 Almost time for the bell, how many options will you sell? Fire up your platform, get ready to enter But first let's get the mindset centered Ay, ay, let's go We're not here to gamble, we're here to plan That's how we get paid, test and trade it Have success, find what works for you and forget the rest Stats and probabilities is what we're about Time to dismiss greed and doubt, focus on the process Not the money and the profits will flow like honey Power our lives, let's start the show Come on trade hackers, get ready to go Zero-day options, time to make bank Get locked and loaded, then be ready to plank Ay What's up everyone, welcome to Power Hour Live For the first day of September on a Friday Hope everybody's doing well I ended up taking a quiet lunch, got out of the first half And get a little move up Should get out of the second half at 80% For Power Hour, the premiums are skinny Premiums have gone on a diet, VIX barely over 13 Down another 2.8% today Even with the market gapped up But it's been trading lower pretty much all day But volatility continued to get sucked out of the market Before the long holiday weekend So I need to buy some longs The longs are locked in Yup, that's exactly right Maro I mean the 5 wide strangle, you're looking at Trunch 3 premiums So if you didn't see, I put out my trade plan for September Not trading Trunch 1 is not in my trade plan Trader Bianca hitting 70% Looks like we may have a 45-10 straddle Give it a couple minutes Low premiums, we're just going to need SPX to Go into the holiday weekend, go on vacation A little bit early, you know, fall asleep Flatline Alright Looks like the 45-10 straddle is what we're looking at 45-10 straddle trying to get filled at 660 Filled at 660 So for Trunch 2, I moved my position size to 16 So I need to go ahead and I have not updated my toss trade templates So let's assume Trunch 2 is going to be 5 wide I need to change that to 16 Trunch 2 5 wide 16 Trunch 2 ends up being a straddle Change that to 16, 16, 16 16 Alright, there we go So it's going to be 5 wide or a straddle I'll fix the rest of them later Just hit 80% on my quiet lunch to exit Beautiful Take that going into the weekend I assume there's no value in those Yeah, Kelvin, so I've got a couple thoughts on that Yeah, I noticed it was 0.51 And the back test is 0.5 So a couple ways to look at that Number one, if you bend your rules That's going to open the door It's not about just that trade It's going to open the door to bending the rules on other trades Especially if it works out On the other hand When you're setting up your back test And you're setting the criteria For me, I don't When I'm looking at 0.3% gap Or 0.5% or 0.7 I don't get as granular as 0.51 Or 0.52 You know what I mean? So what I did is I just went into the back test And said, okay, what about 0.55 And it tested the exact same So did I do the right thing? Did I kind of bend my rules maybe? I mean, you could certainly argue that But at the same time I'm following the back test At the time I set the back test I was just using wider round numbers So I can see the argument on both sides That for either taking it or not taking it But that's what I did If it's kind of borderline And you change a bunch of criteria To fit what's happening You just got to make that decision That's part of the art of trading And making decisions But based on the back test Of just that tiny slight variation I didn't change the back test at all So yeah, I did skip the RIC Because I have it set at 14 minimum And it was under that So I tested 13 And I tested a bunch of numbers It did affect it enough to the point where I decided not to take it So what's everybody doing on this nice long holiday weekend? I Fortunately or unfortunately I can't decide which Have my son's baseball tournament I was really hoping they wouldn't schedule one On Labor Day weekend, but they did So that's what I'm doing I will be coaching baseball Trader Bianca Tracturing around I'll be doing some of that too Elliot doesn't get the day off because he's not American Alright State Park 3-day back testing and planning Alright, Maro, sounds exciting Chris is going to Canada to save some bees Maro, I posted the monthly performance It's in the trader chat I'll be doing a weekly recap At the end of today as well I ended up down about 2K For power hour for August Which I was down a Quite a bit more than that at one point 20, 20 plus K at one point You know what's interesting I was looking through my trader sink For power hour And My best, if memory serves me right My best month P&L wise Was April And I was trading 6 contracts on Trunch 1 3 contracts on Trunch 2 And I think 1 or 2 on Trunch 3 So literally You know, less than half The size of what I'm doing now But yet my P&L in April Was that much more Alright, other trades We've got a Double calendar and NDX It's up a little bit About 7, 800 bucks Got a TGIF And SPX A tiny bit, couple hundred Man, that premium suckage today Is really Drooped these double calendars in the middle, hasn't it? Could pop back up next week, we'll see Yep, got to do a 6, 7 By the end of the day 2, 15 to be exact So, I'll actually I'll probably do that right before Trunch 2 Probably still chopping around 45, 10 Alright, I'm going to go ahead and get my 6, 7 Out of the way 6, 7, I do 25 delta Filled at 475 partial Part of it filled at 475 We've got 5 minutes till Trunch 2 So I'll wait to see if My other part of my 6, 7 Fills I'm focusing on Trunch 2 There we go, filled Alright, so just posted that in the calendar channel Trunch 2 looks like it's going to Be a repeat Of the 45, 10 straddle I pointed out in my September update There's a pretty decent Difference in the testing Between 3, 15 and 3, 14 Entry on Trunch 2 I mean, I think it's just kind of Coincidental, but It's interesting to see on Trade like this how much that minute Difference made by some longs For Trunch 2 So now price is kind of right between the strikes See if it's going to push Closer to one of the other Either the 10s or the 15s I mean, it looks like 45, 10 straddle 45 Trunch 2 Straddle Trying to get filled at 580 Filled at 585 for Trunch 2 Load it up on the 45 10s Let's hope that's the pin I also now do a reduction In my stop at 40% On Trunch 2 So I move from 3 to 2 Trunch 1 I got in at 660 395 For Trunch 1 And 350 for Trunch 2 To reduce stops I will have everyone know BitK's Barbecue Order has been Placed. I just want everybody to know I'm fulfilling my bet obligations Boy, this VIX just Wants to go down, doesn't it? So that low that we hit back in June Was 12.73 We're down to 13.09 Yeah, I think they put like dry Ice Or something in it I don't know, I've never had it shipped to me But it's going to be fresh and good to go Just warm it up I definitely got assigned on that Let that expire, it went in the money on me Got assigned to contract a barbecue Yeah, yeah, it's all cooked Just needs to be warmed up I'm sure BitK will send us pictures with him And his family with barbecue all over their face Just Lapping it up and join it With my expense I would expect nothing less BitK I don't know if they delivered it illy or not I would say not Yeah, probably not because they said They can't deliver on Mondays Because they won't do it over the weekend And the Target delivery date They said it could be delivered One or three days before or after that date Sounds like a wager You need to make Chris I'm not here to do your betting for you, Chris I have my own problems If you didn't notice Trunch three Might have a shot At a five point wide But it could be a straddle as well I tried to get out of my 6E Quick 30% But Kind of popped back up on me So I'm going to go ahead and cancel that order Looks like a couple people who have gotten out I put their orders in early and got out It was not that quick So it was up a couple percent today We'll just leave our ES hedgehog on Until Tuesday Build up some puts in MES Got a QQ QDuck that will expire for Beak Profit today And fly Just put on the full structure Instead of just the fly first With the volatility as low as it is I didn't want to just put on the fly So put on the full structure Do that four days to work on Trunch three Oh shoot, I forgot to adjust my I'm doing 14 contracts here So Trunch three Five wide 14 Trunch three straddle 14 There we go, so now I need to buy some longs Looks like the 1510 Trunch three five wide 14 Trying to get filled at 290 Filled at 295 Oh, I see what happens I got two different ones So let's go With that later Dollar stop, yeah, that's all right Okay I'm in, locked and loaded 4410 is the sweet spot Hmm, that's interesting Andrew K I was under the impression that you could have a second margin account if you If it was a joint I guess you're just going to have to put it all in your wife's name Wait, you're saying that it was under a different individual's name? They're both under your name Yeah, you can't do that I thought you could as a joint though I'm not 100% sure on that though Or if you have an LLC You can do it under the LLC's name Is that right, Wuga? Well, IRAs are not margin Yeah, IRAs would be different With TOS On IRAs you can trade Defined risk spreads in an IRA So you have to have the Options approval level But it's not It's not considered a margin account With TOS you can't trade Naked You can trade cash secured puts But you can't trade like Naked Calls Tasty works you can SPX climbing up towards $45.15 You can't trade No I don't think you would be able to trade You can't trade any spreads in a cash account But I was saying in an IRA account you can Buy long options You can buy calls or buy puts SPX has been getting a little bouncy Since $130 Calm your little self down Trunch 1 My stops at $10.60 Spreads trading at $7.60 Trunch 2 My stop is at $5.95 Spreads trading at $4 That's Trunch 3 Confusing myself with my different number of contracts now Trunch 2 Spreads trading at $7. Still hanging around $45.15 27 minutes to go Little ice water Today's lunch was made up of Zucchini and Rib eye cooked on the Blackstone Since I know you guys care Did not get away to work out today Don't feel very good about that I still feel so much better At the end of the day If I've taken a break to work out But it didn't happen today I used to work out at 5am 5 or 5.30 every day I just don't like to do that anymore I'm more of a Lunchtime guy now Late morning I still get up early Just don't like getting after it Lately Getting a little down move Back to $45.14 NASDAQ is red Russell's up over 1% Flat Silver's lower Bonds Oil back up above $85 Bitcoin back down under $26,000 Nice little red bar coming in Back down to $45.10 Settle in 20 minutes till the bell Let's see who are the Power Hour faithful here today We got Andrew K, Atenra, Bianca, Daniel, Dick K Edward Hunt, Eli Elliott Eric Allison, Francisco Gary, Harsha I don't know how to pronounce that I think I am Mitt Ball Welcome, welcome JRJB JimWZ123 KelvinQ KenKlaz Krish Lando LuisMaro Mirage Meach, what are you doing here? How'd they let you off work? MRP Amono Philip Marcus's iPhone Radick Ricardo, Ryan Murphy, S Terrell Sims Trader AL, Vegas Michelle, Wuga Ryan P Those SIGs there in the currency That would be alphabetical order Krish, somehow Ryan P got stuck at the end of the list though and Tevis got stuck at the beginning Not sure how that happened Everybody else was alphabetical Oh, there we go It's because Tevis was off mute He was trying to come in here and talk to everybody Does anybody want to talk today? Does anybody want to jump on the mic with me? Anyone except Krish? No takers, alright I'll just sit here and talk to myself Like I always do I need a co-host We're going to start having tryouts for co-hosts That Monday really throws in the wrench on the old 3-5's, 3-6's, and 3-7's You do that? What do you want the panel to be comprised of? There's been a lot of discussion in different channels about the topic of transitioning from a part-time trader to a full-time trader I definitely want to dive deeper on that I think there's a lot too that we could bring up to the surface I might reach out to a handful of you who are already full-time professional traders to see if you'd be interested in having a little discussion I think it'd be fun I think it'd be good 10 minutes to exit Even for me I really like if it's at all possible I really encourage people to try to have some other source of income other than trading I think it just frees up the mind to make trading decisions so much better I know that's not something you can just snap your fingers and create but there's a lot of variables to that or just a situation where you're not truly dependent upon your trading income to pay your bills making sure you don't have any debt making sure you just don't have these financial obligations that would create a stress that would cause you to make trading decisions based on trying to pay your financial obligations that can be no bueno yeah and then you go through a drawdown that's what I mentioned to you a little bit Elliott in the other channel was what do you do then how do you react when you go through a drawdown do you try to increase your size to make that back because you want to get back because you have things to pay for do you scale down because you're nervous you know all those little things make a huge difference trade around 45 12 MRP how about we create a channel and share ideas for trading strategies in long term accounts like an IRA we have the different channels for each strategy a lot of them can be traded in an IRA except for like the short strangles but all the butterflies ducks, calendars those are all IRAs done in shorter or longer duration coming into the 45-11 handle you're an adrenaline junkie you got to have that blood pumping don't you spot if you can set up a Monday, Friday oh 7-10 September 8-11 I've already got two of those I've got an IRA F and a NDX both double calendars on the 7-10 so I'm pretty good there oh yeah I forgot about my stop reduction I saw 3.95 just as I opened it moving stop on trunch 1-6.95 trunch 2 I'm looking for 3.50 it's trading at about 3.80 I need a price to go back down back down to 45.10 please change that to 5.50 3.60 3.50 changing stop to 5.50 on trunch 2 that feels good feels good to lock in a little since I don't do trailing stops about 3 minutes till I exit alright no need to be a hero today SPX let's just calm down get back down to where you belong must be bouncing off VWAP again am I right 45.10 the VWAP did I get that right I know VWAP so well that I don't even have to have it on my chart I just visualize it is that trunch 3 at $1 trunch 2 a little little drop here in the next minute not a push drop 30 seconds till eject no I'm going the wrong way filled at 5.90 terrible move terrible terrible move 7.30 and 2.35 so I think I was still profitable but take it a lot away in the last couple minutes so trunch 1 I got in at 6.60 looks like some 45.10 that would have been so I got in at 6.60 at 5.90 and 5.80 so that was a small winner trunch 2 5 out at some at 5.80 basically a scratch out at some at 7.25 and 30 and trunch 3 in at 2.95 out at 2.35 about a 60.60 winner so net net profitable but not what it could have been all right my friends let's see check in the live stream channel for Tuesday Tuesday Wednesday chat in the morning Thursday Friday zero DTE and me in the morning and then we'll be of course streaming for power hour every day next week except Labor Day all right guys and gals have a great weekend be safe take care chat with you soon