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Refer my post and email dated June 29, 2015 – Greece Crisis What Should You Trade.
On that day I told you that VIX has increased considerably and it is a great time to sell out of the money options and also hedge them by buying options. People who had done that may be in good profits now.
The VIX has come considerably down and its hovering near 15.41. From 18.18 to 15.41 in 3 days. This is a drop of 15.25%. Excellent for sellers. Both the calls and puts option premiums would have shrunken and the trade can be taken off. As the small profit wherever that may be has been achieved there is no need to stay in the trade.
See its profit vs time. Even if the profit is 2% – it has come pretty fast in 3 odd days. Is there any need to be greedy and wait for the options to decrease more in value? We made a quick profit and we should exit. This is how a good trader takes his trade. The original plan was to make a quick profit – so no matter what happens we will NOT alter that plan.
Kill that devil called GREED and you will become a better trader I bet.
Situations like this can bring in quick profits. 🙂 So we must look out for such situations. Since VIX is directly related to world news and happenings we can make use of it to decide, to some extend, time to sell or buy options.
Well that does not mean we will never be wrong. We can be and there should be a plan to exit. For traders who have taken my course the plan is to go straight to Strategy 2. If you haven’t taken my course and reading this you can make your own plan – whatever it is, be a stop loss or adjustments. But you must TAKE ACTION when things go wrong.
Moreover Nifty also remained in a range – low of 8195 and currently around 8460. Those 200-300 odd points movement does not matter when VIX has decreased considerably because even if one option will lose money the other makes more than the losses. Ultimately the trade is in profit.
When VIX increases take you chances. Sell options and hedge them properly, set your target profits and exit. But you must also have a Plan B if VIX does not decrease or if anything goes wrong.
Lets wait for another opportunity. 🙂
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Dilip Shaw, Founder
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