my disappointment is immeasurable

House approved spending bill vis news alert that just came up. Let's see what that triggers.

Pretty sure Prog called this out back in June/July...sad we missed it.

Thought I'd share my newer options process that I started using a while back (small sample size but batting 1.000 so far). It has replaced my previous reckless, emotional, 'wait for others to tell me what to' do 'process' I was using to 'learn' previously 2018 into 2019:

• Plan out every options play like the chart below - treat it like you would a long term investment
• Plan out what to do in various scenarios, ie sell when underlying share price loses a critical support level, sell at least a portion if rejected at critical resistance level (note PINS didn't really have that much of a problem with 40 yesterday so I adjusted targets higher)
• Utilize (utilise) '3 day rule', history tells us that big moves in either direction usually culminate on day 3 of the move and usually at the open. So for PINS, tomorrow morning target for a short term peak? Look closely at the chart to see what I'm talking about! It's all over the PINS daily chart over the past month and in both ways.
• Take all the 'gut feelings', emotions, etc out of it and make it mechanical (yeah this is waaaay easier said than done)
• Don't FOMO, don't YOLO.
• Don't have more than 2 options plays at a time, target one 'sure fire' entry per week in a name you're familiar with (exceptions made if stars align and there is consensus between at least 2 trusted sources... hello PINS (thanks OA + Stewie).

These are my lessons learned (learnt) that have made things drastically easier and better performing for me so felt obligated to share...

59 South said:

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Thought I'd share my newer options process that I started using a while back (small sample size but batting 1.000 so far). It has replaced my previous reckless, emotional, 'wait for others to tell me what to' do 'process' I was using to 'learn' previously 2018 into 2019:

• Plan out every options play like the chart below - treat it like you would a long term investment
• Plan out what to do in various scenarios, ie sell when underlying share price loses a critical support level, sell at least a portion if rejected at critical resistance level (note PINS didn't really have that much of a problem with 40 yesterday so I adjusted targets higher)
• Utilize (utilise) '3 day rule', history tells us that big moves in either direction usually culminate on day 3 of the move and usually at the open. So for PINS, tomorrow morning target for a short term peak? Look closely at the chart to see what I'm talking about! It's all over the PINS daily chart over the past month and in both ways.
• Take all the 'gut feelings', emotions, etc out of it and make it mechanical (yeah this is waaaay easier said than done)
• Don't FOMO, don't YOLO.
• Don't have more than 2 options plays at a time, target one 'sure fire' entry per week in a name you're familiar with (exceptions made if stars align and there is consensus between at least 2 trusted sources... hello PINS (thanks OA + Stewie).

These are my lessons learned (learnt) that have made things drastically easier and better performing for me so felt obligated to share...

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Thanks 59. This is one of the main reason I enjoy this forum so much. So many on here willing to share, help and enjoy the ride with. This is all just too much fun.

A big reason for posting this is that I don't want anyone to blow up their account like pretty much every successful trader has as part of the learning process (fwiw I do not consider myself a successful trader at all).

Carter talks a lot about it in his book. He's blown up multiple accounts. Irish has posted about doing it. OA I believe posted a long time ago about losing a ton of money in his early days in the 80s (seem to remember it was in commodities trading in Chicago...)

Anyways, my story is that I took a Robinhood 'learning' account started in early 2018 from $500 to $30k in less than a year. Then I took it to $0 in a couple months because you know...'if I can do that, then $30k to $100k is easy money... and if I do that, then it's just a matter of time until it becomes $1M... won't that be a heck of a story!?! $500 to $1M!'

I WILL NEVER BLOW UP ANOTHER ACCOUNT EVER AGAIN

All of 2018 into a good chunk of 2019 was a very convenient time to be learning. Those violent ups and downs provided a ton of experience for what I suspect was a lot of posters on this board. OA was a teaching machine through that time so I'm forever grateful. If you have the time, go back to early January 2018 and read through this thread until January 2019. Those were some wild times in hindsight. After all that I kinda expected 2020 to be calmer at least until election talk heated up late summer or so... boy was I wrong!