Widows and Orphans

Hello, I just finished listening to Gary's cd's for the second time and starting the third. I've been practicing with play money for 2 months. I really want to start trading widows and orphans with real money but have been extremely unsuccessful! Do any of you play W&O during this zone? It seems the moves are so quick there is no sitting at the piano. Also when looking at the trends on RTT it seems that everything starting today really started yesterday so I feel like I missed the entrance. Any advice would be greatly appreciated.
Thanks
Stacee

Do not do real money until you have more success at play money. I do a once a month PRACTICE W/O trade.

Thanks for responding. Are you able to sit on your practice trades long enough during this zone to complete a WO trade before the stock falls again? In my practice trades I have been unable to find a trade that stays up long enough to sell calls on.
Thanks
Stacee

For May I have bought AAPL as it went down. I sold a call against it the WEEK OF expiration. I made about $6,000. I wanted to use the $600.00 strike but had to settle for the $580.00. (300 shares) So virtually I own 300 shares of AAPL at the average of $545.37658. I am still wondering how the coin of .37658 would look. I did not sit on the piano for that one. Back when I was taking Gary's class (1-5) AAPL was one of the stocks I practiced on...and it was around $79 - $89 bucks when I first started trading real money. I want to test the weekly calls and see how they might work...just thinking....

I have used less expensive stocks BUT the way I figure it is... it will work the same on more expensive as it does on less expensive as long as the volume is close between the two. So far this has proven correct.

A stock you may to practice on could be GLUU which came recommended by Dan Niles and Jon Najarian. When both these guys recommend watching that stock there 'MAY BE A CLUE THERE" as Gary would say. I am waiting for a rise on the weekly and this is my possible W/O real money play. The volume is good and the stock is inexpensive. This one may be worth sitting on for a while.

Today I am cooling my heels...I think this Greek thing has some investors shaking. The volume STINKS!

Thank You so much for the advice. I will start watching GLUU. I have been trying to keep my W&O under 30 so maybe that is my problem. Speaking of Greece have you ever played ETF's? UVXY goes crazy when the market is down. I bought calls this morning (play money)as all the futures were down this morning because of Greece and this stock plays off the volatility there. The calls move very slowly (compared to aapl and goog)but the stock has huge volume. Made only .50 in the calls. Next time I will buy the stock as that seems to be where the money is but it is one you must watch all day because it is volatile! Not sure I have the guts to play real money though.
Any favorite books you have to recommend for my first reading?
Again I am very grateful for your help and advice, I can't tell you how many hours i have spent trying to figure this out.
Stacee

I do not touch ETF's with a 10 foot pole. But then I do not play the Q's either. Just do not like the movement for me. In fact I lost a huge chunk of change (real money) trading the Q'S. I don't like oil, energy, or retail for trading. Owning is something different. I stick with 4 or 5 stocks for trading. Right now CF is my favorite.

BTW test trading a faster moving stock if you do not like sitting on the piano. Slower stocks are A-OK if waiting doesn't get under your skin. Want you want to do is learn right now and test your skills. If waiting does bug you try the printing press method instead.

I am building my account to buy AAPL. I pick up a little on the dips.

GLUU is something you will need to sit on for a while... and when I say a while it could be Y-E-A-R-S!

Good STUDYING because there isn't LUCK in trading. LUCK will make you poor.

Start where Gary told you to start and finish when the end of time happens. I bought my books used from Amazon and they send me recommendations for more stock books....which I buy...used. I will never sell my books...some have been a waste while others have been treasures. My favorite to understanding the market which I keep beside me ALL OF THE TIME is "The Market Maker's Edge" by Josh Lukeman (on Gary's list).

My favorite for building a positive attitude and helping with the mind which I read every single day is "The Holy Bible" by God.