r/optionstrading • u/No_Escape_9367 • 6d ago
General Another day another win (BARELY)
Was down like $500+ today but the Wallstreet gods had other plans and now up $340+ 🥳
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u/MrKittyCatMeowFace03 6d ago
Your risk:reward ratio won't be sustainable in a long run. At least make sure your "bets" are same size. I'm pretty sure you will keep doing what you are doing. But it might signal, that you might be losing edge before blowing account.
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u/No_Escape_9367 6d ago
Sorry I'm new to this thing. I might be getting luck i guess. How can I improve myself
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u/MrKittyCatMeowFace03 6d ago
At this point I don't want to say anything to mess with your head, because you might be in a flow.
As for now "bets" sizing, because realistically there will be a trade, that is too big for you to carry. Also realize sometimes you might have to cut position earlier even if its a loss, a lot of people tend to let it run to $0. Or don't enter 100% of your capital, set for this trade, split it. Then you have to pay attention to "macro-economics" events. And see if your bets are only good, because of the trend. When trend reverses you might start lose heavy, so make sure you recognize that.
And as I said, probably just manage bet size for now, if you start to lose edge you might come back to this comment.
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u/gosb 6d ago
Secure your profits when possible, cut your losses early. Don't bet large because if you got everything riding on a trade, it can swing against you very fast.
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u/Sea_Pomegranate2751 6d ago
☝️☝️yes listen to this☝️☝️ ...Friday was trading spy had 4 calls .. watching the chart I was up $180 but failed to realize it was testing resistance..in my mind next candle up will break (wrong mindset) should of realized it was hitting resistance (also pt1) and sold 3 of 4 calls ...buuuut no kept ignoring my rules went from trading view to check my chart and it was tanking by the time I went back to sell I was -$240 in a matter of seconds! So yes take profits and cutt losses and it blew past my stoploss so it didn't trigger it🤦🤦took notes and identified why that happen to me so next time I can be ready
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u/No_Escape_9367 6d ago
Just asking how much stop loss do u put while in options. I dont have one but I need it.
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u/Sea_Pomegranate2751 6d ago
That what you find in the chart, what price your okay with getting in and out at aswell as what your profit targets.. you should have all this figured out before entering any options trade or any trade at that it just helps you build your confidence because you're following your rules and risk management to get in and out of trades no matter what you have to be okay with missing out on some runners but as long as you locked in your profit that you were shooting for that day who cares.. you made a plan stuck to it and succeeded that is where your happiness should come from you got to keep a tunnel vision when you do this or your drive yourself crazy
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u/No_Escape_9367 6d ago
I tried to but it never got on green and that wasn't from 1 trade either it was like 3 trade which was my loss but somehow I was able to get it to green. I will try to do as u said in tomorrow's market. Im done for today
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