Quote (DonMario @ Feb 26 2024 05:44pm)
Yeah that's kinda what i'm thinking, I'm holding all cash rn I tried a couple options and tried my hand in a couple penny stocks last week, all went south ofc and I'm still looking into them and learning ways I could have made profit or cut losses sooner in those situations. I wanted to buy a car guru earnings call and a spy put both for next week, I see both option contracts went up today, I need to start simulating trades I want to do and if I can manage to make profit 7/10ish I'll be comfortable really diving in
taking profit is an interesting thing in the market. philosophically, profit and greed scale with your emotion, thus they
will play tricks on you. it's good to have a set amount and put everything into perspective. i used to make $13/hr working overnight freight at home depot. taking a $50 profit trade in < 2 mins is absolutely bonkers to me. don't be a greedy savage. that was an entire shift of work for me!
if you think about it at the lower level, unless you have a neural network setup that's connected to all market makers and traders, it's impossible to really know what will happen next. when in a profit target zone, you've already won. the problem is, the longer you're in it, the more risk you're at. with options, that risk is multiplied because of theta decay. now you're battling two bears
if you want to fiddle around with day trading options i recommend matt diamond on youtube and make sure you watch iman trading as well. 99% of the stock market marketing space is pure trash. they sell you son so much bullshit and buffoonery, don't listen to anyone 100%, not me, not anyone. take what anyone says, and apply a percent of what they said to your life and make it work.
This post was edited by ChocolateCoveredGummyBears on Feb 26 2024 09:39pm