Big Time Lurker, First Time Poster Looking to Develop My Game

DeltaRisk said:
When you read Sec 15c3-1 and fully understand it, then you’ll be ready to trade.

Don’t gamble. Trading isn’t gambling.

And, you’re welcome because I actually like to help.
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Thank you for pointing out the SEC rules. Do you mean the document here? I'm going to start reading it this weekend. Anything in specific I should pay attention to?
 
lawrence-lugar said:
So in conclusion, you're not profitable and struggling -- and hoping someone will point you to an overnight Holy Grail.
Attack, or approach, trading...like a pizza...think about all the ingredients, and their temperatures and composition and volatility.
Think about that pizza traveling from one time zone, from say Chicago to California in varying altitudes and roads.
As Laurence Fishburne would say....Free Your Mind.

Don't be a BTL, big time lurker -- be a BTT, big time trader.



1999 was gambling. 2009 was gambling, and 2019 will be gambling. Anything that has to do with money, is essentially gambling -- the players considered the risks vs the rewards. And took the appropriate bets as they saw fit for the given situation in time.

No matter how safe or wild your trade situation may be...it's still a bottom line gamble. There's no way to sugar coat it.
Even if you're trading with a sure thing like inside information like Steve Cohen...it's still gambling.
Or if you have Nobel prize-winning economic scientists form a hedge fund like LTCM...it's still purely gambling.
I'm not gambling, I'm trading...High-Five` :cool:
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OP is not gambling, OP is taking risk, trading options using a method he/she believes gives positive expectancy.

I give OP credit for studying and reading up before started to trade.

Good luck and welcome to the option traders club.
 
Thanks for all the great replies! I wish I had time to reply to each post, but I'm looking for a new spread. I must say, y'all are way nicer than most forums... A newb like me would probably be trolled out of another forum by now.

I'm getting a huge psychological takeaway from the thread and I'm interested how I'll respond when the market eventually goes against me.

I'm aware that the risk I'm accepting would be considered more of a gamble than an investment. I keep my positions small relative to my bankroll.

I'm gonna read SEC 15c3-1, but I'm gonna keep trading even if I haven't read it.

I'm looking forward to chatting with everybody and hopefully making new friends. Thanks again everyone!
 
spindr0 said:
Don't confuse brains with a bull market. For the most part, bull put spreads work quite nicely these days. In a correction or down market, you're going to eat a lot of short puts.

I'd suggest that you focus more on selling bull put spreads on stocks that you are bullish on as well as willing to own rather than those with high implied volatility. Skip the 'willing to own' part if you're just trading period.

And if you're nice, I'll share a copy of "The Ultimate Guide To Making Homemade Pizza". :D
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I'm always down for pizza...
 
rvince99 said:
I've been around gamblers my entire life.

Gamblers cannot leave the table when they are up. They live their lives chasing being up so that they can then quit, a winner. The few who actually do, again, get up, still can't leave.

So look at the expression "Let your profits run..." under exactly that lens.

Understand that investing is assessing the future expected value of something relative to it's current intrinsic value.

People come from various backgrounds and market experiences, and this is not a zero sum game.Most people want to help, and are often a fountain of great ideas -- even the beginners. Yes, here will people who will look to castigate and demean you here and everywhere else (I've been around too long to go getting into pissing contests with anyone). I'm contractually not permitted on "social media," but here I am, looking for fresh, new perspectives.
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This worries me a little... Maybe I'm an addict.
 
sle said:
Actually, if prospect theory is a guide, most people tend to cut their losses too late and take profits too early. So the above is probably a fair guidance.
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Actually, sometimes I wonder if I should take gains on a spike, or if I should hold and squeeze every penny until expiration. So far, I've squeezed every penny. I welcome any decision criteria on this.
 
lawrence-lugar said:
So in conclusion, you're not profitable and struggling -- and hoping someone will point you to an overnight Holy Grail.
Attack, or approach, trading...like a pizza...think about all the ingredients, and their temperatures and composition and volatility.
Think about that pizza traveling from one time zone, from say Chicago to California in varying altitudes and roads.
As Laurence Fishburne would say....Free Your Mind.

Don't be a BTL, big time lurker -- be a BTT, big time trader.



1999 was gambling. 2009 was gambling, and 2019 will be gambling. Anything that has to do with money, is essentially gambling -- the players considered the risks vs the rewards. And took the appropriate bets as they saw fit for the given situation in time.

No matter how safe or wild your trade situation may be...it's still a bottom line gamble. There's no way to sugar coat it.
Even if you're trading with a sure thing like inside information like Steve Cohen...it's still gambling.
Or if you have Nobel prize-winning economic scientists form a hedge fund like LTCM...it's still purely gambling.
I'm not gambling, I'm trading...High-Five` :cool:
More...

Anybody that can break down options with pizza, must become a friend of mine.
 
DeltaRisk said:
When you read Sec 15c3-1 and fully understand it, then you’ll be ready to trade.

Don’t gamble. Trading isn’t gambling.

And, you’re welcome because I actually like to help.
More...

OK, so I started reading and so far it is a bunch of stuff for broker/dealers. Is there a section I should focus on?
 
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