Staying in Perpetual Motion...
3 Responses to “Staying in Perpetual Motion”
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There is still time…...
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Learning From the Year...
2 Responses to “Learning From the Year”
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Jeff says:
Your absolutely right…I too need to slow down for just a few days and think about the mistakes and lost opportunities of the past…not to sulk but to learn from and move forward. Focus on the right choices and capitalize big time!
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Robert Carr says:
Make 10% a month on credit spreads. Take time off every day. Have more fun. Spend more time with God.
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One Single Word is Your Enemy in Trading...
5 Responses to “One Single Word is Your Enemy in Trading”
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thaitrader says:
I spent many thousands of dollars and years searching for a better system to improve my trading. It wasn’t until I started to look at myself that I realized I had to change my thinking and use the knowledge I had gain over the years to develop a trading plan of my own. I am finally on the right track to being a successful trader.
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Ken says:
After many years of trading, I completely agree with Jeff.
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Carter says:
True, tend to get in too late and out too early. Have tried many sites and systems and never seem to get better
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I’m 70 years old and if I wait to get better I might not get there. You get better by trying to get better. Maybe be the best you can be would be better than waiting for things to get better or waiting for the better way or the better thing. Some things never get better, so make the best of what you have to work with. In trading you have to have a plan and work the plan. In life, it’s the same. If you ask for help from the Holy Spirit, He will guide you. He knows everything about everything, so what can be better than that?
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Roland says:
I could not agree more Jeff and Mr Robert Carr.
pefectionism is a circular momentum sucking path which never achieves its goal.
There is only One who is perfect, and it aint me!!!
Thank you Jeff for the forum and what you do!
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The Past Is Not A Prison...
3 Responses to “The Past Is Not A Prison”
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robert chapman says:
Pulling the trigger to get started
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Mike S says:
Jeff, Thank you for this timely post. I have gotten killed this year with wrong directional trades 9betting on the correction that doesn’t come). My biggest problem is two fold: 1) When to cut and run. i.e. take the loss and get out. 2) Fear – afraid to not be in the directional when the big reversal happens. I’m so sure (wrongly) that the market will tank that I keep making trades based on that. Do I get out of all of those losing trades immediately? What do I do to get back on track? I know you cannot give personal advice but can you broadly comment on this and how to get moving forward again? Please help! Thank you
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Kwesi Chapman says:
I’m thankful that I decided to finally take the necessary steps to direct my life where I want it to go and to have linked up with your phenomenal website and group of traders. Thanks!
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I am working on the option thing. Part of the problem in understanding the workings of the brokerages trading platforms(it would just be to easy to have a four legged entry platform with the option chain, breakeven points, and a p/l graph(which I could probably live without). Instead we have to have everything including the kitchen sink and then some. As far as the greeks go they want to make rocket science out them-ATM options are normally 50%, OTM and ITM option delta depends on ATR of the equity(volatility)(example if the equity over time does not move in price then ITM options will be almost 100% within a strike or two of the price of the equity-OTM options will be close to 10% or less within one or two strikes of the price of the equity-this is real rocket science). If a person watches the price of an equity in relation to the price of the option you will notice that most all times as the price of the equity goes up the price of the option does not follow the increase in the price of the equity-if the price of the equity is going down then the equity price falls faster then the price of the option-this up and down motion of the equity has more to do with the decrease(increase) in the time premium in the option than the passage of time(except for the guys that do calendars and the market makers figure out when all the calendar guys due there thing and then they trash the time value in the far out purchased options(LOL)). Back to the brokerages-you push credit spreads-how many brokerages allow option traders to do risk defined credit spreads-that is new account holders-beats me how many of them have new customers. I think I only know of one that allows new customers to do level four options(thinkorswim???). The last I looked at optionhouse which is suppose to one of the best they wanted $400 up front to teach level 4. And then there is an outfit wandering around that wants to charge a person in the thousands($3000 to $4000) to teach a person level four so any option brokerage will take that person on(I did not see a guarantee on their site that an option brokerage would give one of their students a level four account). And there all kinds of other option educators out in the wild(cboe website webcasts, riskdoctor.com(have you read Cottle\’s book-he states after about the third time reading it the lights just might come on), ramdomwalktrading.com(JL Lord\’s expensive books on BWB and condors-according to the index on the BWB book I can find only one section of a few pages that might mean something-have to spend the money on my cheap chevy truck before I consider spending big bucks on a book like that) and then there is Sheridan, and some outfit in San Jose, CA(more believers in the BWB), and many more-some make sense;however how much can a person do with vertical option spreads(preferably credit spreads)that cannot be put into a simple book of short duration. Sorry I am practicing my typing and in my book writing mode!!!!! PS-I have a hard time taking anything on that involves monthly subscriptions payments-just the way it is and with any course that involves credit spreads what are my chances of getting a broker to allow me to such spreads and since I am a little person at what commission cost. Someone out there in the wild blue buy Cottle\’s book and take the meat out of it and present it in an e-book that brain dead people like me can understand at a reasonable price of course(I do have parts of his book that he has let out to the public and study what is there;however I am sure it will take the whole to understand and I am working on getting the funds together to get the book from amazon(cheaper there). In the mean time I will work on the thinkorswim platform-have not figured out yet how to get to a market order-must have something to do with that little lock(LOL)!!!!
Hey Jeff,
9 years ago my wife and I decided we wanted to be financially independent in ten years. Our ten year plan, that has to be completed by the end of this year, is to purchase a yacht and sail around the world with our two young children. This journey will take 2-5 years. During this time we must generate cashflow while living on the yacht, and our assets must continue to grow.
Education was the key to achieving this. All income must be able to be made from the deck of a yacht anywhere in the world.
This year is the final part of our 10 year plan. During the first 8 years my wife and I have accumulated a large property portfolio. This built assets but not cashflow.
Year 9, last year, was for us. At the start of last year I was a couch potato! We focused on our health and also started to learn about generating cashflow from stocks and options. I lost 55lbs in 3 months and now compete in 75 mile races, racing non stop for 24hrs.
I also learned about covered calls and then collars. This started to generate us a 2-3% cashflow each month. This has now led onto spread trading and you!
I believe that we must set huge goals. You need a strategy to follow and clearly defined tactics to help you achieve the goals. I also believe that great mentors accelerate achievements. I have teamed up with mentors for each of the steps during the past 10 years.
What is the goal after the sailing? a)to be able to charter a jet aircraft whenever I want to and b) donate $100k/year to charity.
To keep my momentum up I have a clearly defined and worthwhile goal… to spend quality time with my family.
Big goals = a big life!
Thank-you so much for sharing your knowledge Jeff.
good post jeff. if i recall correctly last year at this time you said you were determined to learn how to trade forex and perhaps would add that to your teaching platform. as a result of that i have attempted to educate myself in that area but as of yet just don’t feel comfortable in this venue. based on your success in teaching option trading do we have anything to look forward to for this year with forex?