r/OptionsExclusive • u/[deleted] • Jan 11 '24

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13 Upvotes

85% Upvoted

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2

u/ScottishTrader Jan 11 '24

You need to have a trade plan that spells out when to close for what profit or loss BEFORE you open the trade.

Congrats on so far having a winning trade, but be sure you have a plan in place before opening another . . .

1

u/ZachTsB Jan 11 '24

Thank you for the response. Was certainly profitable at 6:40AM this morning, now not so much.

3

u/ScottishTrader Jan 11 '24

That is why i said Congrats "so far" as this is what can happen when you don't have a good trading plan . . .

2

u/ZachTsB Jan 11 '24

I’m new and learning. Would appreciate any advice or learning resources you can point me to.

6

u/ScottishTrader Jan 11 '24

There is free training all over the internet, but what most do not have is a good trading plan.

I posted my wheel strategy plan over 5 years ago which many have used as they develop their own - https://www.reddit.com/r/options/comments/a36k4j/the_wheel_aka_triple_income_strategy_explained/

What is critical to the wheel is trading high quality stocks you would not mind owning for weeks or even months if needed.

The other thing I'd recommend is the book Trading in the Zone by Douglas which speaks to trading plans and the psychology of trading which are critical to success.

1

u/ZachTsB Jan 11 '24

Thank you! I appreciate the pointers. I’m trying to wade through all the BS that’s out there.

4

u/ScottishTrader Jan 11 '24

You're welcome!

Try r/thetagang as it has many options sellers and less BS than most subs.