Thanks everybody for their thoughts. I just took the first class this weekend. A couple of points, in case anyone else is thinking about taking the course(s): - The recording of the training was made in late March of this year (2023). - GW says he has no ownership stake in Alchemcharts. He said a student created it to look just like GW wants it to. Whether you believe him or not, that's whaby Kars - Trading Discussion
Thanks for the thoughts, Mike. I'll keep those in mind.by Kars - Trading Discussion
Thanks, RichieRick. I hear those jobs are fiercely competitive.by Kars - Trading Discussion
I'm trying to decide whether I should take the course starting this weekend. I took WSB 1-5 and the advanced course lots of years ago, but I'm not sure that I want to give Gary any more money. I've read some other "reviews" on this site and see that there is some serious aggregation in these parts about these courses. I find the whole thing annoyingly secretive. Though I've reby Kars - Trading Discussion
Many of these methods require you to download something to the work computer, which my employer wouldn't allow. So I added VNC to my home computer and VNC Viewer to my iPad - I think it's like GoToMyPC. Viewing on an iPad is much less a pain in the neck than a 17" laptop. But then I have to get my iPad online (it's wifi-only). Of note, I just did this last night and haven't gotten to theby Kars - Trading Discussion
NCTrader Wrote: ------------------------------------------------------- >His trading style was more like Darcy > but he still worked his W/O every month with a > small target of 3% to 5% but using slightly more > money. He does not sell the calls - just buy and > sells the stock. Some months he makes two W/O > trades if the opportunity presents itself and > other tiby Kars - Trading Discussion
Good points, awesomeness. I knew I was barking up a tree, and almost didn't say anything...probably shouldn't have. Thanks for the reality check. I'll have to consider if I'm willing to take the plunge Good luck and best wishes..by Kars - Trading Discussion
NCT, Thanks for the remarks. I may have stated before that I am an old 1-5 student who also took the Advanced course when they were available through GW's former website. When I first heard about GW, I was living in Virginia. But the guy that told me about it was so over the top and in your face that I couldn't accept his recommendation. But a few years later I met someone else that was aby Kars - Trading Discussion
NCT, I was actually just thinking about what folks on this forum thought about Alchem when, lo and behold, you had added this post. Serendipity, or something like that! So I thank you. In my early days in following GW (or trying to) I subscribed to QCharts since GW recommended getting started looking at their charts from the beginning. But I stopped after a month of two since I just didn'tby Kars - Trading Discussion
Thanks, NCT. It turns out TastyTrade discussed the initial idea of this post: the idea of using LEAPS instead of the stock for W/O - they just call it Poor Man's CC. This video explores this very question: My question is why wouldn't you scale up with the poor man's CC? Maybe you don't go to the same scale as a normal CC, but why not up some and not just 1 contract? What am I missing?by Kars - Trading Discussion
NCT, Your comment sparked my interest in TT, and I've spent quite a bit of time watching their videos over the last few days. I see what you are saying about them playing the probabilities in their trade and not really being technicians. It's an interesting idea. But it seems like aspects of their approach could be married with GW's approach to improve chances. Maybe that's too much work.by Kars - Trading Discussion
Thanks, WIP. I actually located my old workbook and accompanying personal notes for the Advanced Course a few days ago. I've read them over a couple of times. It gives me something to think about. I will say that I don't quite understand his point about having to be very proficient at the Printing Press in order to do this. I've never been in a room with Gary - I did the courses over the iby Kars - Trading Discussion
So in reading this I see that I am not the only one confused. I leave this remark solely to put it back at the top of the queue to solicit more replies from those with more success with the E idea, to potentially help those of us still struggling to understand. Happy Thanksgiving everyone!by Kars - Trading Discussion
Dan, I took the advanced course, but I haven't been able to find the notes after a couple of moves. Hopefully I can track them down at some point. But I also remember him talking about LEAPS. I'm in the middle of changing brokerages so I can't trade at this moment, but I plan to post some results to these boards once I get going again. My take is that on this forum we talk a great deaby Kars - Trading Discussion
Thanks for the response, Fireman. Let me try to be clearer. In W&O you buy multiples of 100 shares of a stock. Ideally you wait for the stock to appreciate in value for some time. Then you sell the corresponding number of call options of the same stock. This way you gain from both the appreciation of the underlying stock, but you also earn from selling the call option. In return, you agby Kars - Trading Discussion
Greetings. I was wondering if anyone has tried doing W&O (Covered Calls) with LEAPS instead of buying the underlying stock. I've been looking into it and considering that it might be a nice way to improve my return since I wouldn't have to tie up as much money in a trade. I'm going to continue reading about it, but I thought someone in this group might have something to offer. Thanks.by Kars - Trading Discussion
Darcy, If your goal is to do AAPL instead of WLT, you are probably there now, though I guess you want to sell your WLT near where your original cost basis is now. As you are likely aware, AAPL is one of a handful of stocks that does mini-options. So you only have to own multiple of 10 stocks to do W&O/Printing Press. Why would you say that AAPL is so much easier? I would guess that iby Kars - Trading Discussion
Thanks (as always) for the reply, Darcy. WLT had quite a day today. So from what you said, if your stock seemed like it might be running to the upside, would you wait until it looked like it was was turning to STO the call options? If so, perhaps you would miss a week of selling every once in a while while the stock was either up or running down. What are your thoughts? You mention thatby Kars - Trading Discussion
Darcy, I think you've described how you do Printing Press in the past, but I would really appreciate if you would describe it again. The current market seems pretty risky for W/O. Thanks.by Kars - Trading Discussion
I welcome the dissention. I actually am learning from this discussion. Let's keep it going.by Kars - Trading Discussion
So would the re-take price be $100 for 1-3 or for each one (total of $300)? If I lived anywhere nearby I would strongly consider attending.by Kars - Trading Discussion
I am enjoying eavesdropping in on this conversation. I only wish I had something worthwhile to contribute... Rookie, the story about your friend has got me thinking and considering my approaches to trading. Darcy, as always, your thoughts are much appreciated. At this point I don't see a time when I'll be making $50K/trade - let alone $400K, but I am totally fine with that. Starting wherby Kars - Trading Discussion
Chunk Wrote: ------------------------------------------------------- > Isn't it a little noisy having moving averages 5 and 10 in addition to the Christmas Cross....? My thoughts exactly. I like the idea of having fewer charts to look at, but I don't see how you would do it.by Kars - Trading Discussion
BigChartTrader Wrote: ------------------------------------------------------- > There is also "chunky money" widows and orphans. > Buy a stock on the weekly in the FWTZ and leave it > alone until the beginning of the spring trans. > Zone. If you want 5% monthly avg then go ahead and > figure that price to net 60% and set a GTC. You > don't even need to sell optiby Kars - Trading Discussion
Your cautionary tales are amazing to me, Darcy. Lost $800K in three trades! AMAZING! Not to beat the proverbial dead horse, but I doubt they were doing the W/O and Printing Press techniques and following the rules on those three trades. I am reminded of a similar story that GW tells about a woman that was so happy with how well she was trading that she never bothered to move money into herby Kars - Trading Discussion
Darcy, AAPL is again very close to that significant resistance level. So I went ahead and sold 2 mini-contracts when I saw the price pulling back this afternoon. The mistake I made was to sell the Nov contracts for $21.05 instead of Nov Wk1 for $19. Now my money is tied up for a month to gain $2 on 20 shares. I remembered that right after I was filled. But if AAPL does pull back and stallby Kars - Trading Discussion
Darcy, Based on your title, it looks like you haven't decided if you want to keep this stock or not. GW says that if you are doing PP you wait for a reversal signal (he says on the Daily, but then he later says the 55 - so I'm not sure what the rules are - it seems a little late if you wait on the Daily - what do you think?) to sell the options just above the price you paid. Based on whereby Kars - Trading Discussion
Darcy2 Wrote: ------------------------------------------------------- > No. I buy off a gap and play from the gap. For > instance Apple....selling a call on the Printing > Press using the gap from 1/23 and 1/24 (Daily) as > resistance. 1?23 gap is strong because of the gap > from 1/11 to 1/14. Until the 200 moving average > gets below the 50 moving average I will continueby Kars - Trading Discussion