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Washington, DC 2021
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Mentor Mike
12:18
Breaking for lunch... will start back up at 1:30 pm Eastern Time!
12:17
He was referring to when he buys a long call, usually with an expiration of 4-12 months out in time, and is in more of a directional/long call trade.  That call we buy is where he looks at a 50% stop loss.
Adam
12:16
Was his original example of seeing the call drop to 1/2 mean its happened in the first week and he just isn't liking it any longer
William
12:16
I've been in MRVL w/ a MP since end of March. It's been good to me !
Mentor Mike
12:13
Great question Adam.  Yes, we keep looking to sell calls as often as we can.  If it looks like it is ready for a bounce, we may take a week off, but we want to generate income on it as frequently as possible when it makes sense
Adam
12:12
Since he is selling weekly a call that is reducing his cost on the original call.  If in week 3 he has reduced his 7 dollar cost to 4, and then the stock starts dropping would he keep writing calls or would he sell out because the stock is now falling apart and it appears to no longer be trending higher?
Mentor Mike
12:11
Yes or maybe 1:30 Eastern.  We usually do an hour or hour and 15 for lunch
Adam
12:11
If we end at 1215 would we be starting up again at 115 just to confirm
Mentor Mike
12:03
We do the SAMS (Small Account Mastery Series) once a year... usually start it in May or June!
Guest
12:03
Mike,Are there upcoming SAMs events?
Clyde
12:02
Looking forward to the SAM in 2022 !
Mentor Mike
11:54
You never want to expect a MP trade to be profitable 10/10 weeks in a row... there will always be some losing weeks in the mix.  If we see the market stabilizing we will start adding more positions when we feel the time is right.  Usually we ease back in
Gerret
11:53
With the market so squirrly can we expect a MP to be profitable anywhere near 10 wks?
Mentor Mike
11:37
I couldn't agree more!!
Guest
11:37
Mike, you are lucky to work directly with Preston for that long. He is dynamic and truly full of surprises!
Mentor Mike
11:34
I agree!  :-)   Full of surprises and I've worked right next to him for 12 years.  Lol.
Rich
11:33
listening to Preston for a few minutes is worth the wait
Mentor Mike
11:31
Yes I will try to remind him again.  :-)
J McCathern
11:31
Can you ask Preston to repeat questions. Livestream cant hear them
Stephen in St. Louis
11:30
He still has the VXX position.
Mentor Mike
we call it the "Shock Absorber" the point of the trade is to make some money as the market drops/corrects.  This helps offset some losses if you have other positions going
11:28
That is the bull call spread on the VXX that he was showing earlier on the white board
William
11:28
Mike – what is a “Shock Absorber” trade?
Mentor Mike
11:20
He still has the VXX "Shock Absorber" going... off the top of my head I can't remember if he adjusted it once since then (or got out then back in) but I'm pretty sure he still has it on
Guest
11:20
Is Preston still in the VIX call spread from August?
Mentor Mike
11:04
I'll try to have Preston do a review/summary at the end
All joking aside, thanks for your patience while we sort through it with the hotel.  As a reminder, the recording won't have any hiccups
11:01
Seriously!  .03 miles from the White House.  I'm making a poster and will stand out front for hours
Guest
11:00
I hope reliable internet connectivity is part of the Biden Infrastructure plan [LOL]
Mentor Mike
10:51
The hotel is working on the internet issue.  We have great internet speed, but the connection will randomly drop for a couple minutes.  They are working to stabilize it.  We've been pushing them all morning to try to find a solution.  Unfortunately we are at the mercy of their connection.
10:46
Just starting up again now
Another minute or two of break then we will get going again!
10:40
Yes, we will post the slides to download on this page once we get them from Lee/Maggie!
Steve
10:37
Will the slides be available online somewhere?
Mentor Mike
10:26
So their stop loss level is at 100% of the premium sold, meaning if you sold the put for $1.00 they'd stop out once it his $2.00
Guest
10:25
Please re-iterate your stop loss rule on the short
Mentor Mike
10:14
Internet had another hiccup... should be reconnecting soon
10:06
I think they will address this a little further in their session tomorrow.
Matt P
10:06
Is there is minimum volatility for ETF MP trades?
Mentor Mike
9:54
Just as a FYI, most ETF's have lower option premiums.  (since they represent a bucket of stocks, less volatility=lower premiums)  Preston is usually drawn into the higher ROI opportunities which is why he usually doesn't trade ETFs.  This is a GREAT example of how you CAN use ETF's for the Money Press!
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