Made a lot of progress, but feel like there's so much more to go...
- Thread starter trader99
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No, I don't day trade options, I found it way too difficult. I swing trade.
@jeffalvinson is one of those successfully day-trade options.
my experience exactly.
I've both swing traded options and daytraded options. I think it all depends on the stocks. If a stock is trending for days then maybe. But nowadays, things move back and forth so fast that options lose a lot of value quickly. I feel like I should be in and out of them fast... what have been your experience lately?
This morning traded stocks instead of options because my options didn't get filled. I had over another $1K profit but I was too busy trying to get into a different trade that I wasn't paying attention so gave back some open profit. Ended up only $641.
But I'm very glad I got out when I did because when I went to work and checked the chart. The stock reversed and would have led to massive losses if I hadn't gotten out.
So, I'm glad I can make profits in stocks and options with the same rules and approach.
But I'm very glad I got out when I did because when I went to work and checked the chart. The stock reversed and would have led to massive losses if I hadn't gotten out.
So, I'm glad I can make profits in stocks and options with the same rules and approach.
My methodology is not suitable for going in and out quickly and whenever I did the MM seemed to have knowledge I didn't have so the trade they were willing to make usually meant they won as soon as the trade was executed.
Jeffalvinson often discussed his approaches on this forum and I think his methodology is better suited for day trading options. However, I was not smart enough to duplicate his approach and so gave up trying.
that sounds like a bit of luck..which of course happens a lot..but..which will eventually lead to that big loss..more than once..again..how do I know this..been there and done that
most seem to forget that the only way to make money is by trading..talking is great but will not make you any money..staying in the market is fine..or has been fine..up to now..if one adopts the same approach going forward..when the market dives then one is going to be very sorry.. especially if one has overtraded
it is far better to make $100 than lose $1000..anytime..and it is very easy to make $100 if you are in the right place..at the right time!
why do you say it's luck? I had an entry criteria. And I had an exit criteria. I was busy and didn't exit at the MFE. But as soon as I saw it coming down I exited and protected profits. That's very well thought out approach.
had I held on and "hoping" it will come up again then that's luck.
My goal is $5K/day on average. Not there yet. $1k+/day is easy and I can bang that out. Just need to be consistent. But to make a $1K/day on AVERAGE that means I have to make WAY more than $1K/day to average out losing days. So $5K/day on average is not that easy since it means I have to have those $10K/day or $20K/day to even out the losing days.
But this is a long journey. Still working FT job.