JotCast | Nashville, TN 2023

Nashville, TN 2023

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Mentor Mike

8:39

It is always working for you if the stock is dropping.... when it goes in the money then it really starts to pick up protecting the trade

Mike

8:31

Where does the protection kick in?

Tom in FL

8:31

woops, I mean, many thanks Mike.

mark

8:25

thanks Mentor Mike!

Mentor Mike

8:06

Yes, will tell Mike!

mark

8:06

we can't always hear the questions from the people in the room. can someone please repeat them? thanks

Heather

7:36

Good morning everyone!

Mentor Mike

7:32

About to get started! Welcome!

mark

7:32

good morning

Mac

7:32

Good mrning Mike!

Russ

7:32

Good morning all, ready for another great treasure hunting day!

Mentor Mike

7:20

We will provide the replays by early next week

Rudy

7:20

Is yesterdays session recorded and available now

*** Friday, April 28 ***

Mentor Mike

3:27

Have a great night! We will be live tomorrow at 8:30 AM Central Time with Basics over Breakfast again... See you then!!

3:26

The 50 day moving average

Chris

3:26

Stella, 20 or 50 day?

Kimer

3:25

Good info!

Tom in FL

3:22

Excellent Session!!!!

Mentor Mike

3:05

If you own shares, they will call away your stock/shares. If you don't have the actual stock, then you will have a short stock position. But then you'd just need to buy to cover the short stock position to close it and exit the position. (similar to if you ever get put stock on a Money Press... we just sell the shares to close the stock position)

Warren

3:03

If you sell a call on HSY and it is called, What do you do?

Mike (AZ)

2:53

EXCELLENT

Mentor Mike

2:52

Yes absolutely! All of the slides from today/tomorrow will be available to download along with the replay videos. It will all be on the TEAM Hub!

Mike (AZ)

2:51

Are her slides included?

Mentor Mike

2:51

If you sold the option, you would be doing a buy to close to get out of that position and avoid the potential of getting exercised

Robert Thomason

2:51

If I close my option, am I buying or selling out on Thursday or Friday to avoid getting the option exercise

mark

2:50

thanks.

Mentor Mike

2:49

To this question... she is looking for 10% return on the spread risk/reward.

mark

2:48

on her SPY daily's is she looking for a specific delta or $$ return for the entry?

Mentor Mike

2:47

If it moves away from her strike price, and it is out of the money, she can let it expire worthless. But, she usually will try to close it out for a few cents.

Heather

2:45

Does she let it expire worthless or close it out?

Mentor Mike

2:38

Awesome! Thanks for sharing!

Erik

2:37

I had a great experience with Stella that worked out great today with DPZ. She suggested using limit orders and taking 80-90 % of profits...not waiting for expiration. DPZ gapped way up today then crashed. I made my 90% on short put this morning and it sold. I still have the long put.

Mentor Mike

2:19

If you want to stick with the trade, we will "reset" the position at the new level. Meaning we'd sell the 320 puts and adjust the protection from 320 down to maybe the 310

Burt

2:18

What if the revers happens. For example DPZ is currently at 317. The MP Setup was sell 327.50 / buy 320 protection. Now that the protection is higher than what I might sell next week say at 319 do you keep your protection at 320 or adjust that....

Mentor Mike

1:52

You can check the IBD rankings as well... that isn't a deal maker or breaker for us though usually

Kimer

1:52

What about the IBD rankings?

Mentor Mike

1:52

We have a few different setups that we like that gives us a bullish "edge" or outlook on the stock... then we look to build the Money Press around that

charlie

1:50

How do you pick the stock?

Mentor Mike

1:42

Nope! It is just an option spread position. You don't need to own any stock/shares at all

Traylor

1:42

Do we need to own SPOT to do this?

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