Thanks. So your own rules preclude smash and grabs? would three days suffice? Do you have a lot of rules? Just curious as I am a noob and you sound knowledgable.
I just thought I'd revisit how correct I was, now that we've had a couple days were Dow was down 1000 with huge Nasdaq losses.
I said, long investors should be getting nervous and getting ready to take their profits (sell their positions). In the same week as our conversation GME peaked at around 222, up from 200 when this thread began. Since its height at around 222 it has dipped back down below 200, up to 206 and then crashed to 175.
These long investors holding their positions on faith and gut feeling got royally screwed if they did not sell at the top, which exemplifies why I say, do not greedy, take your wins and move on.
No, smash and grab is all you do you and watch your contracts in real time.
Never stay in a contract over-night, regardless of how sure you are that it is going your way. Like, this week if you bought 6k of 4 tier up "in the money calls" you would have made a fortune but come close of day Monday the wise man would sell the contracts and take their gains. But the fool wakes up and sees the stock gapped 6 dollars higher after close of market. He sees all the money he could have made if he just stayed in overnight, so he discards that rule and starts staying in his contracts over night. He looses 9 times out of 10 but his once in 10 wins keeps him pissing his profits away.
Trading options contracts should be like sticking a tin cup in a waterfall, put it in and pull out quick, you have a full cup of water, who cares if a thousand gallons rush by , you got what you need.
Don't get greedy just snipe steady gains and get out before the time value gets sucked out from under you
Thanks. So your own rules preclude smash and grabs? would three days suffice? Do you have a lot of rules? Just curious as I am a noob and you sound knowledgable.
I just thought I'd revisit how correct I was, now that we've had a couple days were Dow was down 1000 with huge Nasdaq losses.
I said, long investors should be getting nervous and getting ready to take their profits (sell their positions). In the same week as our conversation GME peaked at around 222, up from 200 when this thread began. Since its height at around 222 it has dipped back down below 200, up to 206 and then crashed to 175.
These long investors holding their positions on faith and gut feeling got royally screwed if they did not sell at the top, which exemplifies why I say, do not greedy, take your wins and move on.
No, smash and grab is all you do you and watch your contracts in real time.
Never stay in a contract over-night, regardless of how sure you are that it is going your way. Like, this week if you bought 6k of 4 tier up "in the money calls" you would have made a fortune but come close of day Monday the wise man would sell the contracts and take their gains. But the fool wakes up and sees the stock gapped 6 dollars higher after close of market. He sees all the money he could have made if he just stayed in overnight, so he discards that rule and starts staying in his contracts over night. He looses 9 times out of 10 but his once in 10 wins keeps him pissing his profits away.
Trading options contracts should be like sticking a tin cup in a waterfall, put it in and pull out quick, you have a full cup of water, who cares if a thousand gallons rush by , you got what you need.
Don't get greedy just snipe steady gains and get out before the time value gets sucked out from under you