The Follow-Up Story of Our Trades | Technically Speaking: Trading Stocks & Options
[Music] [Music] good afternoon everyone welcome to our webcast on technically speaking trading stocks and options i'm connie hill i'm happy to join me here today you know when i was a kid i remember writing in the car with my mother and sometimes she'd have the radio on if it was on a particular station we would hear something very familiar meaning we would hear it all the time there was a speaker by the name of paul harvey and he would tell a short story you'd get involved in it i and then you think you know how the story is going to end but then he says we'll talk about the rest of the story all right that was kind of his little um his little theme for every one of these little stories that he would tell is that there would be another ending that maybe you didn't quite expect well today we're going to do the rest of the story as far as our trades go we've got a lot of trades that we've been working on over the past few weeks that we need to to re to unwind as we're starting to get to options expiration date so that's going to be a focus for us today as far as how we spend our time now i did want to say a quick hello we've got several of you hopping in here being nice and friendly we've got vj andre el diego todd robert osborne mr malibu wayne mike walter uh constance welcome to every one of you as well as others that are tuning in here even though they haven't said hello to us also welcome those of you that are listening to this as a webcast recording i you have the opportunity to be with us here as well barb is helping me out in the chat today which i always appreciate she does such a super job but if you are listening to this as the archive and you have questions i want you to put them in the comments section and then i'll go back through the day see what kind of questions others might have so know that that's a way that you can have an ability to reach out to us as well as our twitter twitter accounts as you know all of us as coaches are on twitter we'll post educational and informational pieces of information throughout the day you can also send us a direct message there to ask a question or clarification whatever you might have well let's get started here there is my twitter handle at chill underscore tda barbs is at the armstrong underscore tda and she will post some really helpful information out on her twitter account so you don't want to miss out on following us as coaches now the content we talk about today is intended for educational and informational purposes only not investment advice or recommendation of any security strategy or account type probability analysis results shown such as the probability of an option expiring in the money are theoretical in nature not guaranteed and do not reflect any degree of certainty of an event occurring past performance of any security or strategy does not guarantee future results or success all right here we go today we are just going to do a quick markup posture to see where we're at what uh what we might think about things because that gives us a lens to view our current trades as well as potential new traits and like i said the bulk of our time we're going to be managing some of our positions seeing what's going on with them finding out what the rest of the story is and then at the end i'd like to bring up a trade or two for us to put into our account based on what we're seeing in the marketplace and in those stocks all right let's get to it let's jump over here to my thinker swim and we're going to start out here with the s p 500 i've got a little bit of a longer range view here we've got about six months but if i went out even further i want you to see the overall long-term trend of the s p i think in this green channel making a nice march upward now what's interesting is since about may middle of may the price action on the s p is not getting past the midpoint price or the midpoint area of the channel it's almost as though the channel that midpoint is acting as a little bit of resistance now as we look at what's been happening the last few days i'm really going to zoom in here are we seeing a lot of movement well we're really not seeing a ton of movement uh the s p peaked at 45 45 here on the second so that was last thursday and then it's just kind of wiggled around a little bit but it's not have very big candles when we see candles with smaller bodies that gives us the idea it's not moving around a whole lot it's not very volatile if we saw something with candles that have really long shadows maybe to the top or the bottom which we have seen a time or two in the past that is more of an indication of the volatility of a stock that is really gyrating around and there's more uncertainty with it but where it is right now these short little bodies and very small shadows mean that the stock isn't doing a whole lot it's not creating a lot of volatility uh it would also give us the idea because of that that maybe we might consider some neutral strategies or if we had some bullish strategies that were playing out and they weren't moving a whole lot well the whole market isn't moving a whole lot either so that might be an expectation for it all right that's our market posture now we're going to jump over to our trades that we want to see how they turned out now last week we did some trades on stocks where we did a comparison and i'm going to start here uh on our we did a couple of verticals here we're going to start on this first one d-o-c-n on docn uh and last week we talked about setting up high probability long verticals and so we set up a couple that we were going to keep track of here and that's what we've got going on we have one long vertical that we didn't buy a lot of time on in fact it only has eight more days before it expires but it started out in the money and that's what made it a little bit more high probability so this one for september we need to take a look at and i just want to compare it to what's going on in october october we have plenty of time for the trade to run its course but this one with eight days left we probably need to make a move fairly quickly so right now it looks like this top vertical we're up about 220 dollars so not too shabby the one for october isn't up as much it's only up a hundred and ten dollars but both of them are profitable what does that mean well it probably means the stock's doing what we wanted it to and what we thought it would do so let's go take a look at it i want you to notice our short leg that we want the stock to be above is that 65 column that's the one where we want it to be now let me get rid of my drawings let's go pull it up and actually that's a pretty decent view as far as what's going on recently we can see overall it's been a nice little upward trend and then we have this day where we got in that was last thursday and look what a huge day it had the next day nice big long candle nice price action and we're able to see that it moved nicely it's well beyond our 65 strike price now that's the one that's the green line that's our short to uh our short lag and then it's pulled back a little bit kind of pulled back tested this 65 area and today got it's a little bit of a recovery but not a a huge deal so it makes sense why if we got in here and the price of the stock is up there that we might be positive on the trade now it's hard sometimes to get filled on it and watch and make sure you get it when you want it okay meaning you have to sit there and stare at your computer screen and see your numbers and and you're like trying to make sure that you can you can execute the closing part of this trade instead what we're going to do is i want to take some time and show you how to calculate long verticals so that they go and buy you goes them and sells them when you want them to sell so we're going to do that by the numbers so we're going to be doing a little bit of math here and let me collapse that i may just open up our scratch pad here so that i have some real estate to record some numbers as i do come over here i do want to remind you to subscribe to our trader talks and investor insights youtube channels that's where you'll be able to know every event that we have going on and easily access it all right so let's start out with our september option we paid 310 for this it's a five dollar wide spread so 310 is our max potential loss but what is our max potential gain how about a dollar ninety yeah dollar ninety plus three ten equals the five so 190 let me just come up right here if 190 is our max gain and we want to claim a majority of it you know some people might use 70 percent 80 percent 90 you'll find your happy place and it might be different for every trade we are going to say let's capture that all right so 190 is our max potential gain if we were to say multiply this by let's say 85 percent oops i've got to put my little multiply sign there by 85 percent then we're saying we want 85 of our max potential gain here so if we've got about 90 times 0.85 uh that gives us a dollar 61. and what are we going to do with the dollar 61 we are going to add it to our initial net debit because we want the price of the spread as we go to sell it we want it to be higher than it was when we bought it so that would give us a value of 161 let's do plus 310 i wanted that to be in the calculator if that works 471. so we're going to come and say we want a closing order to go on at 471.
i'm just going to type that in there let's see what mike's question is here here your question is why are the p l percent on d o c n small in the individual long call vertical and 26 for overall not following the math there now let's take a look at it so this the vertical that's not performing quite as well we've got a lot more time for it to work out as the october one uh like you said these numbers don't necessarily sum to 25 um i'm not really sure why that's the case mike typically i will look at it on a vertical basis so for example here we paid 280 for it the mark price for that spread is up to 335 so it's up a bit uh in my mind however it looks to me like it should be up more than six percent though um i haven't analyzed those numbers to that degree and the trades we're taking a look at um obviously if anything comes to me as we're progressing or if somebody else in our class knows uh something on that then they might want to to chime in i'm happy to have that so yeah vj said set a closing order for 4.71 bingo right there just wanted to make sure you could follow the math on that so we're going to say oops wrong one i want the september create closing order we're going to sell the vertical we want to sell it now we'd get four dollars 15 cents but we want 471. so we're going to pop that in there we're going to make it good till cancel and hopefully it occurs in the next few days if it doesn't say by the uh say monday i'm going to go in here take a look at it i know we won't be together as a class but i'll take a look at it see if there's some adjustment i should main to go ahead or make so that i the trade gets closed out for us you don't necessarily want to be holding on to your options until options expiration date all right usually many traders will want to get out maybe four to ten days before the options expiration and we're right in that sweet spot right now where we're at eight days don't press your luck till the last day it's not a good idea if you can get out with a majority lots of traders like to do that uh let's see what doolan says here i know for the credit spreads it calculates on the percentage of the max gain not certain on what it's doing with the debit spreads if it comes to me i'll we'll look through it let's go ahead let's send in our trade our closing order we don't have to sit here and babysit all right let's do the same thing for our october vertical now do you have a feel for why maybe october is not as profitable as say september why is that the case we bought the same number of contracts our net debit was a little bit different we spent less on our october because we only paid 284 versus 310. yeah a lot of this has to do with the time decay and how quickly that leg that's short how quickly it erodes the september's it's eroding really quickly october not so much so our net debit here was 280 so that's our max potential loss what is our max potential gain here 220 right 220 and i'm going to multiply that by the same thing 85 percent it doesn't have to be 85 if you like 75 use 75. whatever makes you happy all right so we've got 220 times 0.85
that's a buck 87. so we're going to add that to our 280 right there and that gives us 467 all right it's a little bit less actually than the first one that's okay the maximum potential gain was a little bit bigger all right but we're going to put this in to buy it back up 467. let's do that right now right mouse click create closing order pick the top one that'll select both your legs and then 467 here good till canceled now because this is going through as a limit order it's it would put the order out there and say if you can fill me at six 467 great if you can fill me up better than that great fill me it better if you can get me 480 great get me 480.
make that good till cancelled and we're going to send this off perfect we've got those orders sitting there ready to execute hopefully pretty quickly because as we look at the the price of the stock right now it's clear those strike prices are in the money right they're above that 65 strike price with the price of the stock being 68. all right let's go to our next trade our next trade is right here alibaba now alibaba we've got a short call vertical going here meaning we're a little bit bearish on it in fact we did some bearish trades a few weeks ago just to test them out uh we only have eight days left we sold this and brought in a credit of a buck 30. and right now it's saying the mark price is about 73 cents so we've been able to capture quite a bit of the 130 but not all of it all right let's just go look at where the trade looks like or the chart looks like notice our short call is 175. and i do want to show you the setup on this we've seen it was a bearish trending stock right we can see that downtrend both the 30 and 10 day exponential moving average we entered the trade here where i've got the green oval uh as it gapped down below some some support now since then what is it done it's run up it's pulled back a little bit it's run up it's pulled back quite honestly it probably is in a similar spot and actually it might even be a little bit higher than where it was when we entered the trade as part as far as the uh value of the stock because we got in on this day and i think a lot of that candle had been formed at that point all right so isn't this kind of nice uh we're not exactly packed the direction right we thought it was going to go down it's actually gone up a little bit but it's below our 175 strike price that's why we're in a positive position we've also got that time decay kicking in on us and so we can be right partially right we can be right in that maybe the stock goes down or maybe it stays flat or maybe it even goes up a little bit still could be a profitable trade for us so let's go put in our numbers here let's put in to buy this one back as well 130 was our credit and to put in these orders to go and in this case buy it back the process is different than it is for the the debit spreads some of you probably have the credit spreads down down pat because maybe you do a lot of them but there may be some of you that this is a little bit newer too so we're going to take that dollar 30 and we're going to multiply it by a variable and that variable is going to represent how much we really want to have of that spread do we want 90 70 what is it that we want in this case let's go ahead let's use 85 percent as well which means if we've captured 85 only 15 percent is left so we're going to multiply that times .15 and that gives us a value of about 25 cents okay let's do it let's go buy it back let's put it out there again same thing if these haven't executed by monday we'll have to go out there and make possibly some sort of adjustment we've we only did one contract here just fine i don't need two periods though we're going to make this good tail cancel so what are we saying if the value of the spread if we can go buy it back for 25 cents let's do it okay no babysitting let the system do it for you we're going to hit confirm and send and notice there will be a little commissions because there's options associated with this particular trade and we're going to send that off now we have we have our buyback order on alibaba we've got our two orders here on d-o-c-n all right let me see what questions we have that might have gone along with this trade to to take a look here let me just read this from joe i just said the reality is with the exception of futures one can trade most stock and option strategies with a retirement account no naked puts or calls but spreads but spreads and cash secured puts etc um oh that was barb i apologize that was barb talking to jill yes i'll just kind of repeat that that many times and but you have to get options approval for this you can do a lot of different option strategies in retirement type accounts is it all strategies no they have to be risk defined meaning you can't have unlimited risk on them could you know a naked call has unlimited risk uh more likely than not you're not going to be able to get that type of approval for that all right let's go to our next one here we've got to find out the rest of the story on dq this is the one i kept calling dairy queen it's not really dairy queen it's a daco new energy what do we do here we did a short put vertical means we were probably a little bit more and it's not a vertical it's calendar i apologize we were a little bit more what maybe a little bit more bearish on it than bullish okay which is why we would have done a put calendar and let's just go take a quick look at the chart you know me we're going to look at the charts all right this is what this stock had been doing right a lot of the energies really pulling back having a hard time very few energy stocks doing that well so we could see yeah just kind of was in a nice little steady downtrend we entered the trade right here the strike was 45 that's ideally where we would want the stock to be in order to maximize our profit in the trade whether it's at options expiration or another time so we got in here and what did the stock do it went clear the other way all right that means our short put it's in pretty good shape all right but our long foot is not going to be in good shape look at the difference in the price here uh this one we got in i'm going to say about 48 and right now it's up at 63. so it's gone the wrong direction five dollars five dollars on a 48 stock is very significant isn't it and not quite 10 percent it might be in that neighborhood of eight or nine percent percentage wise that the stock went against us now you may not have memorized what our position looked like and that's just fine notice on this position we're not hurt a ton uh we yep we're down on it we're down about 11 105 bucks is what it's showing uh down here at the bottom that short put that's the one that i said is in great condition because it's well above that short strike price but we didn't want it to be in fact the bigger piece of the trade is the long leg now do we want to stay in a tread or a trade where our long leg is beating us up is that helpful to our position it really isn't you know so the question you have to ask yourself is do should i even still be in this trade if the answer is i think the stock is uh still has weakness and is likely to drop soon then somebody could consider saying staying in the trade but if you look at it and you're like i don't think so then we might want to go ahead and exit so because we could yes we could hold on for eight more days and let this expire and capture the profits uh hopefully uh we have 370 here this is showing 357 so we're pretty close to that but then would be having this long option going against us the reason we're not so badly off let's show this to you let's get a few more strike prices here oh i didn't need more strike prices i take that back let's go back to 15 is notice the delta here is about 0.8 okay this one that's
our long leg our delta here on our short leg is 0.03 so if a calendar can be quite a forgiving trade if it doesn't go the right way doesn't go the way that you expect it to okay those deltas mostly offset each other now the theta we're seeing the theta decay in that front strike price that short option that's working to our benefit but quite honestly we're this far out of the money on our long leg there's only a 12 chance that it's going to expire in the money so super low probability that this trade could work out for us so for our purposes for our class we're just going to close the trade you know and sometimes we do take a loss in a trade don't we nobody loves to hit the i'm taking a loss button i well at least i don't know anybody maybe you're one of those people uh but if it's the right thing to do you've got to protect your portfolio and some trades just don't work out the way that you thought that they might midpoint price here looks like it's about 55 cents uh let's go ahead and see if we can't just get filled on it right now at that midpoint somewhere in our class okay there it goes perfect let's see chindra says how do you get the trade price for vertical slash iron condors in the monitor tab i have a little bit of uh good stuff going on here with how thinkorswim works this may have been something i did in our last class because somebody had a similar question which was how can i have my trades be grouped together my verticals my iron condors my calendars whatever it may be and it took me a moment to find this because i had forgotten where it was but what we can do is we can say come up here to this gear i think oh nope it's not the gear uh let's see if it is there we go come down here and choose um [Music] well that doesn't have what i wanted either i think there's one that's a group by and it's not coming to me immediately barb if you remember what it is feel free to chat that in and let uh who was that that had that question now i can't find who it was they had that question but whoever has that question chandra chandra that's who it is that has the question usually there's um one i thought it was under here but apparently it's not that allows you to group trades by and then you can pick type and that's why you put my stock trades together my single leg options together my verticals together all right so the position statement bar position statement bar collapse that section on our position statement bar i'm not even seeing position statement we may have to experiment with this towards the end of our class okay wayne says line three lines on the position statement band check show groups i'll try it well i don't go to show groups i get to rename the group or delete the group what if i rename it uh we don't want to rename it okay i apologize but we are going to move on and hopefully between the helpers of barb and people in the class we'll be able to identify that answer for you all right another trade we need to do something with is visa we have a long call-in visa technically at the time that we got into it it was a leap contract right now we still have 281 days to go and uh it's kind of at that time we're about nine months out before it expires and so technically it probably still is a leap uh here however i want you to notice we've got um the 240 call we just got one contract we're down on it about 632 dollars and we're down about 31 31 percent is a little on the owie side because these are expensive contracts right we paid over two thousand dollars for it and now it's worth fourteen hundred dollars what is visa doing now from this we could deduct visa is not going up right because we're down on the trade but let's take a look here this particular one was a little bit let's get to the right one and i'm going to check our date on there make sure we're looking at the right dot august 5th is when we got in this so a little over a month ago august 5th right there on my green oval this candle it looked like the stock was just coming down to support and looked like it might be going back up that was the rationale for the entry into the trade but what has it done since then well our our 30-day moving average is headed down it's making lower highs and lower lows in fact i've got a kind of a trend line here you can see that it looks like it's just run up into that area once again and what's it doing it's pulling back now the question is is there any reason to still be in this trade is there any reason if we had sat and this actually addresses a a comment slash request somebody had from last week about talking about leaps and maybe selling calls on leaps and exploring that as a strategy which we're going to do but what made sense we got in here could we have sold a call right here when it first started showing weakness yeah that could have been a potential time and somebody might have decided hey let's sell a call against it that long option what about when it ran up a little bit more here and rolled over and started to go down could that have been a good time yeah it could have all of these are always easy to see after the fact but we're looking for some sideways action we're looking for in this case the stock running up a little bit and then just running out of juice and rolling back over now where we are right now stock has run up a little bit in fact we've got some some bearish flags here don't we so the stocks run up a little bit if you were somebody that had the idea that you really really wanted to wait this out but 30 you weren't too bothered by then you probably could be someone that says you know i'm gonna try to sell as many causes as opportune to do to help offset that loss however there are not enough calls in the world for you to sell to help make up the entire deficit which is why you get back to does it even make sense to stay in the trade well some people if you've got a very very long time horizon you might be okay with it and might want to sell calls against it for our purposes here where we don't see any change coming on the scene and we're still seeing bearish patterns throughout it probably doesn't make sense for us to continue to do that so this particular one on visa uh i am going to say let's put on a really tight stop okay because if it has great news or whatever grade it goes up but maybe we could come down to the low of yesterday and maybe go 25 cents lower than yesterday's low so the low yesterday was 227.04 so if we take a quarter from that we're looking at what 226 uh 71 i think that's right 276.21 let's put that on let me type that number out here so it's going to be make sure i grab the right one yeah 226 71.
okay let's put it on that's the most we're willing to give it because it looks like it's going to continue to drop here so we'll create a closing order we're going to sell that um we are going to change this instead of a limit order we're going to change it to a stop uh we're going to make this actually based on the current price of the stock or the stock going lower so we're going to change this actually to a market order we'll put in the conditions drag this window back over here we've got beason if the price of the stock goes down to 226 point 71 we want to be done we want to be out of there we're going to make it good tell cancelled we can do that on either screen and remember when the price of the stock gets here it's going to execute a market order marketer lines up with the other market orders just gets filled as quickly as it can but you're not guaranteed a price so you always have to make sure you're aware of that and make sure my arrows go on the right is the right way less than or equal to that's what we're looking for let's save it let's go ahead we're going to send this one on as well all right now for something a little new we're going to do a couple of things number one is i want to look at one of our other leap contracts we're going to look at facebook here we've got a long option it's out here for next september so it definitely is a leaps contract we're up on it a little bit we bought we paid over 4 000 for the contract now it's for 4 700. so it's up 16 that's good we're happy about that let's look at what's going on with the stock right now we know it's been bullish because it's gained in value we can see what the trend has been doing we got in here on august 5th what is the stock doing right now starts starting to show a little bit of sideways activity a little bit of consolidation i don't have any oscillators up here but oscillators could help us as well in terms of determining what might be appropriate now we've got a stop loss clear down here that's less than 340 the price of the stock however is up at 384. so we might want to do a couple of things one we might want to adjust the stop loss and two we might want to sell a call against it right bring in maybe a little bit of cash a little bit of a credit while the stocks consolidating sideways so let's do it as far as the stop loss goes let's move it to our break even of what the price of this the option was or we could even go a little bit higher to make sure we're locking in some gains so if we know let's see what this is based on uh we have it based on the price of this stock drop no actually based on the price of the option getting down to 25 10 that's quite a ways away isn't it uh what if we were to say let's move it so maybe we're locking in maybe a little bit of profit like say 41 42 let's go with 41 that's just a tiny bit higher than our breakeven so let's go ahead let's do a cancel replace and we are going to change this price to man i hope i remember this was it 41 10 let me go look real quick uh current price of the option was 40 75 we said 41 just a little bit over so yeah we can go 4 100. we'll take it down 4 100 even it's a stop it's good till cancelled it'll trigger a market order should that occur there's that side of it um however well let's go ahead and send this in what strike price might it make sense for us to sell what call could we possibly do here now facebook it trades a tremendous volume has lots of open interest here here are the contracts out here for the september weeklies uh here they are for the september 24 weeklies right we've got quite a bit of open interest i suggest we come down a little bit further to get us a little bit more time to sell say uh 22 days doesn't have to be this could we go out to october 8th or october 15th where the monthlies are we certainly could all right many times when people are selling calls they like to sell between 20 to 50 days worth of time so we have lots of possibilities in here the thing we don't have a lot of possibilities is lots of open interest at certain strike prices so for example say we wanted to sell out of the money say a 390 that's beyond our 377 price and on the 390 we've got some good open interest but 3.95 we only have 92
contracts now we would only be selling one contract against it um because that's all we own right as one contract let's go ahead here and let's sell the october once as 22 days worth of time the october ones let's go out a little further on the delta maybe a 28 delta or a 20 delta both of these have oops i didn't mean to hit that both of these have a nice narrow spread meaning we're not giving up a lot that we have to make up to the market maker so let's go to 390 with our 28 delta let's just go ahead and sell one contract we can bring in 325 remember when we do something like that we get the money initially it goes as our credit in our account but the trade isn't totally finalized until either that option expires or we go buy it back uh or it becomes exercised they're assigned okay so we've got that in here let's get it at the midpoint price sometimes paper money is nice to us that way and this should get filled right away i am going to send this to our trading stocks and options so it'll match it up there and we're going to send this off hopefully we get filled and we got filled really quick all right one more trade i'd like to cover here with you this stock is a little bit expensive doordash any of you guys use doordash you know i really haven't i think i've only used it once i guess i don't find that i need that convenience so much so we've got doordash it's recovering it is an expensive stock it did have a nice breakout yesterday it looks like there's some follow through today some traders might use that as an entry some traders might want to see it pull back a little uh in our case we might not be together if it pulls back a little so we're going to enter it in our practice account here based on a breakout entry we can see some really nice volume moving in here to help hopefully support that price above that area if we wanted we could buy the stock out right right be an expensive stock if we were to buy 100 shares would be spending over 20 000 but what we could do is we could buy a longer dated option and sell a call against it this is what we commonly call a diagonal if somebody truly wants to buy a leap and they want to come out way in advance you'd have to come out here in this stock to january of 2023 to get a leaps contract these other ones are not technically elite but the same thing that we're talking about here you can do with leaps you can buy a leap a little bit further out and sell a call against it typically it's going to be a little bit more out of the money so for our purposes today what i want to do is let's do the january option that's a little bit longer dated and let's sell something shorter time frame against it so let's do i would say 210 is our closest price here as far as being at the money so we're going to do that one in january and i'm going to just click on the ask price and i'm holding my key down that says command and we're going to determine which one of these we're going to sell we're going to go for in this case let's go for the october 15 because it has quite a bit more open interest let's sell something further out than where the current price of the stock is so something further out than 210 what if we went to say um 230. it's got a 27 delta so not a high probability to expire in the money and look it'll shave about 4.65 off the cost our long option when we nap those out all right the overall is a net debit here of 1908 okay we're going to do the same thing we're going to track this uh with the idea that we want the october option to expire out of the money and then hopefully maybe we sell another one maybe we sell in november maybe we sell in december after that the idea is to continue to sell premium to keep the cover the price of this essentially and hopefully decrease it along the way now it's not guaranteed it's going to do it it might go against we might have to go back and buy it back but that's what our intent is going to be here so let's go ahead trading stocks and options we're going to send this in we should get filled on it pretty quickly as well all right we covered a lot of ground here today glad we were able to get to our dash trade because this is one that we are going to continue to file up on or follow up on uh for a bit so today we reviewed our market posture still bullish but possibly consolidating maybe slowing down a little bit giving us the idea that maybe some new trades maybe we've got to take advantage of that sideways action by selling a call we sold a call against our put sold a call against this doordash option and then we spent the bulk of our time talking about the rest of the story and what happened with our trades so very good what do i want you to do i want you to go back to your paper trade you're working on right now and determine if you're in a window that they're going to expire next week you've got to have your plan you've got to start executing that plan because we're in that four to ten day window before options expire so i want you to do that and then i want you to make a plan with every single one of your trades all right maybe they don't expire next week but whatever they are have a plan for each one of them barb thank you so much for answering questions i can see they kept you really busy here i appreciate you being here up next is going to be james boyd with uh tr uh trade trending trading the trend i said that backwards uh he'll be up here next right at the top of the hour follow barb and i on facebook or not facebook on uh twitter i got it mixed up with our facebook trade would love to have you follow along thanks for being here today folks we'll see you next week if this was helpful go ahead and hit the like button as well bye-bye [Music] you