General Options Blog

Jimmy $2k Mirror Trade UPDATE! (Q&A) 8-4

Folks,

I want to make sure all questions are answered going into this mirror trade event, and hope I can cover all bases so when it goes live I don't hear, "I missed the trade", "I never got the alert", "my twitter account was never accepted", "I have no idea how ditto trade works".... ect. ect.

Let me first start off by saying.. YOU WILL LOSE ALL YOUR MONEY TRADING OPTIONS. YOU WILL LOSE ALL YOUR MONEY FOLLOWING ANY OF MY TRADES. I AM NOT A REGISTERED INVESTMENT ADVISOR. PREVIOUS RESULT DOES NOT GUARANTEE FUTURE RESULTS!!!!!

I plan on focusing 95% of my energy to this, as i haven't felt this much pressure in sometime. I will still be in chat, will post an opening watch list, but don't want folks to wonder where I am or why I may not be responding to posts. I did well in Jan/FEB/MARCH by ignoring everything and focusing on my trades. I PLAN ON DOING THIS going forward.

Here are the ways to ensure you can take part and what you need to do.

  1. You must be a diamond member to participate. If you are not then here is where you need to go: https://www.optionmillionaires.com/subscribe/ Being a diamond member alone will not ensure you are able to participate this in the way it is intended, so please continue to follow the instructions below.
  2. You may want to sign up for a ditto trade account at dittotrade.com. This is the best way to follow my trades as ditto trade will allow your portfolio to mirror mine. If i buy a position, ditto trade will buy enough to cover everyone and divvy it up. If you are unable to follow at all times, this will allow trades to execute without you having to be there. This is the MAIN reason i selected this service. You can also sell positions before I do. You can just follow the trades without your account following them to allow you to decide on your own. Truly a great service for what we are looking to do here.
  3. You then need to send a follow request for https://twitter.com/JimmyatOptions . This is a private twitter account. You need to send an email to option millionaires@gmail.com with your twitter handle and your username on OM site so i can confirm you status and approve your request.
That is pretty much all you have to do to ensure you take part in this event. Here is some Q & A, I will add more as questions arise.
  • Do I need to fund my account? - As long as you have a ditto trade account, you should be able to see my dashboard and trade off it, so you don't have to have it funded.
  • If I do fund it, how much should i put in and will it be margin? - Trades execute based on percentages. If i have 20k in  and perform a $2k trade, it will allocate 10% of each followers portfolio to the trade. Easy stuff. I will be starting with $2k FYI.
  • I cannot upgrade to DIAMOND as paypal will not let me increase more then 20%. - I am working on fixing that issue. I do not want folks to worry about missing the event, so I will ensure everyone is upgraded before WEDS.
  • When does the trading start? - Wednesday at the earliest. I want everyone to have the opportunity to trade off my trades.
  • What happens if I can't traded Wednesday? - The $2k challenge will hopefully be a $4k+ challenge by next week. I will run this challenge for as long as I can, so may run 6 months, 2 months, 7 days... who knows. But missing the start is not a game ender.
  • How do I follow Jimmy on DITTOTRADE? -
    • Your followers can sign up for you by going to this page:
    • • Go to the box on the top left
    • • Type in their username and password
    • • Begin typing Jimmy Bob
  • I am new to DITTOTRADE how does it work? - Here is a great place to start with some DEMO vids:
  • What will you be trading and when? - I found that the most success I have is when i focus on the trade and not watch all the other BS. I will probably have 1 trade a day and some will be weeklies, but probably not as risky as my personal account will be until we see some gains(if we do)
  • I FOLLOW you on DITTOTRADE but I can't see you? - I need to approve every follower. Usually by the end of the business day they will send me the requests to approve. It may take 24 hours before your request is approved.
  • I’m at work for most of the time and Twitter is blocked at work. Is there anyway you can also send your trades to email? Yes, the third avenue I wills end my trades on, is a blast to diamond members on my trades.
Thats all I can think of for now. I will update as I get more questions!!! Thanks everyone for your patience!!!
- Jimmybob

The Week Ahead With UPB

It is UPB here, hope everyone is enjoying their weekend.

Join Me Sunday Night for a look at some potentially profitable l option trades.

I wanted to remind the Diamond members I will be having my "Look Ahead" tomorrow at 10:30PM eastern.  I will have the link to the event posted about 25 minutes before the start at this link:  http://www.optionmillionaires.com/live-event-classes-jtv/
Last weeks class I covered all the big earnings.  With COH up over $60 I called for a nice drop post earnings and that is exactly what happened.  I said I'd be a buyer of  GMCR calls, FSLR calls.  GMCR went 30%+ the day after earnings and FSLR +27%.  I also said I'd be buying MCP calls and RIG puts, both ended up going the other way and my MCP calls were with a bid at the open on Friday. I am certainly never 100% right or even 75% right when it comes to out of the money stock options.  In this market you are right until you are wrong.  It is that simple.
How many people were calling for the end of the world?  "Big Crash Coming!"   "Load up on those PUTS!"   Look at us now.  The markets have defied all the naysayers.  We are at three month highs.  I remain as nimble as ever, and I am almost never in more than 3 option positions at a time.  I help mostly puts this week and coming into Friday my lone call position was MCP, which suffered a tremendous drop.  I have been getting over confident and with MCP I could have hedged my calls for a mere $90 with the $14 puts.  Those puts I could have sold later on Friday for over $2,000.  While I was right about MCP being a big mover post earnings, I did not play it that way.  That is the joy of stock options.  You don't have to be right about which way a stock is headed, just as long as it gets a big move in short period of time.... which is why earnings trades offer some great opportunities.    Tomorrow I will cover some chart set-ups, economic data, and potential earnings plays.  I hope to see you there.

Dates & Prices The Market Will Turn Through August

By Chris Diodato

As promised, the market gets one more rally.  Now, we can predict which dates and which prices the market will turn.  Keep a close eye on the Russell 2000, as we should see it begin to underperform the market once the move is nearing its end.  Here's the picture below of my pivot analysis.  The next market pivot should take place next Tuesday, which makes next Wednesday a down day.

 Click here for the picture of the pivot analysis!

And for your viewing pleasure, here's the link to the video.  Make sure to watch it in full screen and HD mode!

Click here to see the analysis video!