Submitted by TraderDan1 t3_zz2wqk in wallstreetbets
RobertsonvsPhillips t1_j29dwrr wrote
Reply to comment by TraderDan1 in My PUTS from yesterday doing well 24 hours in. by TraderDan1
Big brain shit! How's your performance since starting your program?
TraderDan1 OP t1_j29opmr wrote
This is only one strategy that I use for short term stuff. I'm pretty conservative really and work with a flavor of the general "wheel" strategy. This doesn't provide me trades every day. With that said, I've been using this method for almost 3 years, and the aggregate of my trades in this way have produced 80% winning trades within 3 days. If my profit reaches greater than 50% I close it. Some days, like today, it really popped right at the open so I jumped in to close my QQQ as quickly as possible. Average profit on each winning trade is 27%.
Again, the morning gap level, that is the previous day's closing price is a magnet in general. Now if a stock gaps 5% or higher in one day, the likelihood of backfilling it becomes statistically less likely, so I'm looking for gaps that are between 1-2% in size, maybe 3% and plan for a 5 DTE.
RobertsonvsPhillips t1_j29tplt wrote
Well GG, and I guess congrats and f u.
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