well good morning everyone welcome to
getting started with options my name is
Barbara Armstrong I'm a coach with
Schwab I'm delighted that you are all
choosing to join me this morning to talk
about the dark side well it's not really
the dark side but it's about trading
stocks or indexes perhaps that are
moving to the downside and you may say
Barb did you not get the memo the market
has been hitting all-time highs and yes
it has but you know what what goes up
may come down and the most successful
year that we have ever had in trading or
trading a smaller account was the year
that the S&P was down
% and the uh NASDAQ was down and
how did we do that well we looked into
our kitbag of trading strategies and we
pulled out the strategies that work well
when the market is falling and buying a
put which in Trader speak is called a
long putut is one of those strategies
and we use this strategy a lot along
with another strategy that we're going
to talk about in an upcoming class
called a long put vertical which is a
way that we can you know more affordably
perhaps trade a a more expensive stock
that's moving to the downside so today
that's what we're talking about we're in
the third week of our -week rotation
I'm delighted that you guys are all here
AP I love your energy he like woo
it's class you know so hello to AP and
Terrence and and Marcus and Paul and
Austin and and Kevin and Greg and David
and and Larry and Life in the Fast Lane
I love some of the handles and the rest
of the gang um we also have Mike
Fairbourn with us he is very um
knowledgeable in the world of options
and so if you have any questions don't
hesitate to ask you can also ask those
questions down in the comment section if
you're watching this as most people do
in the archives if you love the class
you can put that comment in there too
every comment helps move this up in the
YouTube algorithm so that more people
can find this uh content but I I do
check those comments on a daily basis so
it's another uh a way to get your
questions answered also you can join us
in the land of Twitter now known as X U
my handle is Barb Armstrong CS uh Mike's
handle at Mike Fairbourn CS for Charles
Schwab um just know that we are posting
content on a daily basis that is helpful
and informative if you're interested in
the world of trading and um it's another
free resource you can take advantage of
okay know that options as much as I find
options fascinating um know that they do
carry a high level of risk and they are
not necessarily suitable for all
investors and if you want to trade
options through Charles Schwab you have
to apply for option trading privileges
so I'd hate for you to you know practice
like crazy in your paper money and then
go to place your first live trade and
not have it go through because you
haven't requested option trading
privileges so just be aware of that um
also know there are transaction fees
with uh placing option trades and so we
we want to take those into account we
use the paper money software application
um you know uh the platform um
application and it is a brilliant place
to learn where you aren't you know
making a mistake that can cost you real
money potentially become familiar with
the platform become familiar with the
trading strategies before you consider
trading them in a live account know that
all investing involves risk including uh
the loss of principal and when we put a
stoploss order in or even a Target in
there is no guarantee that we're going
to get out at exactly that price so
that's important to know because stocks
can gap on occasion either up or down
now I have designed this class and as
most of you know I'm um you know I am a
student of this education um you know I
learned what I know about the markets
through watching Mike Fairbourn and
James Boyd and all the other coaches um
and I found this back in
and joined as a coach in so
you know today we are you know I've
created this we rotation we're on week
three today but kind of the goal is is
by the end of week down here you'll
if you're new to all of this you'll have
a better idea of which strategies you
want to focus on First and don't make
the mistake I did of going through a
we rotation and maybe a course on
options and then thinking you should be
able to trade all um I encourage you
pick one or two strategies so if you
have a a a large account you might be
interested you know if things start
going sideways in the covered call
strategy and and you might say well Barb
I'm just starting and I've got five
grand and I'm not going to be buying a
shares of anything for a while but
I'd like to grow my account well then
you might be really interested in these
in these long vertical strategies and
these short vertical strategies and also
these long puts and long calls and you
know each one of these classes has a
companion class that focuses strictly on
those strategies you know so um that's
kind of the goal of this we rotation
okay so what are we going to look at
specifically today well today we are
looking at buying puts or long puts what
it means when we buy a put like what are
we even getting ourselves into why a
Trader might consider using that
strategy we're going to look at some
potential entry signals that we might
see when we look at a chart and then
look at which expiration dates we might
choose and why and which strike prices
might be appropriate and if some of this
is new terminology to you don't worry
we're going to go through it if you're
here joining us for the first time feel
free to type a greeting into the chat so
we can welcome you we're going to
discuss some trade management and and
then some exit strategies okay and then
we're going to go in and we're going to
both place an example trade and we're
going to look at a trade that we placed
in this class A couple of weeks ago as
an example trade which happened to be a
long put and um I'm going to show you
how you can add a a Target to a trade
that's already uh been placed okay so
what does it mean to buy a put when we
buy a put and and this is kind of
counterintuitive for some people um but
when we buy a put it is giving us the
right but not the obligation well what
does that mean it means if we're wrong
we can walk
away you know we can walk away and our
risk is defined but we it gives us the
right to sell the stock at the strike
price at any time up until the
expiration date of this put that we have
bought and what are what is our goal
well our goal is to benefit from the
downward movement of a stock you know or
you could do this with an exit but what
is the gotcha even though I said you can
walk away but when you walk away it's
limited risk but you could lose the
entire amount amount that you paid to
get into this trade okay so that's
important for us to understand because
when it comes to position sizing or
knowing how much we're willing to risk
um we don't want to risk more than we
can afford to lose so if you have a
$, account you may not want to buy a
put on booking which costs like $, a
share maybe you know because that put
might cost you you know
$, um so you know you want to have
an idea you know of how much you want to
risk and so I had to draw this out when
I got started because you know it just
didn't make sense to me otherwise so if
you have a stock that's downtrending and
then let's say it rallies for a couple
of days what I'm drawing here is what
they call a bare flag so it falls it
tries to rise and then it starts to fall
again tries to rise starts to fall and
we could say you know what I'm looking
at this and I'm thinking it might be
continuing to fall so I am going to buy
a put right here at at close to the
price where it's currently trading so
let's say I buy this put at
bucks and I pay $ for this put I've
bought and let's just say I'm right the
trader is right and the stock continues
to
fall and let's say to make the math easy
for me it goes goes down to
well I have the right to sell the
stock at so I could go out and buy a
shares because you know one option
in a standard contract represents
shares so I could go out and buy
shares at which would cost me
, and I could turn around and sell
them I could put the stock to someone at
, and how much would I have made
well I'd have made $, so am I happy
of course I'm happy I am a I am doing
The Jig you know I am dancing in the
streets now I did pay
for this option right $ a share so
my net gain is going to be
$ because I've got to take off the
that we spent to buy the option but
you know that's a % return
okay now what if you say but Barb I I
like , that would like be my whole
account I can't afford or maybe you have
a $, account I can't afford to buy
$, worth of stock to put it to
someone so does this mean I can't buy a
put of course not because what some
people will do is they will buy an
option for $ a share remember there's a
little dot there and their goal is to
just sell it for a higher amount and if
this stock has gone down to well the
stocks this option has got to be worth
at least $ right so we could just take
the put that we bought for two sell it
for you know and it could be worth a
little bit more than that if it still
has a couple of weeks to expiration
because there could be time value in it
and how much have I made I've made the
same amount $ a share or
$ so you have choices okay so what if
we're wrong I know you may say highly
unlikely like haven't you been doing
this for a while how could you be wrong
well trust me um mistakes are made and
and it doesn't matter how great you are
at technical analysis maybe they this
company comes out with some news and all
of a sudden you know they're being
bought by another company and their
stock like goes up a crazy amount
overnight well and you know it doesn't
have to go up all the way to you know
it could go up to
and if you're close to expiration you
know you have the right to sell the
stock at but if it's trading at
why would anybody want to buy your you
know your put from you if you're trying
to sell it so and especially if this is
close to expiration if it ends up above
this is going to go down in value you
know and you know could expire
worthless if this is at expiration and
this has gone up in fact if it went up
to it might be worth a nickel even if
you had time to
expiration okay so this is you know what
buying a put we are bearish meaning we
are expecting the stock to go down in
value all
right
okay so and just to review because I've
already covered some of these things but
you know what is what would our Max gain
be well our Max gain would occur if the
stock went all the way to zero um and is
that likely you know maybe not but I've
seen stocks that have had Great Falls um
and I can show you a couple of examples
of that but your max gain would be you
know if the stock went all the way to
zero and so if we had a stock that was
$ in our example and we paid $ for
the
call our Max gain would be
okay would be $ a
share okay so and and what we're really
trying to do is benefit from something
that is moving uh you know moving down
that is falling in value and it
typically this is a shortterm trade or
maybe an intermediate term trade so days
to weeks it is typically when someone
will use this type of strategy and how
much could we lose the entire amount we
could lose
% And so when we position size we
plan we position size based on losing
% and you might say well what if I
put in a stop and say hey if it loses
half value I'd like to get out like
shouldn't I position size based on that
well you can it's it's your trading plan
you can you can do do whatever you like
but if it gaps down you could end up out
more or you know
so you may want to air on the side of
caution is time our friend it is not my
friend time is not a friend when we are
buying anything because there's
something called time Decay and as we
get closer and closer to expiration that
time Decay accelerates so we're we're
happy about time Decay when we're
selling something because we want to
sell it higher and buy it back lower but
when we're buying time is not our friend
and what's our break even it's the
strike price minus what we paid you know
so we want it to fall below
$ a
share is the goal
okay so for me the magic is in seeing it
on the charts and placing a trade but
before we get to that there are four
components to a trading plan and for
every strategy you trade you might want
to consider creating a trading plan so
one create it and then two follow it and
a trading plan is always going to have
four components so one is going to be
what to buy two is going to be when to
buy it three is going to be how much to
buy or position sizing and the fourth
thing is going to be when do you exit
the position whether the trade is going
for you or against you okay so four
components and why am I bringing that up
now well because we're looking at the
first sorry I keep forgetting to erase
my screen so we're looking at the first
two components so this is the what to
buy when we're looking at buying a
put and then this section here is the
when to
buy so we have four components this is
one and two so when we get out there we
are looking look for stocks that appear
to be moving to the downside or are at
least bearish to neutral and why do I
say bearish to neutral well because if
something is moving sideways like
this and we see it turning over so this
is kind of bouncing off a resistance so
if we see this you know could we buy a
put
here and then sell it when it comes down
and bounces off support we could
so we can use this when something's
going sideways so we want stocks that
have a higher trading volume um and
first of all we want it to be
downtrending and then why do we care
about the trading volume because it if
this we're not buying or selling stock
we're doing an we're we're buying or
selling an option but if you have stocks
that trade say a million shares a day or
more and you know I've seen um James
Boyd do searches where it's million
you you can again you can make this what
you want
um but if you say I want this stock to
trade a million shares a day or more for
options you know I want the trading
volume to be high and why do we care
about that and on the trading platform
that's called open interest which is the
number of contracts that were on the
books when the market opened and volume
is the number of contracts um that have
traded today we might say well we want
this to be at least times and we want
that because when we go to sell this we
want there to be you know lots of action
happening on that stock at that strike
at that expiration so that we can more
easily get in and out and then the other
piece is that if we have this and this
we're more likely to have this which is
the bit that we have to pay the market
maker the difference between the bid in
the ask spread and we might ideally want
that to be pennies apart but we might
say as a as a GU line we want it to be
less than % so if you have an option
that costs $ you want the bid ask
spread to be within cents of each
other okay and then on our when to buy
if we're looking at something breaking
below support and I have another chart
on that but if we use this chart here
let's say it came
down and then bounced and then broke
below this this is considered to be
support and or or the floor and
resistance is the ceiling so if it
breaks below support that could be
considered an entry right here or if it
um so that's this one or bouncing off
resistance that's this
one and then the bare flag pattern is
the one that I just drew out it's this
guy here and we look at for a close
below the low of the high day we call
that a
Cod you know so you know sometimes like
there is terminology in the world of
trading so Julio is is asking a question
and his question is how do you find a
stock to buy a put on and and I as I'm
going through my day I look at a lot of
different stocks and so I am looking for
stocks that are trading bearishly and
and I just create a list so that I have
something that I could use as an
example but you can create searches as
well um to find things that are
downtrending
okay yeah if you're new to technical
analysis there is a class it's I think
it's taught now
today's um and you can check that out
it's taught on Tuesdays so here here are
some examples so here's our bare flag
example you know and like the ones that
I drew out and this is a a real
chart um I forget this is on but you had
something that was downtrending tried to
rally for a few days and then it fell
again so this would be considered an
entry because this was our high day
right
here and on this day it closed below the
low of the high
day and then we had something going
sideways and then it broke below support
and so that could be considered an entry
as
well
okay okay let's go out and look at the
charts and when we come out to look at
the charts we're going to also look at
the option chain and we're going to look
at strike you know which strike is most
appealing it's typically something close
to where it's currently trading so it's
the at the money strike or the first
strike in the money we're going to look
at an exporation date we typically want
to be at least weeks out or days
out plus however many days we think it
might
take for that stock to reach our Target
if we're putting a Target in um as
opposed to doing a trend trade so we
might want to be like to days out
um we want to look for a stock that is
bearish or in a in a big sideways
pattern and we're going to position size
based on Max loss
okay okay so I'm going to come back to
this because I'd rather have us place um
a a trade first and we are going to look
at you know having a Target on a trade
and then you know we we talk more about
the details on this in the long option
class which has just mooved from Mondays
to Thursdays it's now going to be
Thursdays at and taught by Connie Hill
um we may choose to exit if something
you know loses say with a swing trade we
put a stop in if something loses % of
its value um and we may want to with our
ATR strategy we start moving the stop
up on a daily basis as it approaches the
target to reduce the risk or reduce
perhaps if we have a profitable trade
ending up giving up our profit and so if
we place a trade let me just kind of
draw out this idea so let's say we have
a stock that is
falling and so
we have a um a put that we buy our put
here at and let's say it continues to
fall and our Target is to get out at
and and there may be a reason maybe
there was a previous low over here of
so that's why we have our Target this is
our Target and then maybe it rallies for
a couple of days our first stop we might
have put our first stop Above This High
to say hey if it goes above this High we
want to exit and then when it rallies
and then starts to fall
again you might say you know what even
if this is a trend trade we're going to
take and move our stop up to here and
then if it continues on
down and then it moves up again and
starts to fall we're say you know what
I'm going to move my stop up again so we
can adjust our stop as it approaches our
Target and that's you know just another
part of your trading plan you know when
to adjust your stops and you know what's
your target going to be what's your exit
and this you know was our first
exit this was our first
exit and then we adjusted it we moved it
up and we made this our second exit and
then this our third exit it until it
comes and hits our Target and if it gets
partway down and instead of coming and
hitting and hitting our Target and
then we're out and you know there's
there's laughter in the streets and
everybody's doing the happy dance but it
maybe it comes down here and it doesn't
quite get to our Target and it comes up
and it hits our
stop you know we might still be out with
a profit or it might come down here to
and then look like it's not not going
to come all the way and start to bounce
and we might say hey you know what it
came close enough we're going to take
this profit and we're going to go in and
cancel these orders and just get out and
that's totally legitimate too so this is
our trade management
piece okay okay so let's go out to the
chart and the first one that I want to
look
at is uh
schlum and schlum is in the energy
sector and when as someone asked the
question you know how do you find things
what I did was for this morning just
full reveal I came out to public um S&P
sector
indices and then I brought up and and
what I did I customize this and I've
done these many sessions and I showed
you how to create this in one of the
many sessions and when we're done our
example I'll show you how you can go
find those but I said okay which sectors
have been the strongest over the last
three months and if I was doing a
bullish trade I might look for something
in financials technology or Industrials
but which ones have really been at the
bottom of the barrel and that's
utilities energy and real estate so one
of the things I did is I went and
created a list of all the stocks in the
energy sector and you can really easily
do a scan to find those and create a
watch
list and I came down and I said show me
all the stocks in the energy sector now
that I know that this is one of the
weakest sectors because I'm more likely
to find a stock that is
downtrending
here and so when we look at schlum it
hit a high of
and it has come all the way down to
and then it's
bounced but you know if we're looking
for Bare flag examples do you see some
here I you know we see pardon me guys um
we see quite a few don't we so you know
it fell tried to rally for a few days
fell again tried to Rally fell again
tried to Rally fell again and then it
looked like oo are things changing
because it it rallied and we actually
this is a you know a high lower high
lower high this is a higher this is a
higher high so then we had a higher high
it came down to a support level now we
have a lower high comes back to the same
support level now we have yet again a
lower high could it come back to this
support level a third time and kind of
Kiss there and so could we do a trade
it's trading at
and even put a Target in here of
around this Mark and the answer is
well you know it's a possibility as as
um Wy would say so when we look at our
low here it was
and this low was I'm just hovering
over at
and then it came down again to
even and and so could we come out and
look at this and say could we just do
this would be called a swing trade where
we are buying a put and saying you know
if it comes back to here we'd like to
exit that this would be our Target
around
$ or you might even make it if it
comes close you know we would like to
exit and so it let's see if it meets our
parameters so if we look at you know
what to buy um we're going to go and
look at that in a sec but when we look
at when to buy is the stock downtrending
check now I often you know with my
recipe or trading plan I also put
something in that says is the market
downtrending and is the sector
downtrending now this sector you know
over the last three months has been one
of the the weakest sectors but the
market overall is uptrending so that is
not a check but this stock is
downtrending so check and then do we
have this pattern where we have a high
and a lower high you know something that
even if it's starting to base do we have
an entry do we have this Cod a close
below the low of the high day we
do cuz here was our high day we actually
had that close Below on
Friday okay so we've got that Clos below
the low of the high
day there's our D okay this time all a
Ras before we go before we go on okay so
we're going to come to the trade tab now
remember when we
said what do we what are we looking for
well we're looking for a stock that
trades a million shares a day or more so
do we have that
that yeah check it's already at
million do we have if we come out and
we want to come out at least days in
fact I'm going to have
to close this we're going to close this
and this we're going to come out to
April so this gives us days and
although we're only intending to be in
this for a few days if we come out a
little further our time time Decay is
going to tick away at a slower pace and
so that's to our advantage so if if
we're coming back to our checklist and
we say you know does it trade a million
shares a day or more check if we look at
a strike and it's trading at
close to where it's currently
trading so either the
um or the you know is do we have
lots of contracts at these strikes and
the answer is yes we do and if we look
at you know which one is the closest
it's probably this
so is the bid ask spread tight and
we want this to be less than cents
and it's two cents so you know it's
pennies
apart what is our Delta our Delta is
Cent so it means for every it's minus
so it means for every dollar this stock
drops the value of this option um will
go up by
C okay it also tells us that we have and
this is just a guesstimate like a %
probability of this being in the money
come April th and we we don't have any
intention of still being in you know
having this put come April th we just
want to be in it for a few days and see
if it will just kind of come down and if
it bounces we're okay we'd like to see
it come down and hit that say Mark
and then we're going to take our profit
and go okay so how do we put that trade
in well we are going
to and if we were trading this in our
trading a smaller account class we've
got about $, in that class so we
can in that account we can RIS
up to
$ and so how many of these could we
do we could do
three okay and that would be about
$ to
$ so we're going to rightclick here
and we are going to buy custom with an
Oco bracket what does that mean it means
we're going to put in both a Target and
an
exit and so when we come down here we're
going to say well I don't know exactly
what this is going to be worth because I
wanted get out um if and when schlum
comes down to
$ so I just want it to drop about a
dollar so I'm going to come to
Market good till
cancelled and then it's going to bring
up a screen where I can put in my
condition and my condition is that I
want this stock to hit
or
below so and then when you come down
here you'll see it says the security is
less than or equal to
we're going to
save and then our stop is going to be if
this loses half its value and becomes
worth about CS it's probably not
going in the right direction or not
going in the right direction fast
enough and so when we hit now confirm
and send and we want to make this three
and these three if I click this little
paperclip it will have our quantities
match so when I come to confirm and send
how much are we risking here well we
want to buy because we're
bearish three puts on schlum at
the strike that expires in
April we want to exit if and or when
schlum comes down to
how much are we risking
$ how much could we make well if it
goes to zero we could make
, but we're not going to wait until
it goes to zero we're just going to wait
for it to go down and this is called a
swing trade to the recent low so we're
going to put this in our long put bucket
and we're going to put a note into
ourself that says hey this is a swing
trade now we could put in a trailing
stop but the problem with that is if we
have a day where we have a big wick and
it moves a lot we could end up stopped
out even if the trade is still heading
towards the target so you might say well
this is only a dollar move Barb that's
not much like how much could we make if
this goes down and hits our Target and I
like that question I like the way you're
thinking so let's put this in and you
know and it's saying here you always
want to read the notes at the bottom you
know there could be wide markets or
liquidity risks which means we we might
have trouble getting you out of this and
we'll do our
best but there are no guarantees so now
we've bought this put so if we want to
see how much we might make we can come
up here to the layout and we are going
to click on that and click Theo price
and when we do that the first thing we
do is we hit reset so it says okay it's
September th let's say March st it
hits our Target so that's Friday if on
March st it hits our Target and our
Target was um so let's say it comes
down by
$ oops I need to put a minus in front
of
that when I hit enter it now says
so we need to make that one we'll
make it
so now it's trading at it will have
hit our Target and triggered an exit and
what you'll notice now when I click
outside of the box is that now there's a
new um there's a new column right here
that says Theo price and you know we
paid let's say you know between $ and
a to get into this it would now be
worth a about
$ and so let's just round and say if
we're up
and you know we paid a to get
in and I'm rounding so this is like just
a guesstimate what might our return on
our risk be it might be about
% for a trade that we would be have
been in for days now the longer takes
to hit the target the more time Decay is
going to be chipping away at it and if
volatility goes up or down that can
influence the price so this is just kind
of a a guesstimate if you will it it's
certainly not a guarantee but it just
shows you how sometimes small moves you
know can be profitable and and if you're
saying well that's a $ gain well it is
but it's a $ gain and we did three
contracts and were we to make $ on
this account this account started at
, so you know we're looking at that
and we're going to call that a base hit
because if it were that would be %
of our starting account
value okay so how did I adjust the O
price I'm going to do a mini session on
on
that um so you know there will be a
little like -minute video on it but I
came to layout the old price and let's
say you know we put a Target in to get
out of it loses half its value but let's
say it goes up by a dollar
instead by Friday how would that impact
our price so I just added that then you
hit enter and you'll see it says
and now this thing is it's fallen
in value from $ to
a okay so if it goes up a dollar it
we would lose
remember that Delta was around and
this is showing us that you know that's
in that ballp
part okay okay so we have just a few
minutes left one of the things that I
said I wanted to show you was um how to
access um this Channel and one you're
going to want to hit subscribe so I mean
that's that's the first thing so two
then you just bring up a new screen type
in YouTube when you get to YouTube and
I'll just walk you right through it when
you get to
YouTube you want to type in Trader
talks okay and we want Trader talks
webcast from
Schwab but if you hit the Subscribe
button it's going to make it easier for
you to find and then when you hit this
Trader talks you're going to come to
playlists so you you'll always see from
your home here that you know what's
being taught now or what what's up next
and then if you come to playlist I have
these little mini sessions and I'll put
a link in in the show notes down below
so if you're watching this again you can
find them I'll also put a link into this
at the very end of the webcast but if
you click view full playlist remember I
said that I had created a little video
on um on how to customize that watch
list well there it is and then there's
one on how to customize and create
groups in the monitor tab so there's
that one there's one on how to um
customize your
chart this one just posted yesterday you
know I have something that I call barbs
Basics and it's just how to customize
the option chain and some other features
that are really handy to be aware of um
and remember how we put a note in well
how do you see that note again there's a
little mini session on notes also so
there's all kinds of stuff um you know
if you like the
um the some of the stuff I have on my
chart you know how to add scripts so
there's all you can go and binge watch
you know and it would only take you an
hour to probably watch all of them okay
or if you want to go back because this
is a we series you can come down to
the getting started with options and you
can see you know we here's you know
we've got week five we started with week
one You know you can go through
the whole series if you don't want to
have to wait to join us week to week and
like Dave is saying this is his third
time through and every time you come
back and go through this series you're
going to learn more because you know
more so you're going to hear things
differently or you're going to hear
something and get it that maybe just
went in one ear and picked up speed the
first time and I I mean I know in in my
learning curve whether it it's been you
know learning you know more about skiing
or learning how to trade that there are
sometimes I had to hear things from
multiple different coaches multiple
different times before it was like oh
now I get it so all I can say is guys if
it feels like you've been drinking out
of a fire hose just keep coming back now
um we're almost out of time but I wanted
to look at Triple M and this one was in
the other account we placed this a
couple of weeks ago on February th
when we come to the monitor tab we can
see that we bought a put and we're
underwater a little bit we're down
$ on this a demanding so I'm going to
ask three things of you one make sure
you hit the subscribe to um make sure
you hit the like button what that does
is it it lets Mike and I know that you
found this content valuable it also
helps move things up in the YouTube
algorithm so that more people can find
this content um so hitting like does me
a favor and you may be doing a favor for
a random stranger that you'll never meet
um and then last but not least you're
going to want to follow us in the land
of X so Barb Armstrong Cs and Mike
Fairbourn CS so we've done what we set
out to do we've talked about what a long
put is what it means when we buy a put
oh so I put in the right I put in the
wrong price sorry guys um we've we've
looked at the basics of how we might
choose a strike we've followed our steps
and placed an example long put trade and
our example today was
schlum and then we looked at how we
could add an exit to an already existing
order so thanks so much for joining us
have an awesome day up next is trading
flags with Ben Watson you'll want to
stick around for that and huge thanks to
Mike Fairbourn for answering your many
questions in the chat take care everyone
bye for
now
