Thursday, January 14, 2010

01/14 Daily Summary

Today I started allocating my FEB positions. Loaded the RUT Iron Condor and MNX Iron Butterfly. Next week I plan on starting a position on the NDX will be working closely with a friend of mine and fellow student Gary on his Journey with the FEB NDX.

Position's Details and Price Action:
01/14 MNX Iron Butterfly - FEB
01/14 RUT Iron Condor - FEB
11/14 OEX Weekly Iron Condor
01/14 MNX Iron Butterfly

4 comments:

Anonymous said...

Hi Gustavo,

My name is Paulo and I am from Petropolis - RJ. I will keep the english just in case someone else is reading, but, of course, "eu sou brasileiro". Its very good to see somebody here in Brazil trading options. I trade for about 5 years, started with stocks, and last year started trading futures on the USA. Last november I opened my trading account at TOS to trade options. And now I am studying option income strategies. I have a lot of material (books, DVD) and I am very interested in the Sheridan Mentoring Program. Actually, I just signed for a calendar spread class with him. How do you like the mentoring program? Now I am studying the High Prob Iron Condor, and had already put 2 IC, on the RUT and SPX, 49 days from expiration. Hope we can share ideas and insights.
Abs
Paulo

Gustavo's Trades said...

Ola Paulo! Bem vindo a bordo! Eh sempre bom ver outros Brasileiros aprendendo sobre o mercado de acoes e opcoes!

I started with Dan Sheridan about 1 and a half years ago and it really helped with my trading. I was trading without risk management for the first part of 2008 and would be wiped out if I wasn't using some of Dan's methodologies by the time the US market went through the melt-down..

If you start the program, my recommendation is to sign up for mentoring with Dan Harvey! He is one of the best mentors in the group. Then of course, after the sessions with Harvey you'll go to Dan Sheridan. The biggest value I got out of the program is the network and team of people. I've met a bunch of folks and we all seem to enjoy helping each other out.

So, one way or another, feel free to send me a msg if you have any questions!

Abracos!
Gustavo

Anonymous said...

Hi Gustavo,

Obrigado pela dica!

Thanks for the tip.

Yes, I will probably start the Sheridan mentoring program and, if I may choose the mentor, sure I'll choose Mr. Harvey, "The Supertrader of Iron condor".

By the way, it was by searching on the net for more information about Harvey that I came across your blog!

You probably read the John Sarkett article about Dan Harvey, where he is said to be the Michael Jordan of Iron Condors (if not I can send you).

I became very intrigued about this article and I read that Harvey makes a living for about 13 years trading only the Iron condor. Is that true?

Anyway, as I said, I am studying these income strategies Sheridan teaches, specially the Iron condor. As I search and learn more, I realize it seems to be a lot of former Sheridan students teaching the Iron condor on the net.

After reading the three Stock & Commodities Sarkett articles on Sheridan strategies (avaiable on Sheridan's page) I realize he is the guy, the main source of all these guys selling IC courses on the net. i

I like rules, and Sheridan has clearly rules for entering, managing and adjusting trades. These 3 articles became my main source for making my trading plans. For now I just have a incomplete plan for the High prob Iron condor, and just placed two IC(on TOS papermoney!). I consider my plan incomplete because I still need to learn more about that "A" word..
ADJUSTMENTS!
I only know one kind of adjustment (cut and roll). But I have lots of questions on adjustments. So I probably need a mentor. Are these guys (the mentors) avaiable for you at all times? Can we be mentored by Sheridan himself?

I have to go... take my children to the movies

Temos muito a conversar...

Grande abra├žo!
Paulo

Gustavo's Trades said...

Oi Paulo,

I'd like to get the link to that article, I've heard about it several times but confess I never got around to reading it.

My understanding is that Dan has been trading Iron Condors for a long time, so the affirmation is likely to be true. These days he has been trading Iron Butterflies in lieu of Iron Condors, that's the main reason why I got hooked on Iron Butterflies myself..

There you have the biggest benefit of the Sheridan Mentoring. Again, I don't make any money by recommending the program. There are some drawbacks, just like anything in life, however, I learned a lot, and being able to interact with some very, VERY experienced traders such as Dan Harvey and Dan Sheridan makes the program much worth!

I have had limited time to watch the LIVE sessions as I'm now working full time, but I do watch the recorded videos and interact with email with a few traders that I met during the program. To get up to speed I spent a LOT of time watching the videos and live sessions, one weekend, I watched so many videos I had a small vein pop in my left eye (woke up Sunday with a big red blotch in the corner of my eye) :)

Well, let's stay in touch and continue to learn and making money trading!

Cheers!
Gustavo