In an attempt to shorten the weekly results I will no longer give full explanations of all trades for the week. I will give the necessary information in a shorter explanation while I include the link to the post of the trade when it was originally made.
I had 5 trades close the week. 4 involved U.S. Steel (X) and 1 with Dick’s Sporting Goods (DKS). Lets’t take a look at the U.S. Steel exited positions first.
I sold a 50 contract Naked Call on last Friday, 2/10, to start working toward my goal for this week. This Call started as a Naked Call but I bought the 5000 shares on 2/14 to cover the Call. I ended up doing a “Buy to Close” on this position on Friday, ExpirationDay. If you want to read that report go to Out of U.S. Steel.
2/10/17 – Sell to Open 50 2/17/17 $39.50 C @ 42¢ (+$2100)
Buy to Close 50 X 2/17/17 $39.50 C @ 10¢ (-$500)
Profit +$1600
On 2/14 I bought 5000 shares to cover the Naked Option above. On Expiration Day, with X stock on a run and me feeling there would be a pull-back, I sold the shares leaving me Naked on the above Call. You can read this post as I made the trade at Out of U.S. Steel. Being Naked on the above Call is why I did a “Buy to Close” on the option when I had the opportunity. I bought the stock at $39 and sold at $39.65. This was a nice profit on the stock but when I sold at $39.65 I still had a $39.50 Short Call. Lucky for me after I sold the shares, the stock came down (as I expected) and I was able to “Buy to Close” that option position with a nice profit. Here’s the stock orders:
2/14/17 – Buy 5000 Shares X @ $39
2/17/17 – Sell 5000 Shares X @ $39.65
Profit +3250
On Monday, 2/13, I sold a 30 contract $41.40 Naked Call to expire on Friday the 17th. The stock never went to the Strike Price and that Call expired.
2/13/17 – Sell to Open 30 X 2/17/17 $41.50 C @ 40¢ (+$1200)
2/17/17 – Expired 30 2/17/17 $41/50 C
Profit +$1200
On Wednesday the 15th, I sold another 30 contract Naked Call but this one was to expire next week. Wednesday the stock was up and I had plenty of margin buying power so I figured I’d start the following week to get a jump on my next week’s goal for my “2017 Challenge.” You can read the post at Next Week’s U.S. Steel Call Sold. 1 Day later with the stock dipping, I had the opportunity to get out of the position with a nice 1 day profit, so I did. You can read this post at “Buy to Close” 1 of My U.S. Steel Calls. If I can get out of a position with at least half of the premium I signed up for, in a very short time, in this case 1 day, I try to do so. End the deal and put the money in my mattress!
2/15/17 – Sell to Open 30 X 2/24/17 $41.50 C @ 80¢ (+$2400)
2/16/17 – Buy to Close 30 X 2/24/17 $41.50 C @ 38¢ (-$1140)
Profit +1260
For the last trade to report, I did a “Buy-Write” Covered Call on Dick’s Sporting Goods (DKS). The Call expired worthless so I keep the entire premium. The stock never hit the Strike Price so I still own the shares. I bought the stock at $52.40 and it closed on Friday at $49.79 . You can read about this at “Buy-Write at Dick’s Sporting Goods “Buy-Write.”
2/13/17 – Sell to Open 10 DKS 2/17 17 $52.50 C @ 70¢ (+$700)
2/17/17 – Expired 10 DKS 2/17/17 $52.50 C
Profit +$700
This was a fantastic week! So far the best of 2017. It exceeded my “2017 Challenge” for a few reasons. 1st I had a stock sale of 5000 shares of U.S. Steel. This added $3250 onto the week’s profit. Plus, I did a “Buy to Close” on a position that wasn’t to expire until next Friday. Instead of going on next week’s profit, it went on this week’s. This added $1260 to this week’s total. These 2 trade added a total of $4510.
I said in my “2017 Challenge” my goal is $3000 plus a little extra to cover expenses. I really want to limit my weekly take to this area to control greed. However, sometimes you get opportunities and you must act if no extra risk is added.
Total Weekly Gain +$8010
Great week! This money is in my mattress!
Getting a lot of hits on Main Street beats Wall Street. I would like to welcome the new readers. I hope you’re enjoying the site. Keep studying and send any questions. If you stay smart and discipline the money will flow in and change your life. Be very careful and remember, Slow and Steady, Steady and Slow, the Tortoise wins the race!
Have a great weekend!
Steve
The Options Coach
Suggestion might be a SMS feature or mass text. Like if someone wanted to mimic your moves to be successful.. so if you had it set up to your phone you could send out a text in real time right as you are about to trade. So one would be able to do the same. Just a thought. I’m new very new and only have a small bankroll to trade with. So I’m watching your thread and watching and learning and watching. I truly wish you had a similar challenge for the America stock exchange. But I realize your a busy man with the kids and all.. witch reminds me and then I will go… I think it’s absolutely fantastic that with your free time and financial stability use your free time to coach kids… you are being the change you want to see in the world… it’s very dark times and any light that can be shown is much appreciated…..
Thank you,
Ripple
Shawn,
Thank you for your kind words about my basketball coaching.
I might give some thought to a mass text for people not near their computer, but the main reason for my work is to educate, not to have people mimic my trades. Although, they can! With the stock market anything can happen and I wouldn’t suggest doing what I do. I wouldn’t want the responsibility of the success of someone else’s trades or account growth. However, with education a trader can develop his own philosophy and strategies, and trade on his own terms. I want to educate to help someone find their own trades. Help them to be totally independent! Education and independence is freedom!
Thank you for the comment. Keep them coming!
Steve
The Options Coach