If you want simplicity and ease, and want to take a “Hands off” approach sign up for auto-trade.
Don’t watch the market while it is open. Looking at it every weekend is plenty.
If there is a big move down, any action will just lock in a loss. Only wobbly people lose money in the market. Trust the system. Unless the stock goes to zero, we can still make money on it.
If you can, use a ROTH account, it makes all our income tax free.
The stock price does not matter that much. Be Patient, the system has been tested, and it works even when the markets go down.
Treat your account like a Christmas present, no peeking until the Sunday following 3rd Friday of the month. Then look at your “Present”
Your account value is only accurate on that Sunday, before the new trades go through. When we sell an option, we get the cash, but it is enters as a debit until the option expires. It can be confusing.
If you want to be actively involved and be very “hands on”. I do a video for every trade. Watch them, The commentary is in the video, I do not type it out.
I have a webinar the Sunday after options expiration Friday, feel free to join us and ask questions and get to know me and to understand the trades.
All trade orders are put in on Sunday night, so they go through first thing Monday morning, before the day traders start playing volleyball with the prices.
Rules for the active traders.
No more than 5-10% of your portfolio goes into any single trade.
Stop trying to determine short term market direction
Stop trying to pick the absolute top or bottom of any market
We don’t chase “Home Runs”, we hit singles, over and over. (4 singles = a home run anyway.)
Be patient and let time, not the right market move do the work for us.
Stop thinking the price of the stock must go up for us to make money. We generate cash every month, no matter what the price of the stock is.
Keep a large cash cushion to cover our trades
Do not tap out margin, margin is emergency reserve.
We follow the fundamentals, not the technicals of our stocks.
We play the odds, not hunches or rumors. We do not: Buy, and Pray it goes up.