Is there anywhere that I can place an october put option on GLD without having to heavily fund an account. The put will only loose the price i pay for it so there is no risk.
I have some LPMT shares which is an ETF leveraged precious metals (74% gold, 26%silver), which I bought after the correction in gold and silver on Monday. I waited until the it was clear gold bounced off the 150 and 200 moving average. I think it will test the 150 day moving average a second time over the next few weeks and want to reduce my risk should it fall through $1500.
The only share I can find that tracks gold and offers lots of liquid options is GLD.
I want to place a Put on GLD - closed at $156 yesterday.
Strike $124
Put should cost around $28-$30, but I will see new prices when NYSE opens soon.
As you can guess I am common man/amateur trading in gold, nevertheless where do I go to place such a low value put without a trading account and minimize commission.
Is it even possible to open such a low value small time option?
I have some LPMT shares which is an ETF leveraged precious metals (74% gold, 26%silver), which I bought after the correction in gold and silver on Monday. I waited until the it was clear gold bounced off the 150 and 200 moving average. I think it will test the 150 day moving average a second time over the next few weeks and want to reduce my risk should it fall through $1500.
The only share I can find that tracks gold and offers lots of liquid options is GLD.
I want to place a Put on GLD - closed at $156 yesterday.
Strike $124
Put should cost around $28-$30, but I will see new prices when NYSE opens soon.
As you can guess I am common man/amateur trading in gold, nevertheless where do I go to place such a low value put without a trading account and minimize commission.
Is it even possible to open such a low value small time option?
