Options Trading

Waz · Oct 24, 2007

I was thinking about getting into options trading some time soon. I've done some reading on it and I like it because it closely resembles gambling and math. Does anyone here trade options regularly? Any advice before I get into it would be appreciated.

Hitman26 · Oct 25, 2007

I trade options and consider myself very knowledgeable with them. You must buy the book "Options as a Strategic Investment" by Lawrence G McMillan. It is what I consider the bible of options trading. Amazon has it for sale new for around 50 bucks. Maybe you could do better on ebay or used. This book will outline pretty much every option strategy conceivable and define the risk rewards and is loaded with graphs that make all of the concepts more understandable.

As for trading options it's all about your appetite for risk. Most people think options are super risky but they can be used curb risk in a lot of situations.

Fire away if you have any questions about how you are considering playing with them and I will try to help you anyway I can.

Chicken795 · Oct 25, 2007

Much like sportsbetting, is there a possibility of options arbitrages? If so, are they very common?

Thanks

Darwinian · Oct 25, 2007

Read Natenburg... option pricing and voltility...

options tend to have a wider spred, and are made to be sold... gl (you need at least 50k to trade options)

Darwinian · Oct 25, 2007

volatility sp

Waz · Oct 28, 2007

Yeah......I'm ordering several "legendary" option books, which will definitely be a great starting point. Before I get in too deep, I wanted to see what the real "keys" to option trading were.

Bankroll requirements?
Research level?
Time effort?
Frequency of opportunities with an "edge"?
Amount of "difficult" math involved?
What kind of returns to expect if you're "good"?

Anyone with experience who can answer a few these? Much appreciated.

Hitman26 · Oct 28, 2007

Waz said:
Yeah......I'm ordering several "legendary" option books, which will definitely be a great starting point. Before I get in too deep, I wanted to see what the real "keys" to option trading were.

Bankroll requirements?
Research level?
Time effort?
Frequency of opportunities with an "edge"?
Amount of "difficult" math involved?
What kind of returns to expect if you're "good"?

Anyone with experience who can answer a few these? Much appreciated.

WAZ:

I don't go in with an "edge", execpt that I feel like I'm in premium stocks (that will more than outperform the general market) and that calls are going to be superior to owning the stocks I like because of leverage. My "research level" is pouring over tons of research on stocks I select and I like to buy them when the market is down and everything is on sale. I'm not even so sure that a math "edge" can be gained like in sportsbetting when there is a scalp or a favorable middle because of the bid/ask on options and they track the stocks they own. I also like to sell naked puts on stocks that I like when the premiums are fat. I've also had good success on selling coverd calls on the stocks or options that I own to generate additional income, but I sell them way out of the money to still give myself good upside potential. As for a bankroll it depends on what you want to do. Are you going to just be buying calls? Are you going to be using credit spreads? Are you going to buy both calls and puts? I really suggest you paper trade for at least 3 months to get your feet wet and understand what you are getting into. If you are going to be speculating with out of the money calls, then I would suggest dividing your bankroll into at least 20 units because you are going to have a lot more losers than winners, but your winners are going to be spectacluar.

Here are all of my completed trades for 2007. Mostly selling options and not buying them.

<TABLE cellSpacing=0 cellPadding=0 width=790 border=0><TBODY><TR><TD class=rptRow noWrap align=left colSpan=2>ISRG CALL JAN 100 (AXQAT)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 1,000 </TD><TD class=rptRow noWrap align=right> 1,432.46 </TD><TD class=rptRow noWrap align=right> 0.00 </TD><TD class=rptRow noWrap align=right> 1,432.46 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> ISRG CALL FEB 125 (AXQBU)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 2,000 </TD><TD class=rptRowLiteGold noWrap align=right> 374.99 </TD><TD class=rptRowLiteGold noWrap align=right> 0.00 </TD><TD class=rptRowLiteGold noWrap align=right> 374.99 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> ISRG CALL MAR 125 (AXQCU)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 3,000 </TD><TD class=rptRow noWrap align=right> 417.49 </TD><TD class=rptRow noWrap align=right> 0.00 </TD><TD class=rptRow noWrap align=right> 417.49 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> ISRG CALL MAY 140 (AXQEX)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 2,000 </TD><TD class=rptRowLiteGold noWrap align=right> 475.00 </TD><TD class=rptRowLiteGold noWrap align=right> 0.00 </TD><TD class=rptRowLiteGold noWrap align=right> 475.00 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> ISRG PUT APR 120 (AXQPD)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 1,000 </TD><TD class=rptRow noWrap align=right> 8,482.24 </TD><TD class=rptRow noWrap align=right> 0.00 </TD><TD class=rptRow noWrap align=right> 8,482.24 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> ISRG CALL JUN 155 (AXVFK)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 2,000 </TD><TD class=rptRowLiteGold noWrap align=right> 1,074.99 </TD><TD class=rptRowLiteGold noWrap align=right> 0.00 </TD><TD class=rptRowLiteGold noWrap align=right> 1,074.99 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> ISRG CALL AUG 240 (AXVHH)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 2,000 </TD><TD class=rptRow noWrap align=right> 874.99 </TD><TD class=rptRow noWrap align=right> 0.00 </TD><TD class=rptRow noWrap align=right> 874.99 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> ISRG CALL SEP 240 (AXVIH)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 2,000 </TD><TD class=rptRowLiteGold noWrap align=right> 2,674.96 </TD><TD class=rptRowLiteGold noWrap align=right> 0.00 </TD><TD class=rptRowLiteGold noWrap align=right> 2,674.96 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> ISRG PUT SEP 220 (AXVUW)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 500 </TD><TD class=rptRow noWrap align=right> 2,236.22 </TD><TD class=rptRow noWrap align=right> 0.00 </TD><TD class=rptRow noWrap align=right> 2,236.22 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> CMG CALL MAY 80 (CMGEP)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 1,000 </TD><TD class=rptRowLiteGold noWrap align=right> 982.49 </TD><TD class=rptRowLiteGold noWrap align=right> 1,767.49 </TD><TD class=rptRowLiteGold noWrap align=right> -785.00 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> CMG CALL AUG 100 (CMGHT)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 1,000 </TD><TD class=rptRow noWrap align=right> 637.49 </TD><TD class=rptRow noWrap align=right> 0.00 </TD><TD class=rptRow noWrap align=right> 637.49 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> CMG CALL SEP 115 (CMGIC)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 1,000 </TD><TD class=rptRowLiteGold noWrap align=right> 532.50 </TD><TD class=rptRowLiteGold noWrap align=right> 0.00 </TD><TD class=rptRowLiteGold noWrap align=right> 532.50 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> CMG CALL OCT 125 (CMGJE)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 1,000 </TD><TD class=rptRow noWrap align=right> 982.49 </TD><TD class=rptRow noWrap align=right> 0.00 </TD><TD class=rptRow noWrap align=right> 982.49 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> CMG PUT MAY 65 (CMGQM)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 2,000 </TD><TD class=rptRowLiteGold noWrap align=right> 4,174.94 </TD><TD class=rptRowLiteGold noWrap align=right> 0.00 </TD><TD class=rptRowLiteGold noWrap align=right> 4,174.94 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> IDCC CALL SEP 30 (DAQIF)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 1,000 </TD><TD class=rptRow noWrap align=right> 432.50 </TD><TD class=rptRow noWrap align=right> 0.00 </TD><TD class=rptRow noWrap align=right> 432.50 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> IDCC PUT SEP 22.5 (DAQUX)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 1,000 </TD><TD class=rptRowLiteGold noWrap align=right> 782.49 </TD><TD class=rptRowLiteGold noWrap align=right> 1,317.49 </TD><TD class=rptRowLiteGold noWrap align=right> -535.00 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> IDCC PUT OCT 22.5 (DAQVX)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 1,000 </TD><TD class=rptRow noWrap align=right> 2,032.47 </TD><TD class=rptRow noWrap align=right> 1,367.49 </TD><TD class=rptRow noWrap align=right> 664.98 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> ENCYSIVE PHARMACEUTICALS IN (ENCY)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 2,000 </TD><TD class=rptRowLiteGold noWrap align=right> 4,053.94 </TD><TD class=rptRowLiteGold noWrap align=right> 12,698.18 </TD><TD class=rptRowLiteGold noWrap align=right> -8,644.24 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> ENCY CALL JAN 7.5 (IQEAU)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 1,000 </TD><TD class=rptRow noWrap align=right> 532.49 </TD><TD class=rptRow noWrap align=right> 0.00 </TD><TD class=rptRow noWrap align=right> 532.49 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> INTUITIVE SURGICAL INC (ISRG)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 1,000 </TD><TD class=rptRowLiteGold noWrap align=right> 111,499.09 </TD><TD class=rptRowLiteGold noWrap align=right> 120,117.32 </TD><TD class=rptRowLiteGold noWrap align=right> -8,618.23 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> NVT CALL JUL 40 (NVTGH)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 1,000 </TD><TD class=rptRow noWrap align=right> 1,032.49 </TD><TD class=rptRow noWrap align=right> 5,217.49 </TD><TD class=rptRow noWrap align=right> -4,185.00 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> NVT CALL JUL 50 (NVTGJ)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 1,000 </TD><TD class=rptRowLiteGold noWrap align=right> 532.50 </TD><TD class=rptRowLiteGold noWrap align=right> 0.00 </TD><TD class=rptRowLiteGold noWrap align=right> 532.50 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> NVT CALL SEP 70 (NVTIN)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 1,000 </TD><TD class=rptRow noWrap align=right> 582.50 </TD><TD class=rptRow noWrap align=right> 0.00 </TD><TD class=rptRow noWrap align=right> 582.50 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> NVT CALL OCT 30 (NVTJF)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 1,000 </TD><TD class=rptRowLiteGold noWrap align=right> 46,681.79 </TD><TD class=rptRowLiteGold noWrap align=right> 7,667.49 </TD><TD class=rptRowLiteGold noWrap align=right> 39,014.30 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> NVT CALL OCT 90 (NVTJR)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 1,000 </TD><TD class=rptRow noWrap align=right> 432.50 </TD><TD class=rptRow noWrap align=right> 0.00 </TD><TD class=rptRow noWrap align=right> 432.50 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> NVT PUT AUG 50 (NVTTJ)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 1,000 </TD><TD class=rptRowLiteGold noWrap align=right> 1,282.49 </TD><TD class=rptRowLiteGold noWrap align=right> 0.00 </TD><TD class=rptRowLiteGold noWrap align=right> 1,282.49 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> NVT PUT AUG 60 (NVTTL)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 2,000 </TD><TD class=rptRow noWrap align=right> 3,174.96 </TD><TD class=rptRow noWrap align=right> 7,224.99 </TD><TD class=rptRow noWrap align=right> -4,050.03 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> NVT PUT SEP 60 (NVTUL)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 2,000 </TD><TD class=rptRowLiteGold noWrap align=right> 11,774.82 </TD><TD class=rptRowLiteGold noWrap align=right> 0.00 </TD><TD class=rptRowLiteGold noWrap align=right> 11,774.82 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> NVT PUT OCT 70 (NVTVN)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 2,000 </TD><TD class=rptRow noWrap align=right> 6,774.90 </TD><TD class=rptRow noWrap align=right> 0.00 </TD><TD class=rptRow noWrap align=right> 6,774.90 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> NYX CALL AUG 85 (NYXHQ)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 1,000 </TD><TD class=rptRowLiteGold noWrap align=right> 657.49 </TD><TD class=rptRowLiteGold noWrap align=right> 0.00 </TD><TD class=rptRowLiteGold noWrap align=right> 657.49 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> NYX CALL SEP 80 (NYXIP)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 1,000 </TD><TD class=rptRow noWrap align=right> 1,007.49 </TD><TD class=rptRow noWrap align=right> 0.00 </TD><TD class=rptRow noWrap align=right> 1,007.49 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> NYX CALL OCT 85 (NYXJQ)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 1,000 </TD><TD class=rptRowLiteGold noWrap align=right> 982.49 </TD><TD class=rptRowLiteGold noWrap align=right> 0.00 </TD><TD class=rptRowLiteGold noWrap align=right> 982.49 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> NYX PUT OCT 80 (NYXVP)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 3,000 </TD><TD class=rptRow noWrap align=right> 2,187.47 </TD><TD class=rptRow noWrap align=right> 0.00 </TD><TD class=rptRow noWrap align=right> 2,187.47 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> EBAY CALL JAN 35 '09 (OYIAG)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 4,000 </TD><TD class=rptRowLiteGold noWrap align=right> 19,559.71 </TD><TD class=rptRowLiteGold noWrap align=right> 18,839.99 </TD><TD class=rptRowLiteGold noWrap align=right> 719.72 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> AQNT CALL MAY 35 (QBTEG)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 2,000 </TD><TD class=rptRow noWrap align=right> 575.00 </TD><TD class=rptRow noWrap align=right> 1,624.99 </TD><TD class=rptRow noWrap align=right> -1,049.99 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> AQNT PUT MAY 30 (QBTQF)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 1,000 </TD><TD class=rptRowLiteGold noWrap align=right> 1,132.49 </TD><TD class=rptRowLiteGold noWrap align=right> 0.00 </TD><TD class=rptRowLiteGold noWrap align=right> 1,132.49 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> QSII CALL AUG 40 (QCRHH)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 4,000 </TD><TD class=rptRow noWrap align=right> 4,574.93 </TD><TD class=rptRow noWrap align=right> 0.00 </TD><TD class=rptRow noWrap align=right> 4,574.93 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> QSII CALL SEP 40 (QCRIH)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 4,000 </TD><TD class=rptRowLiteGold noWrap align=right> 2,963.95 </TD><TD class=rptRowLiteGold noWrap align=right> 0.00 </TD><TD class=rptRowLiteGold noWrap align=right> 2,963.95 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> ELOS CALL SEP 30 (QOEIF)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 2,000 </TD><TD class=rptRow noWrap align=right> 1,174.99 </TD><TD class=rptRow noWrap align=right> 0.00 </TD><TD class=rptRow noWrap align=right> 1,174.99 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> QQQQ PUT MAR 45 (QQQOS)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 10,000 </TD><TD class=rptRowLiteGold noWrap align=right> 5,014.85 </TD><TD class=rptRowLiteGold noWrap align=right> 24,684.99 </TD><TD class=rptRowLiteGold noWrap align=right> -19,670.14 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> QUALITY SYS INC (QSII)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 4,000 </TD><TD class=rptRow noWrap align=right> 146,747.76 </TD><TD class=rptRow noWrap align=right> 162,480.24 </TD><TD class=rptRow noWrap align=right> -15,732.48 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> XMSR CALL FEB 15 (QSYBC)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 5,000 </TD><TD class=rptRowLiteGold noWrap align=right> 1,702.45 </TD><TD class=rptRowLiteGold noWrap align=right> 547.49 </TD><TD class=rptRowLiteGold noWrap align=right> 1,154.96 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> RSH PUT JAN 35 (RSHMG)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 4,000 </TD><TD class=rptRow noWrap align=right> 45,159.31 </TD><TD class=rptRow noWrap align=right> 27,639.99 </TD><TD class=rptRow noWrap align=right> 17,519.32 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> NTGR CALL AUG 35 (TUDHG)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 1,000 </TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 5,717.49 </TD><TD class=rptRowLiteGold noWrap align=right> -5,717.49 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> NTGR PUT OCT 30 (TUDVF)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 1,000 </TD><TD class=rptRow noWrap align=right> 932.49 </TD><TD class=rptRow noWrap align=right> 0.00 </TD><TD class=rptRow noWrap align=right> 932.49 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> UA PUT OCT 55 (UAVK)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 2,000 </TD><TD class=rptRowLiteGold noWrap align=right> 1,274.99 </TD><TD class=rptRowLiteGold noWrap align=right> 2,164.99 </TD><TD class=rptRowLiteGold noWrap align=right> -890.00 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> OMRI CALL JUN 35 (ULHFG)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 1,000 </TD><TD class=rptRow noWrap align=right> 382.50 </TD><TD class=rptRow noWrap align=right> 0.00 </TD><TD class=rptRow noWrap align=right> 382.50 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> OMRI CALL OCT 30 (ULHJF)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 1,000 </TD><TD class=rptRowLiteGold noWrap align=right> 5,482.42 </TD><TD class=rptRowLiteGold noWrap align=right> 8,817.49 </TD><TD class=rptRowLiteGold noWrap align=right> -3,335.07 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> AKAM CALL JAN 60 (UMUAL)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 2,000 </TD><TD class=rptRow noWrap align=right> 2,474.93 </TD><TD class=rptRow noWrap align=right> 0.00 </TD><TD class=rptRow noWrap align=right> 2,474.93 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> AKAM CALL FEB 60 (UMUBL)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 2,000 </TD><TD class=rptRowLiteGold noWrap align=right> 974.97 </TD><TD class=rptRowLiteGold noWrap align=right> 0.00 </TD><TD class=rptRowLiteGold noWrap align=right> 974.97 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> AKAM CALL MAR 55 (UMUCK)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 2,000 </TD><TD class=rptRow noWrap align=right> 1,074.97 </TD><TD class=rptRow noWrap align=right> 0.00 </TD><TD class=rptRow noWrap align=right> 1,074.97 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> AKAM CALL APR 55 (UMUDK)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 2,000 </TD><TD class=rptRowLiteGold noWrap align=right> 674.99 </TD><TD class=rptRowLiteGold noWrap align=right> 0.00 </TD><TD class=rptRowLiteGold noWrap align=right> 674.99 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> AKAM CALL MAY 45 (UMUEI)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 2,000 </TD><TD class=rptRow noWrap align=right> 2,048.97 </TD><TD class=rptRow noWrap align=right> 0.00 </TD><TD class=rptRow noWrap align=right> 2,048.97 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> AKAM CALL JUN 50 (UMUFJ)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 2,000 </TD><TD class=rptRowLiteGold noWrap align=right> 674.99 </TD><TD class=rptRowLiteGold noWrap align=right> 0.00 </TD><TD class=rptRowLiteGold noWrap align=right> 674.99 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> AKAM CALL AUG 55 (UMUHK)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 2,000 </TD><TD class=rptRow noWrap align=right> 2,824.95 </TD><TD class=rptRow noWrap align=right> 0.00 </TD><TD class=rptRow noWrap align=right> 2,824.95 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> AKAM CALL OCT 30 (UMUJF)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 2,000 </TD><TD class=rptRowLiteGold noWrap align=right> 1,824.97 </TD><TD class=rptRowLiteGold noWrap align=right> 6,724.99 </TD><TD class=rptRowLiteGold noWrap align=right> -4,900.02 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> AKAM PUT SEP 30 (UMUUF)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 2,000 </TD><TD class=rptRow noWrap align=right> 1,974.97 </TD><TD class=rptRow noWrap align=right> 0.00 </TD><TD class=rptRow noWrap align=right> 1,974.97 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> AKAM PUT OCT 30 (UMUVF)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 2,000 </TD><TD class=rptRowLiteGold noWrap align=right> 2,874.96 </TD><TD class=rptRowLiteGold noWrap align=right> 0.00 </TD><TD class=rptRowLiteGold noWrap align=right> 2,874.96 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> AKAM PUT OCT 35 (UMUVG)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 2,000 </TD><TD class=rptRow noWrap align=right> 2,074.97 </TD><TD class=rptRow noWrap align=right> 3,884.99 </TD><TD class=rptRow noWrap align=right> -1,810.02 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> QQQQ PUT JUN 47 (UQQRU)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 10,000 </TD><TD class=rptRowLiteGold noWrap align=right> 45,013.62 </TD><TD class=rptRowLiteGold noWrap align=right> 25,384.99 </TD><TD class=rptRowLiteGold noWrap align=right> 19,628.63 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> SCUR CALL JUL 10 (UQUGB)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 4,000 </TD><TD class=rptRow noWrap align=right> 759.99 </TD><TD class=rptRow noWrap align=right> 0.00 </TD><TD class=rptRow noWrap align=right> 759.99 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> SCUR CALL OCT 7.5 (UQUJU)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 4,000 </TD><TD class=rptRowLiteGold noWrap align=right> 6,759.90 </TD><TD class=rptRowLiteGold noWrap align=right> 10,039.99 </TD><TD class=rptRowLiteGold noWrap align=right> -3,280.09 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> SCUR PUT SEP 7.5 (UQUUU)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 4,000 </TD><TD class=rptRow noWrap align=right> 1,159.99 </TD><TD class=rptRow noWrap align=right> 0.00 </TD><TD class=rptRow noWrap align=right> 1,159.99 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> EBAY CALL FEB 35 (XBABG)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 4,000 </TD><TD class=rptRowLiteGold noWrap align=right> 759.98 </TD><TD class=rptRowLiteGold noWrap align=right> 0.00 </TD><TD class=rptRowLiteGold noWrap align=right> 759.98 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> EBAY CALL APR 35 (XBADG)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 4,000 </TD><TD class=rptRow noWrap align=right> 4,479.87 </TD><TD class=rptRow noWrap align=right> 0.00 </TD><TD class=rptRow noWrap align=right> 4,479.87 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> EBAY CALL MAY 35 (XBAEG)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 4,000 </TD><TD class=rptRowLiteGold noWrap align=right> 1,759.98 </TD><TD class=rptRowLiteGold noWrap align=right> 0.00 </TD><TD class=rptRowLiteGold noWrap align=right> 1,759.98 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> EBAY CALL JUN 35 (XBAFG)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 4,000 </TD><TD class=rptRow noWrap align=right> 959.99 </TD><TD class=rptRow noWrap align=right> 0.00 </TD><TD class=rptRow noWrap align=right> 959.99 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> EXEL CALL JAN 10 (XQTAB)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 1,000 </TD><TD class=rptRowLiteGold noWrap align=right> 832.48 </TD><TD class=rptRowLiteGold noWrap align=right> 0.00 </TD><TD class=rptRowLiteGold noWrap align=right> 832.48 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> EXEL CALL MAR 10 (XQTCB)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 1,000 </TD><TD class=rptRow noWrap align=right> 682.48 </TD><TD class=rptRow noWrap align=right> 1,417.49 </TD><TD class=rptRow noWrap align=right> -735.01 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> EXEL CALL JUN 12.5 (XQTFV)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 1,000 </TD><TD class=rptRowLiteGold noWrap align=right> 332.50 </TD><TD class=rptRowLiteGold noWrap align=right> 0.00 </TD><TD class=rptRowLiteGold noWrap align=right> 332.50 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> EXEL CALL AUG 12.5 (XQTHV)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 1,000 </TD><TD class=rptRow noWrap align=right> 782.49 </TD><TD class=rptRow noWrap align=right> 0.00 </TD><TD class=rptRow noWrap align=right> 782.49 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRowLiteGold noWrap align=left colSpan=2> EXEL CALL OCT 12.5 (XQTJV)</TD><TD class=rptRowLiteGold noWrap align=right> </TD><TD class=rptRowLiteGold noWrap align=right> 1,000 </TD><TD class=rptRowLiteGold noWrap align=right> 332.50 </TD><TD class=rptRowLiteGold noWrap align=right> 0.00 </TD><TD class=rptRowLiteGold noWrap align=right> 332.50 </TD><TD class=rptRowLiteGold noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2> AQNT CALL JAN 25 '09 (ZLRAE)</TD><TD class=rptRow noWrap align=right> </TD><TD class=rptRow noWrap align=right> 1,000 </TD><TD class=rptRow noWrap align=right> 38,881.91 </TD><TD class=rptRow noWrap align=right> 9,817.49 </TD><TD class=rptRow noWrap align=right> 29,064.42 </TD><TD class=rptRow noWrap align=right> </TD></TR><TR><TD class=rptRow noWrap align=left colSpan=2></TD><TD class=rptRow noWrap align=right></TD><TD class=rptRow noWrap align=right> Total </TD><TD class=rptRow noWrap align=right> 581,464.28 </TD><TD class=rptRow noWrap align=right> 467,165.54 </TD><TD class=rptRow noWrap align=right> 114,298.74 </TD></TR></TBODY></TABLE>

Waz · Oct 28, 2007

Hitman,

Do you do this for a living, or just on the side? How much time do you spend per week in researching and making trades.

Hitman26 · Oct 28, 2007

Yes it's what I've done for the last 2 years. I spend probaly about 40 hours per week of just reading and watching CNBC. I probably check my quotes 20 times a day. I play the game wildly and my losses and wins are going to be exaggerated. But I have no one depending on me so I can afford to take chances that others can't.

Read that book I told you to get and then you can figure out how you want to play the game.