The Potential Power of a 'Base Hit' Strategy | Trading A Smaller Account
good morning everyone welcome to trading a smaller account wow do we have an exciting class lined up for you today so if you are a conservative trader and you're wondering how one might place a trade in a conservative way that could create income for your account or growth in your account and you know a base hit strategy that can be powerful over time you are in exactly the right place stick around there's a lot of great stuff about to come your way [Music] [Music] um i i like to start this class by welcoming and thanking all of you who are joining us live each and every friday uh queen bee was in here before 7am um and welcoming people into the chat so so welcome to queen bee and krishna and krista and vijay and tm and andrew and bill and ap 514 and radio wayne and marcy and mia and uh charles and pete and greg and ganesha and jeff tony sarah alonso mansoor craig richard b patricia and michael and many others thank you all for being here and for being so participatory in the chat if you are new to this webcast and joining us for the first time feel free to write type a greeting into the chat so we can welcome you we have the wonderful mike fairborne joining us today he is a coach with a wealth of experience and a great guy and we are fortunate to have him so if you've got questions between mike and i we should have answers for you um if you are watching this in the archives as thousands of people do know that you too can ask questions just type them into the comment section on youtube i do look at those on a daily basis um you know and if you loved it you can put that in there too last way to get a hold of us is um and for us to be able to reach out to you is through twitter so you can see above my head here uh the bluebird of happiness at b armstrong underscore tda is my handle mike fairborne at m uh fairborne underscore tda i know that he will type his twitter handle into the chat also but it's m f a i r b o u r n underscore tda okay i want to get through our important information so we can get out to our agenda and on with the show because i'm really excited about today's topic i just let me scroll down so if i see things in the chat um i can respond to them as we go along okay so trading know that in this class this is an intermediate level class and we kind of run through our 45 minutes together and we pack in a ton of stuff so but no this is an intermediate level class we place lots of trades in this class but know that all of this is for example purposes only none of it is to be construed as investment advice or a recommendation of any particular security strategy or account type options aren't suitable for all investors there are special risks inherent to options trading that can expose investors to potentially rapid and substantial losses if you're new to td ameritrade you have to apply for option trading privileges with spreads and straddles and other multi-leg option strategies like iron condors we have to take into account the fact that um the the transaction fee is per leg per contract so a credit spread two legs a dollar thirty um as opposed to 65 cents um an iron condor which has four legs would be 260 in and 260 out okay um so we want to be aware of that and know that all investing involves risk including the risk of loss we trade extensively on the think or swim paper money platform here there are some differences one of them is regarding assignment and i'm going to talk about that when we get when we get into the class because things will not be assigned in your paper money account prior to expiration that just doesn't happen can it happen in your live account it can have i seen it happen yes i i see one thing in the chat saying you know um some of us don't have a twitter account and my response to that is i didn't either i was kind of dragged i will admit kicking and streaming over to twitter um and you know what i now really enjoy it because it's a great way for me to be able to share content with you outside of webcast like this it's free it'll take you two minutes to set it up um you know you'll i only follow people in the investing world it's not a social thing um so so anyway that's totally up to you so i've got some hot off the press big news for you guys so i'm going to start the class by sharing that because it will help you put into perspective the rest of what we're discussing um yes and then we're going to do a quick market overview we're going to talk about the potential power of base hits and i'm really i know that we talk about this a lot but i want to kind of lay it on out for you so we're going to do that today we're going to do some example trade management and then we're as always going to play some new example trades so are you ready roll up your sleeves because there will be some participation um asked for in this class but i want to start with the hot off the press big news so i just want to bring something up here on my screen so um as you know in trading a smaller account we try and take advantage of different stocks and indices and we've started trading doing a weekly iron condor on the rut or the russell 2000 because it's been going sideways and it kind of has lent itself to that type of trading strategy um and that can be tough sometimes you know well you know if we have a small account the amount of capital required to place a trade on some of these indexes while managing our risk if the most we can risk is 400 in a trade you know and that's a 20 000 account what if you have a 5 000 account and you only want to risk a hundred or two hundred dollars um then placing trades on the russell because in some expirations the bid ask spread might be ten dollars it's just too wide to maintain that acceptable level of risk so starting next week which is perfect because i'm going to be in new york for a weekend of theater um and i'll desperately miss you guys but we have the fabulous james boyd coming in with a representative from the cboe global markets to discuss option trading on the mini russell index so the symbol is mrut and the mini spx symbol xsp and also the the e market volatility index that we all know is the vex and how we can use these index uh indices while trading a smaller account so it's really a great opportunity you may find that you need to give yourself a little more elbow room because we're likely to have a lot of people joining us for this but it it's pretty cool now i will say um that they're going to discuss a lot of the options strategies we've been covering all year and and introduce some potential hedging strategies which we haven't done a lot of because it really hasn't been required we've put on a couple of hedges with conditional orders that have never ended up being exercised so be sure to join us next week for that and if you don't see me you'll know why now i hate to let go of we have a lot of trades in play and i don't want to lose our momentum on that so given that i teach long options on monday i am going to crop that class a little bit for the next three weeks and the last 15 minutes of that class is going to be trade um management and and trading like we would do in this trading a smaller account yeah and somebody's saying yay you know trading on many futures is is what i've been waiting for um really excited for next week yeah i'm excited too um and although next week i'll be in new york i'll be sure to catch the archive so that is our hot off the press big news okay so let's go on to our market overview and you know it's interesting because you know this class starts when the market opens so i can kind of look at futures we can see that alcoa had a really nice earnings announcement gapping up on on earnings up almost 10 percent um and the spx so you know we had this pullback and one of the comments i've been making in classes throughout the week is that both the bulls and the bears had an argument but what i hadn't seen was a break back above this diagonal resistance line well yesterday it went oh yeah watch this and it broke above the diagonal resistance line and also you know poked its head above the 30-day moving average and now it's moving on up again so someone said it looks like the bulls are back and you know this may would we be surprised if this came back to retest this diagonal resistance line as a new support line not necessarily but you know given that it gapped up on the open it's up about half a percent right after the bell is you know somewhat interpret that as a good sign if we look at the end can i type the nasdaq we're seeing something similar although what's the big difference here what has this not done yet go ahead and type that into the chat you're right it has not broken back above the 30 yet and so if we look at this and it's like it's right there its head is right at that ceiling but it's not quite through um so we'll we'll see um you know but it bullish obviously up the last three days across that diagonal resistance line and now knocking you know or banging its head on that 30-day moving average how about the dow oh look at that so it's back above you know and you know if we back up a little on this you know it's been in this sideways range really since april um and then it looked like it had broken out and then you know what do you know now we have an iron condor on this so what we may want to do is go out and at least close the short put vertical side of that at least i think we did in this class and then our friend the russell so it has been kind of coiling up within this range like if we back up a little bit it's been trading in this range for many many months now you know it kind of entered this range back in february and has been here ever since and we've seen this planet pattern kind of starting up within this range um and we have iron condors on this and our strikes are where the green lines are so today this is breaking out it's breaking out along with the rest of the market have we seen really you know bullish moves on this index before well absolutely look we saw one here oh let me get my drawing tool you know it moved up dramatically you know it moved up you know 200 and some points in a matter of what five six seven trading days and we saw you know a pretty bullish move here and we saw a pretty bullish move here and now we've got you know four days in a row so far and the last two have been you know pretty robust yeah so you know when we look at this but is this cause to be concerned i'd say you know not yet because we haven't yet seen it come and break above this now does this mean it won't absolutely not anything can change at any time okay okay so that's the russell and the last one that we tend to look at is the vix and now we're seeing that you know the vix you know it had was kind of popping its head above this 20 sometimes for a day or two it came up and hung out above the 20 for a week or two which had people a little concerned but now it's heading back for the bottom of this range that it has been trading in for months so you know this range between 15 50-ish and 20-ish you know these you know resistance and support levels often are kind of a range rather than a finite number but you know when we look at this we say okay so confidence is returning okay okay so when we have a kind of look at the overview and which have been the two strongest sectors well we have energy leading the pack over the last three months and over the last month it's up like 20 percent and then financials coming in tight behind it okay so i want to talk now about these iron condors and i want to talk about this concept and we haven't used iron condors a lot we really started you know about a month and a half ago well our first expiration was september 17th the first one we did and if you look over here in the scratch pad and we made 320 um and then we came to october first we had one with a five dollar wide strike and how much did we make on that one well we made 150 and then we had another one that expired october 8th and we netted a 150 on that and then came october 22nd volatility must have been rising 240. then we upped our position size on this one we did two and we ended up out on the october 29th one and you know we made 420 on that and i put one on in a class yesterday um you know so we now have one on no both november 5th which we did in class last friday that has a potential premium of 410 but we haven't closed it out yet so we don't know how much that will make and we put one on in a class i filled in for for cameron may yesterday um 460. and you know one of the ways we can do this so let's say that you are following along in class and you put on this november 5th if we come to the monitor tab and you say okay i have this november 5th i want to do another trade and this one was ten dollars wide so you might say i'd rather do the a five dollar wide strike but you can just right click and create a duplicate order and then when it brings up the order you can just come over here and change the date and then if you want to do five dollar wide strikes say okay i want this to be 23 40 and 45 and instead of 21 where am i here the call side 40 and 45 and 2140 and 21 35 we'll unlock that so our premium on that would be 240. and you know so then how much are we risking well the difference between the strikes so if we come here it spells it out the most we can make is 235 the most we can lose is 265.
while we now have 28 000 in the account and when we started with 20 000 at the beginning of the year what we had said to ourselves was self you're not gonna risk more than four hundred dollars on any one trade which represents two percent but if we took two percent of 28 000 28 i'll just make it an even number 28 000 times decimal zero two that would be 560. so you know then we might say okay well you know we could perhaps do two of these that would be 265 times two 530 so we could do two contracts and that's what we did here we did two contracts um and our credit was 230. so if you want a quick way to enter an iron condor trade if you're going with a strategy of of continuing with this but you might say but but barb you know we've only started doing this in september how come well the reason we started doing this in september was you know and we could have started doing this actually a couple of months earlier you know so far we've made twelve hundred and eighty dollars using that strategy now that could change you know these could turn out not to be winning um contracts that we have on here when we come to activities and positions so the other two have already closed out because we put in a target for them and so with these we haven't done that yet but what we could do is say hey when we've got 80 percent of our max gain we would like this to close itself out and so now does that mean that next week when we're looking at these if it's up closer to the resistance level could we maybe buy the put back the put spread back we could so you could lag out of these but you know if we wanted to put this in just as a way of making sure we've got things covered just in case something unexpected happened and we took our eye off our investing ball we might say hey when this is worth about 80 cents we'd like to buy it back and we'll make that good till cancelled how did i come up with 80 cents i just said well 10 would be 41 cents so 20 would be 82 cents so we're going to leave that in our iron condor to exit when we've got 80 of our max gain and we could do the same thing with this one say 23 when this is worth about 45 cents please buy these back so we're going to right click create a closing order and what do we want to buy them back for about 45 cents now if we decide to buy the short puts back if it comes up close to our resistance level we can always cancel this order and then go in and and leg out okay okay now what i want to do and the first time this really occurred to me it kind of blew my hair back so and i talk about this a lot but we've not kind of written it down so let's say typically with a short put vertical or like with this iron condor example um let me bring up my drawing tools with this iron condor example and i'm just going to write down ic so you know it stands for iron condor so we have an expiration date and let's say we go out 28 days which is how about how far we started and and some say i don't like to go out 28 i just want to go out 21. well that's fine um but let's say on average if we're at the start of the year we could make um we're gonna risk 270 to make so here's our risk 270 because we can't risk more than 400 so this is where you know when we get when we talk with the cpoe and james boyd over the next few weeks if you have smaller you might be able to do more and take more risk which would ultimately increase your return right so this is you know why i'm so jazzed about them sharing this with you and so our total return could be 230 but we aren't going to wait for it to expire worthless so let's call it two dollars so we're risking 270 to potentially make 200.
okay and that's in week one and then the next week you're going to come in and you're going to place another trade about 28 days out so now this one's you know at 21 right and you're out you're going to risk about the same and your return is hypothetically now you know volatility can change things and whatnot we've seen a bit of variation and then the next week you're going to wash rinse repeat come in do the same thing now this one's got 14 days left right and this one's got 21 and you're putting a new one on you know 270. okay 200. it's like i'm trying to write with a mouse so you know my skills are a little limited and then the next week what are we going to do the same thing and it's just going to kind of keep on rolling now this is assuming all these trades are are winning trades and what do we know we know that there are going to be some trades that are not winning trades so we have to take this into account but this is just to give you i want to give you an idea on the concept of the power of a base hit because some people would look at this and go 200 dollars like it's gonna take me forever to grow my account has anybody ever thought that yeah you know and so again now we're at 21 we're at 14. you know we're at seven and by seven days you're coming close and by the time you place that fifth trade the first trade is over so you're never really going to have more than four trades on at one time right and so if everything blew up and you took a max loss on everything what would that be well that would be a thousand and eighty dollars now on a twenty thousand dollar account that's about five percentish so are you going to be happy well of course not but have you blown up your account no you have not and if all goes according to plan which so far it has eight hundred dollars well what does what's 800 of a 20 000 account well 800 divided by 20 000 is my little mediocre math skill say about four percent which i just double checked on my calculator because it is early yeah so and if you could do that month after month you know that starts you know that's not unsexy right that can start looking a little sexy because you multiply that times 12 you know what have you got 48 percent do you think that's going to be beating most indexes you bet your sweet bippy and this is just one trade the rest of your account could be sitting safely in cash if you want to be uber conservative you know and i'm not suggesting that we leave the rest of it sitting in cash and are we going to have trades that end up being losing trades we are in fact i want to talk about two trays that we put on and you know i was subbing for a pat malali now one of them um crm um it's it's been and it's gone and it's already you know hit in i think three days it's um it's target and it's out but we have two that we put on that were bear call spreads and we know what's happening with the market so we're going to go and look at those but does this do we see the appeal of this has this got you thinking now what you may be thinking is babarb this is an iron whoops i don't know how i did that that's an iron condor like we've only been trading iron condors for a few weeks and when the market is really bullish should we be trading an iron condor yet no why do you think we haven't traded it you know most of the year so when an iron condor if the market isn't going sideways or you don't have an index going sideways or a stock going sideways where this might be a strategy you want to employ could we use a combination you know what have we done a ton of in this class short put verticals credit spreads and what do i call them bass hits bass hits bass hits wash rinse repeat and even if you know let's say we end up and you know next year we're going to track because we have our trading journal that has credit spreads in it and i know that ken rose i watched one of his classes about three weeks ago and in their paper money account thus far and this is just an example of like a group that meets once a week talking about short verticals their success rate was somewhere around 86 um and they're trading it conservatively they're managing those trades in class on a week-to-week basis um so you know even if we cut that number in half and said you know we had ended up with a 24 now is it a 24 return on this trade no it's on the entire account on the 24th 20 000 account this is the return and how much do we have at risk at any one time never more than a thousand to maybe 1200 ish ish i think there's a helicopter flying by oh oh you know where i live in between these two big canyons where there are four ski hills but also a lot of hiking trails so i never like to hear a helicopter it can mean sometimes that someone's in trouble um in any event so that's that so you know when we can't use an iron condor you know there's that opportunity to perhaps use verticals okay so normally in this class if it's still appropriate we might be putting on another iron condor trade today we won't because i jumped the gun and i did it yesterday and we did the same strikes that we did we've been doing you know the 2340 2345 on the call side and then the 2140 21 35 and we talked yesterday in fact um i will put a link in to yesterday's choosing an option strategy i'll put that in in the top right corner if you weren't with me for that you may want to go back and watch it and this was one of the trades that we put on okay and you know we looked when we looked at the 2340 and on the russell we have to come out to about 50 strikes were the and today they're going to be different um but because that it's up so the if we come to the 2340 the delta is now 33. yesterday it was about 26 or 20. yesterday's class was called um a selecting an option strategy um i'm filling in for cameron may who is gallivanting about the scottish highlands right now lucky cameron well-deserved break i must say and he i think he's having a great time and then where did my oh my strikes are so far away that 50 strikes i probably have to go to about 70 strikes now so this the 2140 has a delta of 10.
so if this stays up for a couple of days you know we might be able to go in and close this out okay so ks new i i see you you've asked me about this several times so don't you worry i will go in and look at those oh you can't see my screen oh sorry this is you know what i'm terrible about that about going back so when we look at this our delta now on this strike we placed yesterday i think it was only about maybe 12 or 15 maybe it was 19. um but now it's 10. and you know so it's uneven and are we worried about the deltas not being the same well the concern here is it this tells us that it's getting closer to our strike right yeah but what we're looking at is is this still within this range and you know just back here at the beginning of september it was above where it's trading today you know so yeah cause for worry this requires patience yeah and so let's look at our our dow so oh today wow did we get clobbered down a thousand dollars i didn't realize it was up this much but if we look at the put side of this so the 320 325 given that the dow has come up so if we look at this and we go out to create a closing order and we just look at the vertical we want to look at the put vertical that's worth 32 cents and so we might say you know what let's close out the put side because each side contributed a similar amount we'll close that side out and we'll just leave the call side and as soon as it given it comes back down then we'll exit that side of the trade yes on these indexes we will not see an early assignment but i was asked about early assignments before the class started and i will post on twitter a response to that we discussed that in class i spent a huge amount of time on that in a class earlier on the year on what can happen um or if you just let something go into expiration and you're not paying attention so we're going to buy back the put side um here for 33 cents and close out that side so take advantage of the fact that it's come up close to our top okay now in the class on monday we did i don't know if we did five trades we did at least three trades so one of them was crm and we just want to go back 10 days and so we sold we did a short put vertical 265 and 260 and we we got in on monday and we were out on that one yesterday morning and we discussed it in the class briefly yesterday just because it filled while we were in class and it came across the screen and if we come and we look at crm we can see you know here's where it was on monday on the 11th it was just bouncing off the support level and it seemed old resistance new support you know seemed like a pretty strong support level and so we sold this 270 and that worked out just nicely now we also we did a trade on zoom and on zoom we can see that you know this is a nine month chart so this has been kind of falling down the hill started to climb back up and really since august has been down trending and then had an earnings report that wasn't what people in the market were expecting and came back down so on monday you know it was starting to fall again and we sold a short call vertical and then of course we sold it and it came up for three days old support level could it be new resistance you know kind of bonking its head on this 30-day moving average and you know hit it it when something is dark green what it means because this is candle trend it means it opened high closed lower but still closed above the previous day so today it appears to be moving to the downside so when we come to the monitor tab and come over to activities and positions okay so there's an example because somebody asked if i could show an example of how to leg out so we've just done that on this one uh let's come to our short put verticals now where did they go i had them up earlier oh here we are um a short call vertical on zoom so we're still down 85 on that but where are our strikes 270 and 275. so if we come back to the chart and we say you know what this is where i need to just sit on my hands and be patient short put vertical 270 275 and this is on the right okay okay so that's that one um and and so some might say just be patient and if it but if it goes up again on monday and crosses that 30-day moving average you might say you know what i think i would like to take you know a small hit rather than potentially you know taking a and eighty cent hit you know or three hundred and eighty dollar hit an eighty dollar hit sounds much more attractive okay now nike was the other one that we did and nike got hit after earnings and it's not that it's not a profitable company but they're having major supply chain issues plants are apparently being closed in vietnam etc and you know it came up and this was monday this one this day here and so we sold a short call vertical we're saying you know what to do when you know the market hasn't really declared itself so it's still below this 30-day moving average it was still below here but now it's come up and today it's pulling back but might this now 30-day moving average become new um new support as opposed to old resistance because really this 10 day was acting as a support level and so some might say you know what i'm going to take my lumps right now others might say but barb it's friday and time decay will work in our favor maybe it'll pull back for two or three days and i can get out closer to par and so what some might choose to do is just wait but with the intention of exiting um sooner rather than later because this now to some traders might look like a trend reversal because we now have you know a higher high and unless this comes back you know below here you know we could well have a higher low and so it one of the things that blew my mind in the beginning i thought when i saw something that had gone through both strikes i thought well i've just taken my max loss so i may as well wait and see if it comes back around but even if it goes through both strikes and right now it's through the 155 but not through the 160 it's not a max loss if there's still time okay okay and then amd we also did a short call on and this is through both our strikes and it expires today so here is the pain of not making a decision to exit earlier and i'll just be honest with you guys like there are times when i just don't manage this account on a daily basis and we did three contracts so on this one we will end up taking our max loss now we could try and get out for a dollar 97 or 1.99 chances are we will not end up out so when something is through both strikes like this we will end up with both being assigned the 108 call and then exercising the 110 call if it's one penny in the money now what i said i would post on twitter about like what if it was in between and we had a case with apple a month or two ago where it was in between um and so we closed it out and we still had a um i think we had a small profit on the trade but we didn't want to end up with that assignment okay so i had put this in months ago and i've just taken a copy of this and put it in a document and put it on twitter um and i'll i'll repost this again and it is you know kind of what happens dang it i may have missed it okay so what happens if you don't pay attention here we go so with short put verticals you know and if it ends up trading between the strikes what should you do so if at expiration it closes between the strikes the short put would be exercised well what if we had a short put vertical on tesla it's trading over eight hundred dollars a share we don't have eighty thousand dollars in this account and if it's between the strikes the long put would expire so you'd end up having to purchase a hundred shares per contract of that stock so if we had two short puts on tesla that would be 160.
so you know you can expect a call from your broker um but what you can do is if you realize it quickly enough you can call the broker and have them exercise the other side of the strike worst case is on monday exit you would exit the position and your broker may exit that for you realizing that you are you know you have such a big position and the likelihood of your depositing 150 000 into the account to pay for 200 shares of tesla is low so what's the risk well actually if tesla goes up the next day and you had a short put vertical you might end up exiting for a profit but if it goes down further now you've taken a bigger loss than you were bargaining for and so that's the risk and so this is why we put in access and why we want to manage our positions so you know don't don't ever say oh you know what i'm going to let this expire worthless because there's only a day left and i'm confident i'm not going to you know end up in a pickle you know it's very it's entirely possible that that can happen now if it goes through both strikes then you know if both strikes might be you know exercised so anyway i've i will post something you know on twitter on that i want to come and look at a little company called plug and today it's kind of moving back uh so we have a bullish engulfing pattern here i don't think that's going to be our one let's look at cop so conocophillips is in the energy sector and it has been you know it was trading in kind of a sideways range you know if we go back to like a six-month chart and in fact was trading in you know this sideways range for quite a while so it came up and some might look at this as kind of an elongated double bottom ish type pattern or maybe like a cup and handle with a very very big handle but the net of it is you know it's broken out above that and moved pretty dramatically to the upside and so while we could do a long call given that today was kind of our short vertical strategy day and maybe we'll do a long call on this on monday um but if we look at this could we come in and sell something you know what was the low on this day was 71.46 so could we come in it's trading at 74 and sell maybe a short put vertical at you know with a 71 strike so if we come out about 21 days and we certainly don't need 70 strikes so the 71 strike um is at 90 you know we've we've got about a 10 cent spread here we don't have a ton of contracts um on this but if the rule of thumb is you want at least 10 times the number of contracts that you're buying or 20 times the number of contracts we'd certainly have that but over a 10 cent spread is a little bit high and that would be you know over 10 percent it would be closer to 14 so maybe we want to come out to the monthlies where we've got a 5 cent spread and we've got thousands of contracts and we have a delta of 26 we want a delta between 20 and 40 often so if we're looking at a 53 credit how much would we we be risking what we'd be risking the difference between the two strikes or 250 minus our 52 cents so we could do two contracts so if we look at that and say okay that's at a support level i'm okay with i'm going out a little further than i normally would you know where if we're going out to the november 19th we're going out 35 days but sometimes in order to honor all of your rules you know that's what you need to do so we're going to make this two we're going to come advanced order first trigger sequence right click opposite order say hey when this is worth about 10 cents we'd like to exit the position and we would put that in our short put vertical bucket okay now this is a pretty rare class when we've only um placed one new trade but consider also that we placed a new iron condor trade yesterday um i don't know about the amat trade what do we do with a mat you know what i will look up amat and and so here's another stock that's been trading in this in a sideways range and it looked like we had a short put vertical on a mat so my guess is if we had a short put vertical it could likely be closed out so you can come to your account statement okay so we entered that at 45 cents for expiring november 5th so that one's probably percolating along because it's still got three weeks left yeah yeah so that one was that another one we placed on monday short put vertical yeah we've got 33 percent of our max gain we have an exit in place and it looks like conoco phillips well that's the one we just placed and hasn't quite filled yet okay so guys that's a wrap for today excuse me um if you found this helpful please smash the like button um again next three weeks james boyd and the cboe talking about minnie's um indexes or micro indexes i'd have to bring up my my document again whoops let me bring it over here um [Music] yeah um mini russell's and mini spx and um you know i think that's going to be a really powerful three weeks yep so uh don't forget that smash the like button subscribe to this channel if you haven't subscribed already you really want to be aware of you know what's coming up because there's a lot of great classes being taught there's also a survey so i know that mike just reposted that if you can click on that bitly link so here's my commitment to you if you promise to fill it out and take 20 seconds to do that i promise to read each and every comment and so does the management team and you know i'm doing these classes for you for us to link arms and figure this out together so i want to be providing you with what you want to see so if there's stuff that you love and you want to see more of let me know that if there is stuff that you you know want to see less of let me know that too okay okay so um i think we did what we set out to do we talked about our news we did our market overview we talked about the power of base hits which really blew my hair back when i first thought about that we did more than we normally do on trade management but i think it was a powerful exercise and then we teed up a couple of new example trades so my friends thank you so much for joining us today know that everything we cover in this class is for example purposes only none of it to be construed as a recommendation to trade any security or strategy in your live account know that options aren't um suitable for all investors there are special risks inherent to trading options that you want to be aware of we'd like to discuss both the risks and the rewards in this class huge thank you to mike fairborne i know you guys kept him busy today um don't forget to follow both mike and i in the land of twitter and guys i don't know what you're doing this weekend but enjoy every moment have an awesome day and a fantastic weekend and best of success with your trading i'll see you in a webcast coming up soon don't forget long options monday high noon take care everyone bye for now