain two o'clock eastern i would highly recommend you check that out he i mean he knows more he's forgotten more than i'll probably ever know um pat malone he's he's a ninja okay so and then the dow to complete the the four the four horsemen um you know again does this look similar yes it does up trending big pullback up trending ever since and you know but what we've seen here unlike the s p 500 the dow 30 you know it hit back in may this new intraday high and it it seems to be having trouble kind of busting a move out above that so you know some would call this a ceiling the technicians in the crowd would call this resistance and where is it sitting today rate again at that resistance level right now some technicians might also look at this and say you know i spy with my little eye perhaps could this be a double bottom maybe not quite symmetrical could this be a little cup and handle um a setting up or an inverted head and shoulders in which case you know if and or when this breaks above you know you'd expect to move let's say this is around you know 3 30 ish 332 ish um and you know and this is 347 so you might be expecting about a 15 point move to the upside now it hasn't broken out yet it could just continue on you know it range bound but it's sitting within a stone's throw today of all-time highs and in fact the all-time closing high you know this is an intraday high which it didn't hit the all-time closing high is probably right here at that 348 and where is it sitting right now 347.51 yeah so okay so i have a question about the indicators i have those on twitter um so if you come out to twitter and let's just scroll up to the top um right here if you click on these these bottom indicators the macd with breakout signals stochastics here are the scripts um and we often look at the market forecast there's a script there so and there's also a trading journal which if you go to td ameritrade.com and you go to the archives or you go to upcoming webcasts there will be a trading uh in blue it will say trading journal and that's a live link you can click on that okay so that's where you get those and if you're saying okay well i don't know how to add a script thanks for showing me where they are you're going to come to the top right corner click setup open shared item and these scripts are case sensitive so if you type in like vk 23 i'm just making something up y8 if that's what it is you hit preview and then it will show it this will tell you that it's not right because i just made something up but preview and then import and then you you'll give it a name okay so that's how you import those scripts it's pretty easy it's like trivial pursuit once you know how and then let's look at the vix so because i'm the first class of the day i'm taking a little bit longer on this um but you know we come out here and we see yesterday the vix really spiked but you know for for many many months in fact most of last year 20 seemed to be a support level and then it broke below that and went down to 16 and it seems like in this 15 16-ish range it is looking like kind of the new floor you know if we come in here so you know we could even activate that line bring it down even a little bit more so around the 1550 mark and you know where is it sitting now 17 so it had a big spike yesterday gave up a lot of those gains by the end of the day and is you know down 10 today so what is that telling us well what that's telling us is that there's still a lot of confidence in the market otherwise the vix would be higher and so you know when we come back to this manny will say okay i get it no need you know for concern but um this is just a healthy pullback within the context of an uptrend now others might say you know we saw this period of consolidation here the spx went a whole lot of nowhere really from april through you know almost the end of june through june 22nd it was kind of trading in this range between 41.25 and
42.50 about 125 point range um and you know so that's not uncommon when you have an uptrend that you'll go through periods of consolidation you know it's just come up a long hill it's going to you know regroup a little so this is is very common to see or not uncommon so we saw that consolidation broke out hit a new high two days ago one day pull back and moving up again now i did say i'd talk about hedging so if you said well you know i i i'm not sure that this might not um be a one day you know to the upside and then we could continue to see more of a pullback and how might i hedge well one of the things you could do is you could use futures now we have a twenty thousand dollar account in this class and if we're saying okay if we have a twenty thousand dollar account isn't that like you know killing an ant with an uzi um but they came out with a new product just a year or so ago um called the micro e minis and so this is the micro e mini for the s p 500 looks remarkably like the spx doesn't it and if we come to the analyze tab um the minimum move on this index is a quarter of a point and so with futures we're talking about points we're not talking about dollars um so it's a quarter of a point and a tick or a tick is a quarter of a point um so it's 125. and our multiplier is five so for every one point move sorry a tick value is a buck 25 so if something has a one point move that's a five dollar move well that's more in our snack bracket you know as opposed to the the straight e minis a one point move is fifty and you may say well 50 isn't such a big deal i'd like to have that kind of protection but you have to keep in mind i came back and i added atr here and if we come down here we can see that the average move on the micro e minis is 40 points in a day and so you know what's 40 times 5 200 so if we say okay well i'm you know if something moved and i had 200 worth of protection how would i do that well if i'm concerned about a move to the downside if i sell a futures contract if the market falls i benefit if it goes up then i don't benefit it's costing me and and futures can be a double-edged sword my friends because it's not like an options contract where if you've bought something you can only lose so much um you know there's a lot of leverage with futures excuse me and that can be both the blessing and the curse so what we might consider doing here is saying well if i look at this 42 50-ish level as the 30-day moving average it hasn't moved often below that in the last year so if i bring this up to a one-year chart you know we had a period back here last fall you know where it came below a couple of times but if we said if i take a look at that and say if i just want to error on the side of caution if it closes below below by how much well if we said okay this 30 period moving average on this is at 42.49 i said if it goes 2 below that so 4249 times 0.98 if it hits 4164 i would like to sell and we could do a conditional order and so it won't oh my name banner is blocking it okay you know what uh let me just come out here to studies i'm going to edit my study set and i'm going to move this atr up let's see it may just be layered over volume i don't know how to give it no that's not going to work um okay let's just see how this looks okay so it's now layered oh the other thing i can do earth to barb i move this up a bit and now i can move this down and you get so can everybody see this line actually i'll put it back where it was and i'll just atr move it back down into its own space oh what the heck there we go let's just add it again okay can you see it now okay yeah i used to teach you getting started with futures um yeah we don't have a getting started with futures anymore um but so this idea that you know we'll have a futures contract in place and if the market really starts to pull back then that will kick in but if it doesn't and we just have a one-day pullback then that contract won't kick in does that make sense so if we came to the trade tab and we said okay um and the other thing is there are active contracts so this one is good for 70 days and you know what's the nice thing about an active contract is that our bid ask spread tends to be just a quarter of a point one tick so we could look at something further out um but if we look at something further out the chances are the bid ask spread is going to be higher so we are just going to right click anywhere on this line what we want to do is sell and we want to sell if and only if this hits 41.64
and so we can make this a market order and you know the markets this could get filled in the middle of the night so we're going to make this a market order good till canceled we're going to come into this sprocket and say hey if this goes at or below 4164 get us in so and it's saying here if the micro e-minis go at or below 4164 then we want to sell and how many well let's do two contracts oops and so we're just going to have that pending and so if we don't see a big enough pullback then this won't click in now there's somebody saying that they applied for futures trading privileges you can call and talk to someone if you want that and say what parameters would i have to meet in order to qualify and i don't know what they'll say they might say we'd like you to do the the course we'd like you to you know whatever it is um there might be some things that you have to do and they're not doing that to be nasty they're doing that you know to just try and protect you so we don't have actually a category for futures in this class so we're just going to put this in here and then we can create a category or a group for it but this is a pending order so that's one way you can hedge just in case in the event of a pullback without kind of laying your money down and saying well but if it goes up then i'm losing money and and with hedging you don't want to have such a big hedge that if it goes against you you wipe out all your profits okay i just want to scan and just have a look and make sure that i'm not missing any questions that i need to answer yes there are margin requirements and if we come here it will tell you what the margin requirements are uh at least i thought they yes initial margin 1210 dollars so there are margin requirements for this okay yes i haven't talked about futures in a very long time so unless you've been following me for years uh okay so i think i fixed that okay okay so that's that i want to come and look at a couple of our current positions and i actually taught a couple of classes i did a getting started with options and we ended up putting those in here i want to look at one position that we ended up out of so we're going to come over to account statement and look at apple so when i've just gone 30 days back we can get rid of the order history because that's just cluttering things up but we have done two short put verticals on apple one we put in july june 25th the next one on june 29th and we ended up out of one of those on the second um it was closed out for five cents so we got in at 30 we were paid a 39 cent credit we got out you know and paid five dollars to take our risk off the table on that so we netted 34 cents a contract times two less our transaction cost of 65 cents a contract so you know we made 68 less transaction costs we put another one in at a slightly higher strike the 133 131 at 42 cents and i was doing a trade management example in a short vertical class and we did the example of how to close out a trade so we ended up closing this out because we had not quite 90 but a little more than 80 percent of our max profit on that so again you know this one we were paid 42 cents to get in we bought it back and took our risk off the table at you know for seven cents so our net gain on that was 35 cents you know times the multiplier of a hundred or thirty five dollars a contract times two or seventy dollars you know so the first one was 70 and the second one was that one 68 60 yeah 68 so in total on those two we were up 138 dollars now you know you might say well that's not going to have me drinking some something fancy out of a coconut in tahiti and while it will not you know it you start doing that again and again this is a base hit a short put vertical strategy we're trying to align it so that the probabilities of success are in our favor and it's a base hit strategy and when you have a smaller account we don't want to risk more than 400 on any one trade we're meeting that requirement does that make sense so it's kind of slow and steady can win the race you know so we're managing our risk and we're taking small gains so if we come out here and we look we have a whole whack of short put vertical positions in here right now and some of them we placed in this class now there are a couple i teach a couple of other classes and i think a couple of those trades got in but i mean the good news is um a lot of these haven't moved a huge amount but we have adobe we have about a 55 gain and if you don't have profit and loss on your on your monitor tab you might want to add it just come over here to customize columns you click that type in p slash l and add pl percent especially when you're doing verticals that can be really handy so if we look at this and say okay let's look at adobe and i've written these down um and i'm going to change our time frame we're going to look at a three-month time frame so here it i put these on the chart so yesterday surprisingly i mean this open down closed up as you know and many things didn't you know today we have kind of this day of of hesitation but it's still above the 10 day moving average so some might say well i'd like to close this out others might say well you know we've got 60 percent theta decay is going to continue to work over the weekend um you know i'd like to get that extra theta decay and others might say hey we've got 67 of our potential so we we sold this for a dollar 20. it's now worth 53 cents if it looks like it could pull back again i'd like to take my profit and so we have a working order in here and if we wanted to change that we could just come over here and say okay we wanted to get out when it was worth 24 cents at 80 percent we're going to replace that order and say you know what i'm willing to take that 54 cents and say good enough because this expires next friday so if this trade moves against us we don't have much time to recover and we don't get to meet on mondays so so um we're going to go ahead and take our profit on that one example of you know ringing the bell now was it the amount of profit we were aiming for when we place the trade no but you know like i said you know it's a base hit and it's still um okay it's still a profitable trade and we have only seven days left if we had 14 days left we might have just stayed with it now adi so adi we looked at this in another class on wednesday so 50 we were paid 50 cents to get in it's now trading at a dollar 17. so and we're down by 135 on this now what would our max loss be well there's a 250 strike and we did two contracts our max loss would be 400 so we're a long way from our max loss however do we want to take a max loss no we do not so let's come and look at the charts so here's our strike we want it to be above 165 and it came and you know came down to this previous support level you know it's just down by 13 cents today um so you know if we say okay well it looks like this might be uptrending again we could look at this later in the day we're not together later in the day but on monday if this isn't up we might just say you know what we want to close this out so even though this has 14 days left to go we'd rather take a hundred and forty five dollar loss than take a four hundred dollar loss and so this is kind of homework if you have this in your paper money account monitor that and we will discuss it again next friday but if it isn't moving above that strike and you know we're in between the two strikes right now so you know we're only a dollar 25 away from it being above our sold strike which would ultimately expire worthless if it stays there um and so sometimes we just have to have patience um autodesk so ads k so our short put vertical here it's you know it's still above our short strike at 291. so we might look at this and say hey it's come down to this resistance level old resistance new support seems to be hanging out here let's let this one percolate um next one home depot now if you don't have this one in your paper money account would you add this today some might say no because i've got a a red candle on this i would want to see it moving back to the upside before i considered entering that but we're already in it so our question is do we stay or do we go so here's our home depot and you know here are our strikes and so we have a small profit on this we're just going to let that percolate and if you don't have this in your paper money account you know if you wanted to follow along and track this one might want to consider it because would this be considered an entry today at you know it's come up we've got a kind of a bull flag pattern here and for the technicians you know we had a diagonal resistance break out here and across the 30-day moving average you know and then full flag close above the high of the low day today and so some might say okay july 23rd maybe we layer another trade on and this is some people will follow a handful of stocks and they might do this because july 23rd we've got about 14 days to go on that and so sorry we've got about 14 days to go so some might say well could i layer another trade on um and and go out you know to july 23rd and so we could come in here look at home depot come out to the 23rd oh 23rd is only 14 days and say you know would there be enough premium the delta is 30 that means we've got a 70 percent chance of that expiring worthless we've got 249 contracts could we look at this sell the 289 buy the 3 12 50 a 58 credit that's over a 25 return and how would we do the math on that we would take a look at 58 divided by 250 minus the 58 that's a dollar ninety-two so that's a thirty percent return on our risk and so if we said okay we'd be willing to do that we could do two contracts i seem to want to go the wrong way first trigger sequence right click create an opposite order say hey when this is worth 6 cents get us out so that would be a 90 percent gain others might say uh six cents i'd rather get out when it's worth twelve that would at eighty percent gain so someone has just typed something into the chat about a trade and they're having a not bob moment um and you know so there's a book that was written by a guy uh ed it's about ed lafave let me see i think i have it downstairs beside my bed it's called reminiscences of a stock operator and and so he said you know if you make a mistake it's okay just recognize that you've done that now sometimes you'll have a trade where you end up in a losing position but you followed all your rules so just because it was a trade where you didn't make money doesn't mean it wasn't a successful trade if you took a small loss does that make sense it may sound counterintuitive but so there we're going to put that in okay and we'll just let that one percolate and see if that one fills um then we had one on lowe's and if we come out to the chart and again like this is another one where it expires july 23rd so that's so that's 14 days from now and this is another one where some might say i see a very similar pattern on the chart to home depot where we have this bow flag and right now it's trading above the high of the low day could we come out and do similar contracts like the 190 187 just come out to the 30th and you know so we could look at that and look at the 30th and where were our strikes on lows 190 could we do the 190 we have a delta here of 26 that means a 74 chance of it expiring worthless a four cent spread between the contracts so you know it meets those requirements sell a vertical 190 187 50 cents that's about a 25 return on our risk you know basically 50 divided by two dollars for how long for 21 days and so if we looked at that first trigger sequence right click and i'm not suggesting that you change your mind on your exit strategy i just want to reinforce the idea this is a learning a class where we're learning um oh profit is is not a swear profit is a good thing i mean we are in this to make money and if you want this to pay you like a business you ought to treat it like a business you know and and how our businesses run while they have systems they have guidelines do you think when you go into a starbucks and order uh you know a venti cappuccino that they say you know today i'm just going to make it a little differently no you go in and you order it the way you want it because you that's what you want and when they open that store in the morning do you think that they have a a routine that they go through to open up that store yes they do and do you think they track their profit margin on their cold drinks versus their hot drinks versus the stuff you can buy in the case that's food related versus the prepackaged stuff they track all of that that's why we fought so hard to be able to provide you guys with a trading journal yeah if you missed um you know the hd trade we'll bring that up but you know if you say so you might as just your routine say i'm going to get out when i've got 90 of my max gain someone else might say i'm getting out when i've got 80 of my max gain someone else might say i i want to i want to let it expire worthless but you know here's the concept the thought behind that if you have um 90 of your max gain and you have a week and a half to go you could risk giving back all of that gain and incurring a loss so for a nickel do you want to leave that much risk on the table and if you've ever had something go from max gain to max loss i have at when you thought something had expired you know when indexes you know trade a little differently than doing this on a stock that doesn't have to have to happen very often for you to um you know perhaps revise your guidelines on how you trade right so you know somebody has mentioned the comment that you know and this is a mistake that sometimes retail traders and you and i would be considered a retail trader as opposed to an institutional trader is that you you take your profits too early something is still going up and and you get out and you could have had double or triple the profit particularly on something like a long call if the market's bullish um yes absolutely that can happen okay so we teed that one up um and that one's in so if we come back to our monitor tab home depot hasn't filled yet so if we come here it's working it's waiting to trigger and and so we want a credit of 59 and it's saying the credit is 51. so it was the july 30th 3 15 3 12 so i'm going to just continue to let that one percolate um we have one on marvel so we have a lot of these in the hopper right now um and and again it it came down close slightly down moving up it's above our short strike and we probably have a small profit on that uh yeah we're up 46 percent you know so next friday and and how long do we have to go on that uh seven days and and so again with this one you might say well i'm going to close this one out monday i'll let theta you know chip away at it and no matter what i'm going to close it out monday or you might just say you know what i'm going to take that 50 now and and put it in that's a quarter of a percent for this account believe it or not because 200 is one percent right so we might just say okay monday no matter what we're going to close that one out because we we don't want to be you know if it pulls back we don't want to be in a position where we take and have a not bob moment and take a gain and turn it into a loss um and then we had put one on on snow and snow this isn't you know a ski company or a ski resort company it's actually a technology company and even though the market pulled back yesterday this did not and so our short put vertical here is at 2 30 it ex expires july 30th so we're going to let that one percolate and the last one was paypal we also put on a couple of short call verticals on a couple of stocks that were down trending now here again we had a one day pullback and so some might look at this and say today's an entry so this is july 23rd might we put another one on this is in the tech sector it's tech sector's been strong you know and so as homework i'd encourage you to you know whoops you know come out look at that july 30th and where were our strikes could we get back to that 280 750 maybe we might not be able to we might not be able to get enough premium our delta 35 so 65 chance cell vertical and 85 cent credit okay so that my spidey sense says wow that's a lot of credit we're in zernings earnings is on the 28th and what were we looking at for an expiration date the 30th so if one of our guidelines is we don't trade this over earnings then we'd say yeah no we aren't going to do that one okay we don't tend to roll um the verticals um but there's educational we do talk about rolling trades in other they tend to be more intermediate level classes guys our time is up i can't believe it yeah i don't know if it goes fast for you but it sure goes quickly for me so there were some other things there are always other things you know that we have to leave on the table um you know if you want some more things to practice on you might want to come and look at our friend facebook and another one you know pulled back moving up to the upside again today so could we look at a short put vertical somewhere in this like 340 neighborhood you know coming out and then when is earnings 340. that's a 40 the delta on that is 40.
i'd say to myself self oh july 28th so you know again you you might look and see if you could do a two week trade on that something for 14 days because if your rules say you don't trade that over earnings why wouldn't you trade it over earnings because it could gap and i've seen stocks come out with fantastic earnings reports and they've still gapped to the downside it is just makes you shake your head so have we done what we said we were gonna do yep we looked at the market we had a conversation around hedging we put on a conditional order we added some new positions we reviewed some of the positions in our portfolio so that's a wrap so guys i hope you have an absolutely fantastic weekend stay safe out there it is hot all over the country gonna hit triple digits here in salt lake city today so today one of the many things i am grateful for is that i have air conditioning so guys once again all of this was for educational and informational purposes only if you're new i'll post links to short put verticals um a beginner class on that no once again options not suitable for all investors we looked at lots of symbols all of those for example purposes only remember futures and futures option trading it's speculative it isn't for any everyone please like don't trade something in your live account until you've traded it many many times in your paper money account and you're confident that you know what you're doing okay and that you understand the risks both up and down because all investing involves risk including the risk of loss so that is it my friends huge thank you to brent morris for hanging in the chat with us he always does an amazing job if you enjoyed this please smash that like button subscribe to this channel if you haven't done so already join brent and i in the land of twitter at b armstrong underscore tda and at b moore's underscore tda i don't think there was a survey today um so you're off the hook on that front but guys take care best of success with your investing um if you stick around up next i believe is connie hill with getting started with stock investing take care everyone bye for now