$GameStop (GME.US)$ as of the close today if it stays above ...
$GameStop(GME.US$ as of the close today if it stays above 23.5 I'll have pulled 50 Grand profits out of GameStop without buying a single share long. I sold 200 naked puts last week. I sold 300 contracts naked this week. and next week I'm going to fucking do 500 contracts...
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35+ yrs in the trenches, raised tens of millions for start ups, syndicate ipo's, yrs on trading desk mkt maker.
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73713951 : holy shit bro.. what if they naked short it very low again and those contracts get exercised you'd go bankrupt and have nothing left ??!!
10baggerbammOP 73713951: well you really don't know what you're saying it's not the correct terms but I get it. I'm the one that sells it naked so understand my risk is the stock goes below my strike all the way to zero that would be my risk I would get put the stock at the strike price minus the premium that I collected is my total exposure. it's no different than if you were to have owned the stock long and rode it to zero. I have the ability being naked at any point in time to go back and buy the option back and close out the contract if it's going against me. just as if you own the stock out right you have the ability to sell it at the market or limit to limit your exposure and losses. I have a lot of money in my account this represents a small percent. when you sell naked you need to have have enough cash to cover maintenance requirements. so it's not an issue for me I've got the cash.
Pawtastic 73713951: wont. he can buy back the puts but at a lost of course. so he need not buy the stocks n hold them
Momo Portfolio : if you have cash to cover then its not naked puts :)
10baggerbammOP Pawtastic: I don't need to close out the contracts as long as the stock is above the strike price the options go to zero and I keep all the premium. so depending on where it closes depending upon where it opens let's suppose next week I sell $500 puts naked 23 and 1/2 strike for the the end of the current week's expiration. if Friday at the close it's 23 and 3/4 23 and 5/8 . the options are zero bid no one's going to exercise and no one's going to put me the stock if it's at say 23 and a quarter I'm going to get put the stock at 23 and 1/2 I get exercised
Chronic Line Stepper : This is all FUD
10baggerbammOP Chronic Line Stepper: do I need to Google what fud stands for??
stonKy feets :
Troll Hunter : proof or it didn't happen.
Chronic Line Stepper 10baggerbammOP: This was a FUD post, meant to project uncertainty and doubt. FUD