I’m definitely learning the importance of discipline with options the more trades I take. The last thing I want to do is blow my account. It’s difficult, especially when you see money being made so fast.
And you’re right about the bear market. I wrote a few columns ago that I still haven’t experienced a bear market and can’t be sure how I’ll respond. The good thing is I’ve educated myself enough at this point to know not to panic but to use that as a buying opportunity. Eventually, we’ll have to face it. Hopefully knowing what’s inevitably coming will help me to manage my emotions.
I am not a trader or expert for options but I understand the principles and would suggest you study puts as much as calls so you can benefit form a downtrend as well
but it all hinge son discipline
The is a similarity to compounding interest. The most important thing is time and steady gains, not the big short-term hits.
If you can make $450/day regardless of the time it takes, you get close to $10k/month
The discipline is what it really takes beside the temperament.
If you can handle the stop-loss on those days that don't work, you are probably fine.
Big picture it is pretty scary that we had almost only bull runs the last decade, so a prolonged down-turn is unknown to most newbies.
I’m definitely learning the importance of discipline with options the more trades I take. The last thing I want to do is blow my account. It’s difficult, especially when you see money being made so fast.
And you’re right about the bear market. I wrote a few columns ago that I still haven’t experienced a bear market and can’t be sure how I’ll respond. The good thing is I’ve educated myself enough at this point to know not to panic but to use that as a buying opportunity. Eventually, we’ll have to face it. Hopefully knowing what’s inevitably coming will help me to manage my emotions.
I am not a trader or expert for options but I understand the principles and would suggest you study puts as much as calls so you can benefit form a downtrend as well
but it all hinge son discipline
The is a similarity to compounding interest. The most important thing is time and steady gains, not the big short-term hits.
If you can make $450/day regardless of the time it takes, you get close to $10k/month