Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
If you want to support our community, become an Elite Member.
Thanks for the journal and updates Pedro. This makes me want to (sim) try out directional swing trading with options again which I gave up on as it was my first trading style and attempt at trading since I didn't know any better back then. I had already been through books and the CBOE free info and a couple of options education vendors and newsletters but always the results fell far short. But now I'm itching to try again since maybe my swing trading on daily bars could have been improved. I have a hard time patience-wise daytrading higher time frames like even 5min or higher, but I'm comfortable with the daily time frame.
I really like the CBOE Virtual trader. It is easy to sign up, you can adjust the account anytime, and the index quotes and options are actually real time. You could cheat with stock options, but just execute 15 minutes later when you would have done it and you get the quote what you needed.
They subtract commissions and also they don't let you sell options if you don't have enough money on your account. In short, it is very realistic. I am not sure about limit orders getting filled, but hey, this is a free website.
So there is really no excuse not to use it. You can make several accounts to test different strategies...
I think with options money management is the key. It is easy to make a shitload, but it is just as easy to blow the whole account. In my 2nd to last SPY trade I was a bit too cautious, and only made $500, but for the account a 10 times bigger position would have been still relative small.
This last trade I should have averaged in, but I was busy trading futures, and the amount is very small, so even if I lose it all, it is only $500....
The following user says Thank You to Pedro40 for this post: