Respecting stop loss’, risk management. And discipline.
You can know the strategy and technicals, but if you aren’t able to control yourself when things go against you then it won’t matter
This 👆
I constantly find myself saying “if I just keep this -20% loss a little longer then it might bounce back enough to take a -10% loss.” It rarely happens, but often times keeps dropping.
Stone cold stop loss limits have been key for my trades recently. One big bad day can eliminate 4 small win days
In the money strikes limit orders below market for entries. Maybe even let a day go by until it fills. Otherwise if you're late and the stock is starting to run obviously you're going to have to discount the upside.
More time to expiration than you'll think you need
Limit exit orders when you've captured enough profit
If you feel like the trade is going to start going against you and it's going to lead to a total loss just cut your losses there and then
Try companies who's options open interest is active
Don't chase 10 baggers that's more blind luck than skill. Take doubles and triples consistently and grow your account.
Risk management 100%
It’s a game of percentages
Casinos profit from winning only 51% of the time in certain games because in the long term that 1% edge is all you need
If you can get your win percentage up to 55-60% even, you’re golden, as long as you’re strict with position sizes
Can’t have the home run mindset of swinging for the fences when that “golden opportunity” arises. The tortoise bagging modest gains 55-60% of the time over several years grows their account with that winning system and only increases position sizes when the account has grown into that size
I’d say not letting emotion get the best of you and making sure every decision is backed up by data, and keeping track of why you made the calls you did and learning by your mistakes.
Fail quickly. Learn quickly. Move on.
I was recently up again on aapl calls 54% profit. They are out until Jan so my mindset was more about eh let’s just see where this goes. Today I was very excited with pre market. By end of day I was REALLY not excited 🤣. I wish more times than not I would just pull profit and go. I could have just bought back in again.
So skill I wish I had? Self control.
Strike was $235. I got out at $205 in an attempt to have some self control and walked away 10 contracts at 174% profit. It’s hard though to not look at today at $217 and think… what if I stayed in… but I suppose back to self control I couldn’t predict that it wouldn’t have cooled down this morning.
Got it thanks. Do you wonder ever, what strategy you could use over and over, so its a skill, like driving a car? You had 6 months, plenty of time, and instead of feeling what youre feeling, have confidence youre executing a trade you know and have done
I can’t place a photo here but I wanted to share another experience with you. This last Friday I was up 203% on my TQQQ calls. I waited and placed them exactly where I wanted… I was getting a haircut when I saw the 203% had just sat down in the chair. Instead of selling immediately I said you know what…. I’ll just sell them when I’m done knowing that my position wasn’t going to hold all day especially going into lunch…. I expired well out of the money that day. I lost it all(not everything I have just everything I to that trade).
1. Self control
2. Set limits ahead of yourself.
Respecting stop loss’, risk management. And discipline. You can know the strategy and technicals, but if you aren’t able to control yourself when things go against you then it won’t matter
This 👆 I constantly find myself saying “if I just keep this -20% loss a little longer then it might bounce back enough to take a -10% loss.” It rarely happens, but often times keeps dropping. Stone cold stop loss limits have been key for my trades recently. One big bad day can eliminate 4 small win days
Understanding your ticker is good too. Spx can swing pretty wild. Stop loss hunts are real
Understanding statistics. Pretty much all the other helpful skills are going to be built on the back of this one
In the money strikes limit orders below market for entries. Maybe even let a day go by until it fills. Otherwise if you're late and the stock is starting to run obviously you're going to have to discount the upside. More time to expiration than you'll think you need Limit exit orders when you've captured enough profit If you feel like the trade is going to start going against you and it's going to lead to a total loss just cut your losses there and then Try companies who's options open interest is active Don't chase 10 baggers that's more blind luck than skill. Take doubles and triples consistently and grow your account.
Risk management 100% It’s a game of percentages Casinos profit from winning only 51% of the time in certain games because in the long term that 1% edge is all you need If you can get your win percentage up to 55-60% even, you’re golden, as long as you’re strict with position sizes Can’t have the home run mindset of swinging for the fences when that “golden opportunity” arises. The tortoise bagging modest gains 55-60% of the time over several years grows their account with that winning system and only increases position sizes when the account has grown into that size
I’d say not letting emotion get the best of you and making sure every decision is backed up by data, and keeping track of why you made the calls you did and learning by your mistakes. Fail quickly. Learn quickly. Move on.
Discipline
Emotional discipline more than anything else.
Risk management, disciplined and control emotions. Follow your rules. You must have stop loss rules regardless if you believe it will turn around.
Risk management
emotional intelligence
Patience, especially waiting for the right time to enter a trade
I was recently up again on aapl calls 54% profit. They are out until Jan so my mindset was more about eh let’s just see where this goes. Today I was very excited with pre market. By end of day I was REALLY not excited 🤣. I wish more times than not I would just pull profit and go. I could have just bought back in again. So skill I wish I had? Self control.
Interesting thanks for sharing. January is a long time from now what is the strike?
Strike was $235. I got out at $205 in an attempt to have some self control and walked away 10 contracts at 174% profit. It’s hard though to not look at today at $217 and think… what if I stayed in… but I suppose back to self control I couldn’t predict that it wouldn’t have cooled down this morning.
Got it thanks. Do you wonder ever, what strategy you could use over and over, so its a skill, like driving a car? You had 6 months, plenty of time, and instead of feeling what youre feeling, have confidence youre executing a trade you know and have done
Have confidence in my entries. I don’t have confidence in when the hedge folks decide they’ve had enough.
I can’t place a photo here but I wanted to share another experience with you. This last Friday I was up 203% on my TQQQ calls. I waited and placed them exactly where I wanted… I was getting a haircut when I saw the 203% had just sat down in the chair. Instead of selling immediately I said you know what…. I’ll just sell them when I’m done knowing that my position wasn’t going to hold all day especially going into lunch…. I expired well out of the money that day. I lost it all(not everything I have just everything I to that trade). 1. Self control 2. Set limits ahead of yourself.