Trading a Smaller Account | Barbara Armstrong | 3-5-21 | Trade Management: Winners & Losers
all right all right good afternoon everyone this is barb armstrong a coach with td ameritrade and this is trading a smaller account so whether you have a large account or a that you want to trade a smaller part of or a smaller account this is an intermediate class dedicated to options trading we have a jam-packed 45 minutes lined up for you today lots of exciting stuff to cover so stick around lots of great stuff about to come your way all righty i know that brent has our um brent moore's is with us in the chat so i'd like to thank him for being here today and for being so proactive he's already typed in our twitter handles um it's another way for us to communicate with you outside of class so if you aren't participating in that all i can say is you are missing out so um you may want to consider doing that today we are going to do so much of what we usually do this is an actively traded class so we jam pack a lot into this we are going to look at our current positions we're going to add some new positions we're going to look at what's happening in the market today so let's get through our important information so that we can get right out to the platform where the magic happens again i mentioned that this is an intermediate level class so if you are new particularly to trading options this may be a bit like drinking out of a fire hose also we wiped the slate clean and started with a new account effective january 8th which was the first monday in january and so as we're managing trades you may want to go back and look at previous weeks to see the trades that we have put on but you know what you can jump in right here and follow along and i'm sure that you'll still get a lot out of this so know that options aren't suitable for all investors there are special risks inherent to options trading that may expose investors to potentially rapid and substantial losses we do discuss in detail the risks that we're taking before we place any particular trade in this class also know that in order to demonstrate the concepts we're talking about the functionality of the platform we need to use actual symbols and man we use a pile of them however that is not to be considered as a recommendation on the part of myself or td ameritrade any decision you make in your live account that is on you my friends um okay so and know of course that all investing involves risk including the risk of loss so this i didn't even change this from last week and it's interesting because we can have the same agenda and a totally different class each and every week um so we're going to go and have a quick look at the market forecast we're going to manage our current positions both those that closed out while we weren't watching and those that didn't and might need a little guidance and then we're going to add several new positions to our example portfolio there's a question in the chat saying is there a class that's a mix of getting started with thinkorswim and verticals so there is a class dedicated to getting started with think or swim and that is on there's actually two one is on mondays at 5 30 eastern with connie hill there's another one on thursdays at five o'clock eastern with mike fairborn which is a little more basic for verticals there are two classes each and every week there is one on wednesdays that is dedicated to short verticals three o'clock eastern and for long verticals there's one on thursdays with john mcnichol at three o'clock eastern i also teach getting started with options on friday mornings at 11 eastern and we cover all the verticals in there okay yeah so i just did a plug for four different classes yeah there we go okay and they're all great i've watched every single one of them so let's get over to the platform okay so we're going to start with the charts i'm going to come over to studies and by the way on twitter my friends i did go out let me just show you because i get asked this kind of every week you know what is what is the script for the market forecast so it's right here i've pinned this tweet to the very top and then we also i have a a script all of these i think were created by ken rose macd with breakout signals there's a script for that stochastics and the p e ratio and dividend yield that i have on my charts that's all the scripts are there plus directions just in case you've forgotten on how to download the trading journal so if you need any of those come to twitter be armstrong underscore tda and that will all be there so i'm going to come to studies and i'm going to load market forecast and so what we're looking for here is is the market uptrending is it kind of hesitating or starting to pull back and what we can see when we look at the chart is that you know we basically have a pretty strong uptrend it has pulled back for a few days and it looks today as we're heading into the last hour that it is starting to rebound but when i come down to our friend the market forecast line and this is a bit of a lagging indicator so we can see that it was down trending and it started to hook back up so if you've got no video i'm seeing a comment in the chat hit refresh if you've just got audio hit refresh and if that doesn't work then sign out and sign back in again okay so what this is saying you know as we interpret this is we could take a bullish trade here because it's starting to turn back to the upside but what can turn to the upside could turn down again so we may want to be more modestly bullish what would modestly bullish look like well maybe it could look like a short put vertical maybe it could look like a long call vertical um you know maybe it could even be a short call vertical if we're looking at an area that has been trading more bearishly so kind of more neutral to bullish you know or neutral based on this so when we come and look at our current positions i came out to the account statement and one of the things that i'll do is i'll say okay what has happened in the last seven days so that i don't miss anything because i want to share you know you can see that of our twenty thousand dollar account we're at twenty two thousand one sixteen the s p 500 is now officially down on the year and so is the nasdaq so the fact that we're up over 10 percent shows that you know we're beating you know the ex if our goal is to beat the benchmark and our benchmark is either the s p 500 or the nasdaq we're doing a bit of all right now can that change absolutely it could change dramatically in a week but right now our our portfolio we started with 20 000 and you know our assumption in this class is we started with 20 000 for those of you who are new and by the way is there anyone attending for the very first time today if you are just type a greeting into the chat so we can welcome you our max risk per trade is 400 and our max position size is 5000 which some might think okay that's exorbitant that's 25 of our account size but it allows us to own 100 shares of something that's 50 or less and be able to sell covered calls on it or buy a protective put if we wanted um it allows us to do buy rights you know on stocks that are under that fifty dollar depending on the size of the call you know in that fifty dollar-ish price range okay so let's come back to we did a trade on tesla and we put that trade on last friday so i've come to our order history so last friday we sold a short call vertical so we were bearish on tesla we got paid 97 cents and it filled on uh oh and then we put in an order here at 10 cents to buy it back so actually it looks like we got paid a dollar 10 to get in and we got out at 10 cents so we got out at the price that we expected and we got out wednesday so we were in this trade for all of three trading days we got 90 percent of our max gained and we're now out so if we come and we look at tesla we can see we put this trade on this day which was a legit entry because we had a bear flag we had a trade you know we had something trading below the low of the high date some might have argued that we came in a day late it rebounded for a day and then came down and and we hit our target so we were in that for a very short amount of time the other one that we exited was exxon mobil and so with axon where we exited was this 50 dollar call so what we had done with this was something we call a synthetic so and with a synthetic you're selling a put and you're buying the call so we did that back on february 5th let me just get what the heck okay i guess i'm gonna have to quit that all together let's try again okay so we came into this on february 5th we paid 34 cents and the put that we sold we sold the 47.50 put for a dollar 72. sorry i thought that was an arrow and then we came back when we had the majority of our gain 85 and we bought it back to close it out so we sold it to open and we bought it back to close out the trade because we had the majority of our gain now the call which we had paid two dollars and six cents for we had put a target in and we said hey if this if exxon hits 57 a share whatever the value of this is buy it back in fact what we had done was uh an oco order we also put in an exit to say hey if this goes down get us out with the majority of our gain and so it hit that target and if we want to look at this order we come here said get us out if it goes out or above 57 or at or below 52.92 so you know you
might have been on a golf course i might have been out skiing um whatever the case may be we got out with a nice profit on both sides of this so we were up over 500 on the call side and about 150 on the put side so these were two successful trades that closed out for us because we had put an exit in ahead of time so we didn't even have to be around which is handy because we only get to spend 45 minutes a week together and by the way i am working on you know still continuing to ask if we can add a second installment of this class on a weekly basis and stay tuned you never know what could come up right okay so now let's look at our monitor tab for what we currently have so we still have a position on abr we're currently down a smidge on that we bought this because it pays a really nice dividend so when we come to abr we can see that we just bought this recently although it's been up trending for a while it is when we look at the trade tab i think it pays about yeah eight and a half percent dividend but we didn't have a stop on this so i came in and just to save us some time i said okay what was the low of today it was 1482. if we go three percent below that that would be 14.37 so we're going to come in here and we're going to put in a stop on this because otherwise we're risking hundred dollars which is the value of the position so we're going to create a closing order with a stop 14 37 make that good till cancelled fire in the hole now with this one the uptrend is still intact it's just come down and currently today it's kind of sitting like a bird on the 30-day moving average now the other one in that section was fcx we had a position in this last year that almost doubled in value but like i said at the beginning of the class we wiped the slate clean so we got entered on this day you know it has been moving to the upside we might want to adjust our stop on this just to try and protect some of our gain so if we look at the low of yesterday being 31.50 we might want to
move our stop up to you know about 30 and a little bit there we go and actually my math said it should be 30 55. so if you want to edit that you would just come to edit 30 55 confirm and send that's that one so last week we didn't have any unsuccessful trades that closed out there's a question saying you know what about unsuccessful trades so but don't you worry there's one in here yeah okay so that's those so buy rights well both the buy rights are positive too so we have devin and we have you know a 248 dollar profit on devon now when we come and we look at this we got in this for twenty dollars and twenty cents the most we can make on this is 23 dollars so you know my spidey sense tells me we've got the majority of what we can make out of this so we did this as a buy right the intention was if we could make two dollars and 80 cents on a 20 investment so 280 divided by 20 20 that would be almost a 14 return and so you know if it's trading at 25.62 so we could hang around for another two weeks and how much more could we make well the most we can make on a hundred shares is 280 dollars we're at 240 well we were just at 250. so if we look
at 247.50 and we divide that by 280 we've got the majority of our gain right so do we really want to hang around for another two weeks to maybe make 50 bucks and so if we say let's not risk snatching defeat from the jaws of victory if i can take my 247 50 divided by my 280 i'm just doing this so you can okay you know my skills with this thing are not great 247 50 divided by 280 okay so we've got 88 of our max profit out of this so how about we just close it out so we have a stop in place just in case this were to go down we're going to come down here and we're going to cancel and replace this and we're gonna actually we're just gonna delete it that's probably the easiest way to do it did that delete for me devon cancel okay there it's gone so now i'm gonna come up here just tidy that up we are going to highlight this right click create a closing order we just want to buy it back so if we can get 22 62 we're pretty happy now you know here's our mid and here's our naturals so you know maybe if we want this to close out we come back and say hey if i can get 2258 out of 23 i'm i'd be happy with that so confirm and send we call this ringing our paper money cash register you know one and there we got that filled okay so that was another profitable trade now o n so this is a semiconductor we sold the 40 call and earlier today this was down a little bit more so if we come and we look at this and it's interesting because this thing really tanked this morning and then has come back up nicely our low on this today was 34.79 and our stop is at 34.59 but we have a stop in place this particular and let me get rid of our orders so we can see this a little clearer but this is a bullish configuration and this is sitting like right close to the 30-day moving average here's our our buy right so we're just going to let this one go okay yeah so sam is saying so you took the loss on the short call we were intending to be called out and if all went according to plan we knew we were going to have to exit and pay more for the short call than we than we paid when we got in that's the essence of a buy right the way we're trading it in this class is we're buying the stock we're selling a call in the middle of the road so and the expectation when we when we put this trade on over here was that in fact that this stock would go up and continue to go up and that the value of the call would go up we'd have to pay more for it to close it out or in fact we would be called out and we were okay with that why were we okay with that because we said when we set up the trade we got in this for 36.84 let's call it
37 and if we could make three dollars on you know a short-term trade on a 36 dollar investment that's like eight or nine percent yes we're going to get decline in a minute because klein is our losing trade um so this one we're just going to leave to kind of put along okay our short put verticals they're doing a little better than they were first thing this morning but we've got disney and gm so let's just have a quick look at those so we sold the 180 this was a short put vertical so these are both bullish and gm we sold the 50 and the 48 so if we come and we look at these on the charts you know we can see here here's our strike let's just make this a shorter time frame so here's our strike so it's come down we've got a bullish configuration sitting here we have two weeks left to go so we're just going to let that continue to roll now gm is the same thing it's kind of consolidating if you will and it looks like we still have support at 50 so we're gonna give it you know a little bit of time okay because we still have two weeks to go on this and we we placed this trade probably a week ago we usually go about 21 days out so we're a third of the way into this one okay so those we're just going to leave to percolate now oh we have one other one uh where's the synthetics what's the synthetic short verticals okay oh it's under synthetics okay so here's our iron condor on netflix and we we talked about doing a credit spread sandwich and with netflix we last week let me just show you where this is on the chart we had this conversation about doing an iron condor and we said okay so last friday was the 26th okay so let's just get in this has been going sideways basically since uh last july and it keeps coming up bonking its head around this 560 level so we came up and we sold the 570 above this resistance level and we said we could sell the short put vertical but if we waited then you know we could maybe get a higher premium or be able to go further away so what we're seeing here is you know heading into the close and this has been kind of back and forth all day but we're up just a smidge so you know where we could put the short put vertical side on and then now we're layering in in fact what we've got when we come back to the monitor tab is we've already got 87 almost of our max gain on the short call side so we're going to close that out so we're going to come in and we didn't put an exit on this had we done that we might have put in an exit at 90 percent or at 85 or at 80. well 13 cents would be 90 but when we look at the chart if it's showing that it may have reached support and be starting to bounce then this might be our opportunity to take that that gain and and ring our register so to speak so we're going to right click create a closing order to buy this back at the price that's being currently traded okay so we're gonna exit that now if we wanted you know we could look at going another 21 days out and saying hey you know what this support level was ultimately if i come back out a little bit further because i zoned in was around this you know 460 480 is there enough volatility that we could come in and sell a short put vertical under here you know 485 could we come sell the 480 maybe you know even though it's trading at 512. so if we came up to our trade tab and said i don't know if we could get enough premium coming out just two weeks that's at the 480 we have a only a 20 chance of that expiring in the money 77 cents isn't enough premium so maybe we come out 21 days and say you know here's the 485 we go to 25 strikes you know would there be enough premium cell vertical so that's getting closer but if you're saying okay we're in for 21 days that's about a 25 return on risk now how do we calculate that well we take our 97 cents and we divide it by the 403 dollars we're risking and that gives us a 24 return on risk so the most we can make on this is 97 okay so if we wanted to take this trade where is 485 on the chart was it 485 or 480 we were at 480. so if i come down here oh here's 480. oh let me change my drawing tool say do we think there's a pretty good chance of this staying above 480. and so if you want to get specific and draw it on the chart edit property short put vertical 480 475 we can have that show on the right if we want to get particular so there it shows up so we're going to go ahead and put that in and we're going to put in an exit now when we put in our accent we come down to advanced order single order right click first trigger sequence right click anywhere on these two pink lines create an opposite order when this is worth 10 cents i'm rounding that's 90 of our max gain we would like to exit this position how many contracts are we going to do well if we can risk 400 and we're risking 403 we can only do one so we're coming down to short put verticals and if it goes up and then looks like it's going to roll over we could layer another trade on and then create an iron condor okay so let's give that a minute and see if that fills if we come to our monitor tab look at our working orders oh it's now saying it's only 85 so i bet you it's rallying so if that doesn't come back up we'll go in and change that so let's go and look at our synthetics because we have one in there that i think is doing well and one in there that is positively getting crushed and it's an example of mismanagement now did i do that on purpose i did not but did it turn out that way it did okay so here's synthetics so we have devin where we are up over 2 000 and then cline where we're down and remember max loss 400 and we're at 577.
so sometimes we can learn from past mistakes and i'm rereading a book called reminiscences of a stock operator and i i used to have this up on my wall but i don't have a lot of wall here my office is pretty open concept but it said um this trader said he decided he would rather learn from his mistakes rather than pretend he hadn't made them so on klein we have made mistakes so and i i want to talk about that because i think it's important okay so on this one we paid 20 cents to get in it's at 456. um our our short put that we sold is worth 14 cents now so we've got you know 80 some percent of our max gain on that um you know probably around 85 or more so we're going to close that side out and if we come and let's just have a quick look at devon so this has really moved pretty dramatically to the upside today so one might expect a pullback but what we could do this is where some might use a trailing stop or we could just put a tight stop on the call so what we're going to do just as an example is we're going to come to this put we're going to right click create a closing order to buy the put back at 18 cents well let's see if we can get it buy it back for 16. so we're out on the put we've got 80 percent of our max gain we're we're happy with that then what we're going to do is on the call we're 470 and so you know what the market giveth the market can taketh away right so we're going to come to this one now and create a closing order and say you know what if this comes down by more than 50 cents you know we want to exit because we'd like to walk away with you know at least the majority of our profit but if it continues to run it would be nice to continue so one of the things we can do here is we can come to a trailing stop and we could say hey if this comes down by 50 cents we would like to get out and it just happens to default to 50 cents so if this comes down by 50 cents from where it's currently trading it will exit now if it goes up by another dollar then whatever the highest price is it will take 50 cents off that so we're going to make that a good till cancelled confirm and send so we have a trailing stop on on this 21 call if the value of the stock goes down by more than 50 cents we would exit that position okay so that's that one now dang i want to play some new trades so we are going to looks like klein is rallying into the close because we were down over 600 a few minutes ago so let's just come to the charts and we're going to come to one day one minute and look at klein c l and e so it looks like it's rallying into the close so we're going to give this maybe another five or ten minutes to see if it will come back a little bit more but we are going to close this out by the end of the class and because we only have 10 minutes left i'm not going to spend as much time as i would have liked to talking about this but we will revisit this again next week because we had a lot of trade management to do so but when we look at this we bought this on this day we were expecting it to continue obviously to go to the upside and then what happened it started to come down and then when we looked at it here um you know because we've been in this for a couple of weeks that should have been a sign of trouble and said hey is this just a temporary pullback and is it going to move to the upside or is this maybe a bull a bear flag and then last week so here was the 26th so here was last friday let me just bring up a drawing tool so last friday was right here and we said okay we'll look at this on monday so i look at it monday and it's bouncing but we should have put either a trailing stop on it what did i say klein yes the company name is clean energy fuels so you know we should have managed our loss on this rate from the get-go and in fact when we looked at this and said hey we see support at 16 what some people will do is say hey if this goes three percent below that it's not going in the right direction and had we put that stop on it right out of the gate we wouldn't be in a position now where we are looking at a 400 loss and we could go back and we could go back in and say had we gotten out at three percent below 16 you know what would it have been suffice it to say the damage would have been a lot less so lesson potentially learned right so and and you know what is the worst thing that could happen here well it could go down to zero you know in which case we'll have bought the stock at 16 and it could go to zero because we sold a call so klein expires in for uh oh we did a long long one on this it's a hundred and five days so we have a long way to go on this we went out to june on this but we are down over 500 on this and so you know our rule is we're not risking more than 400 so we've exceeded that we've mismanaged this one and we need to you know grin and bear it and say hey you know this is not looking like this it's bouncing as we got lured in last friday where we should have put our stop in and we were probably rushing um you know but no excuses we have to take responsibility for both our wins and our losses and we don't want to now end up owning this at 17 a share so we are going to right click create a closing order and we are going to exit this trade and we are going to recognize this loss okay so and you know what like this is a heavily traded stock it's traded 9 million shares today which was one of the reasons that we may have done this now does this mean this stock is dead to us no not necessarily does it owe us anything oh my friends do not make that mistake of thinking a stock owes you anything um we traded it so now we're going to current positions um you know what we're going to create a new watch list saying looking to re-enter and maybe we'll want to re-enter and maybe we won't and you know we had several stocks on that list at one point and we may never want to buy klein again and maybe we will oops c l n e clean energy so we'll put that on our looking to reenter list and we're going to open the register and pay pay for our lack of management on that one okay yeah do we want to do this on a regular basis oh no but you know what what's one of the alternatives is like somebody said you know should we be using the hopium strategy for us to stay in this trade would be smoking the hopium because what this is now saying i mean and i know it's just below the 30-day moving average but it's come down by how much now if this turns around and goes up well you know sometimes it does that just to frost your petunias this is down 40 in 17 trading days okay so pull up apps i will pull it up okay so now we got six minutes are you guys ready to buckle up because this used to just uh frustrate the living tar out of me when i was new to a class and then they'd spent the whole class talking about trade management i'm going i'm loving you but i wish you'd put on something new so we're gonna put on something new okay so oh we sold our vertical yay do we have anything else still hanging out there working orders uh yeah i think we've got everything filled that we wanted to fill right okay so let's go look at new orders okay so let's look at our friend caterpillar now of course you know you might say why are we looking at caterpillar it's over 200 bucks a share you know we've got um that's not in our snack bracket and well it may not be to purchase the stock because we'd only be able to afford about 10 shares um but you know we could maybe do a short put vertical on this or maybe we could do a long call vertical or maybe we could do both because this is an educational account right and we're trying to learn so what's the advantage of a short put vertical so someone asked me this and getting started with options today because we talked long call verticals well a short put vertical the stock doesn't actually have to go anywhere it could like go a whole lot of nowhere and we could still have a profitable trade so if we look at this and say could we get something below this recent low here which was a 208.75 so we're going to come out our sweet spot is 21 days just because that's when our time decay starts really kicking in this is a weekly so when we come to this we know we've got lots of volume on cat but you know what's the bid ask spread yeah the bit-ask spread is maybe a little wider than we'd like um you know we've got 50 cents on you know a 250 strike so then maybe we need to come out to the monthlies well it with the monthlies can we come down and say where did we want to go again 207 well we can't do 207 we could do 200 we got lots of action there we've got an 80 chance that that would expire worthless so if i look at that 200 195 that's not enough now if i come above that i've got to do the 210.
so this has been changing as we go through the day so here i would get 227 but that means i'm risking seven hundred dollars so we can't do that one either so sometimes we can get kind of snookered so let's come back to our 21 days and say let's just see if we can get enough at that 207.50 if it's attractive enough to override our concern about the spread okay so when i looked at this a little bit earlier it just shows you how much the market can move this was 77 cents interesting isn't it so let's look at the long call vertical then so here we have a recent high of 226 this is almost at 220 now so if we came here and we said okay and for a long call vertical having more time can can be a good thing we've got lots of volume here we've got a 50 chance of it going through our strike at the 220 because it's almost at 220 now if we were to buy a vertical it would cost us 420 how much can we lose 420 and how much could we make we could make 580. so it's greater than 100 return on our risk now could we just buy a call we could but that's pretty expensive and we don't want to risk more than 400 so here at 420 we're pushing our luck a little bit but we're close um and we can put an exit on this so where might we want to put an a stop if we wanted to put a stop on this we could come up and say well here's our recent low at 208.47 so if it went let's say one percent below that we might want to get out you might say well if it went three percent below that i'd want to get out so i'm just going to use my calculator 208 47 times 0.97 if it hit 208 47 times 0.97
if it hit 202 21 we'd want to exit so we're going to come here single order first trigger sequence right click create an opposite order we're going to make it a market order good till cancelled and say if this comes down and hits at or below 202.21 on the stock we would want to buy back and exit this position right click confirm and send and we're going to put this in our i don't know yet we do have a long call vertical bucket put that in there okay psx so somebody had typed into the chat earlier barb let's do yeah some people call it a poor man's covered call let's look at philip 66. so somebody said earlier let's buy some calls on um let's buy some calls on some stocks in the energy sector so if we look at this it was kind of going a bit sideways has had a nice move to the upside and today we have you know a a looks like what will be a close above the high of the low day so here we could try you know a couple of different things one you know we can't do a synthetic on this because you know the stock could be put to us and we can't afford to buy the stock and so if our rule is we can't take more than 400 worth of risk that wouldn't work so we could come to the trade tab and if we come out to april because if we're expecting a move you know it would be they'd want 480 for an at the money call it's trading at 86.67 but if we did if we said okay what if we did this 8750 and the 90 you know we're capping our gains here potentially but we're only out a dollar 10 and the most we could make on this is the difference between the two strikes so on one contract we could make a hundred and forty dollars and we could afford to do three of these because we can risk three hundred and thirty dollars right so if we come in and we say okay let's do three of these and then because we're pressed for time um i'm going to we're going to look at how to put on a bracket to manage this next week confirm and send long call vertical fire in the hole also you know could we come in here and say hey could we sell something below that 82 or at the 80 mark and do a short put vertical so if we came to this 80 mark and said you know if i sell a vertical now here i'm risking a dollar 95 to make 55. i could only do two of these
the most i can make is is a dollar so why would i do that when i've got like a better than one-to-one ratio it's because the odds are higher i've got a 73 chance that that'll expire worthless so you know we're here i've got a you know i've got a 41 chance so if we look at this and we're coming out 42 days on this so if we look at this and say you know 55 divided by a dollar 95 that's a 28 return for a trade we'd be in for 42 days so we might do that just to compare and we'll do two contracts but some might say you know if i'm going out 40 days i want a 40 return on my risk so i'm just going to point that out and we're going to come to confirm and send of course the temptation you know i always like to put in an exit now you know if this gets to the point where it's worth a nickel let's buy it back confirm and send so we're risking 390 to make ten well to make a hundred and we're going to fire in the hole on that one okay so guys we are at a time we have covered a lot of ground i have been glancing at our at the chat as we go through there's lots of hammers there's so much we could be doing but we have 45 minutes we're making the best of it um yeah so yeah so we looked at some winners we looked at some losers if klein has earnings on monday and it goes up like a rocket i'll be annoyed but you know what what if it tanks what if it tanks you know so there's always a yen and a yang right okay so let's come back and close things out um remember all investing involves risk including the risk of loss remember that we use lots of symbols in this class but that is not to be construed as a recommendation it's for example purposes only um you know we don't make recommendations also know that um options aren't suitable for all investors i think that we pretty adequately adequately covered our risk this is trading a smaller account i really appreciate you guys all being here if you found this valuable if you could do me a favor hit that like button so that other people know that you found this valuable also if you're watching this and thousands do watching this in the archives and you have a question or a comment please put a comment in um to the chat like comment in on youtube underneath because it helps with the algorithms and helps people find it and let me know if you loved it if you have a question ask it i check that each and every day so guys you've been awesome as always i appreciate you being here have an amazing weekend everyone and i will see you in a webcast coming up soon you've got mike falette coming up in under 10 minutes at the top of the hour to look at a week in review so you won't want to miss that and then our last thing of the week is scripting with ken rose he is a savant with that stuff i just bow humbly before him um so take care everybody bye for now and thanks to brent for being in the chat