Risking 1% of your total equity. Does this refer to the stop?
- Thread starter rogersmithiii
- Start date
I normally keep things simple, and since I am usually not quite sure of my judgement, especially timing, I tend to trade longer term options with expiry >1 month. For this trade I bought ITM calls, actually got filled less than mid bid/ask, I think because the stock price was in a downward trend. If I close my trade today, I should realize ~20%-30% profit but I am looking at converting/legging into a spread like you suggested. Thanks, I appreciate your suggestion and help.
Look at the chart I posted in post 80..might be a coincidence that price today retreated very near the top of the box..or it might have something to do with options pricing?
Anyway, time to exit.
Good luck with your gambling
You are a pro MrScalper!Anyway, time to exit.
Good luck with your gambling
I totally agree with you. Quit while still ahead.
You are right about the gambling part, or being opportunistic.
I am a long term DXCM investor but traded its options whenever I saw "opportunity", long or short.
GILD on the other hand is recently on my watch list. It is still too early for me to commit $ to GILD.
Regards,
Are these histograms?A setup like this might be of some use for longer term trading?
Good luck!
You are a pro MrScalper!
I totally agree with you. Quit while still ahead.
You are right about the gambling part, or being opportunistic.
I am a long term DXCM investor but traded its options whenever I saw "opportunity", long or short.
GILD on the other hand is recently on my watch list. It is still too early for me to commit $ to GILD.
Regards,
I am just an ordinary fool, who made and lost a lot of money before I eventually woke up and stopped listening to idiots on the Internet talking about things that do not really matter.
Most of what people speak about is pure and utter rubbish, and has absolutely nothing to do with making money in the financial markets!
You know best in relation to what you are doing, so do not mind me or anyone else!
There really are some very good opportunities to make money with short term trading, but it is hard work and requires some serious time and commitment.
Investing can make you a lot of money (last few years is a good example), but can wipe you out when the downturn suddenly arrives, which will happen, that is for sure!
It is like any good job..requires a thorough plan and adequate funding, otherwise the chance of success is very low indeed.
My take on market profile, but customized to check the major S&R levels against the daily bar chart.
No matter what you trade, the extremes will always be very important..don't just take my word for it!!!
Volume can be very misleading, and IMHO one need not be too worried about volume once there is adequate liquidity to get out of positions if required..hence penny stocks should be avoided unless they are traded by Institutions, which some are!
Funny thing about trading is, you can actually show someone how to make money trading in less than 5 minutes, but the chances of them actually doing it is in the .000%.
Just the way it is, and there appears to be no shortcuts for anyone who tries to make money trading..which really shows you how good a job the advertisers and salesmen are doing
It is very very simple.
1% max risk per trade..gives you well over 100 chances..as you will sometimes get out with much less than the 1% loss..if you can not make some money after 50 trades..then..it should be very obvious that you haven't a clue what you are doing..so..you best wake up and start doing what needs to be done..quit right away..or continue to listen to idiots on the Internet and watch the rest of your account go down the toilet..and..you will more likely come back again with account no.2..and so on..talk about "one born every day"
In relation to the MP charts.
Done a search on the net and found a file with the basic setup.
Put about 5 hours work into it to get it to where I wanted it.
Now, all I need do is type in the symbol in the top, and presto, auto updated with my customized MP for whatever market I want to look at.
This is where automation is very handy..can not be done manually as way too much work.
Would I automate trades..that is a real big question to answer..I could automate my trades very easily if i wanted to, but I am firm believer in the saying..
"there is more value in the blink of an eye, than in months of rational analysis"
Very hard to cover the blink of an eye with some software code
If anything, I would automate longer term trades due to the wider stops, but not short term trades, for reasons stated!
Done a search on the net and found a file with the basic setup.
Put about 5 hours work into it to get it to where I wanted it.
Now, all I need do is type in the symbol in the top, and presto, auto updated with my customized MP for whatever market I want to look at.
This is where automation is very handy..can not be done manually as way too much work.
Would I automate trades..that is a real big question to answer..I could automate my trades very easily if i wanted to, but I am firm believer in the saying..
"there is more value in the blink of an eye, than in months of rational analysis"
Very hard to cover the blink of an eye with some software code
If anything, I would automate longer term trades due to the wider stops, but not short term trades, for reasons stated!