ddorsey
3 posts
msg #78719
- Ignore ddorsey |
9/6/2009 10:01:43 AM
To M4M, Stock Fetcher should thank you since in my search this morning on google for "follow the money" actually allowed me to look at a thread depicting your strategy. Thus, my joining up a few minutes ago. I am brand new in option trading and have to admit, I'm a dead loser so far. I have very little money to trade with and have considered my losses a learning process, although in the red so far. I do believe options are "IT" though and in my short education, have come to the belief that probably the best way to play any market is to "follow the money". At this stage, I am dedicated to option trading at 55 with no retirement monies to speak of and a job that will never allow it to happen. So......I'm a reader of this forum and sincerely looking forward to your posts. I did buy ETFC Oct 2 calls on the 28th and again on the 31st, but so far....it's hasn't paid off. Should I have sold them the afternoon of the 28th...or are the indicators still "+" for these options. Thanks a million...and I hope I mean that literally in the next few years.
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ddorsey
3 posts
msg #78731
- Ignore ddorsey |
9/6/2009 5:54:58 PM
Just becoming a member earlier today, I feel like I've found the holy grail of stock (option) picking. Just recently, I've subscribed to guru services to essentially find out I'm being charged for info that I would not necessarily call "old news", but not new enough to catch the wave and definately later than the big money and later than the guru's money being invested as well. ETFC is just one example of this. Because of my recent education (losses), I stand a far better chance of becoming successful in trading if (and it's a BIG IF) I can figure out how to assess potential upside trades myself. I've come to the conclusion that I better get educated instead of "only" relying on somebody else's advice. Not that I won't take a tip, but in time, it would be nice to understand exactly why the recommendation is made.
After reading different filters today, I'm convinced that I have finally arrived at the right place....to learn what many others already know. There is no doubt, there are some brilliant minds trading info here and I'm hoping to become a dedicated and respectful student. M4M, I am very sorry for your loss and can't thank you enough for your reasons to help show others how they too, can become successful in trading options. My hat is certainly off to you and your Mrs. To do something like this for people, shows incredible caring and tells me a little about how special she must have been to you. Again, thank you.
I've printed your lessons and have a lot to learn. Unfortunately, I'm almost starting from scratch. I know little about technical analysis, but am improving daily with lots of recent studying. To say I am excited today, is a huge understatement. Having been married all those years, tells me you're not a spring chicken and neither am I. I have parents still alive today that passed their golden anniversary awhile ago. My father's stock picking hasn't been very good and they struggle in their retirement. I'm hoping to help them asap and this is my primary reason for becoming educated quickly in option trading.
Anyway, I won't be posting and appreciate you reading this..if you have. I'm looking forward to learning from you and others on this wonderful site.
Good trading Sir!
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johnpaulca
12,036 posts
msg #78733
- Ignore johnpaulca |
9/6/2009 9:16:51 PM
Goodluck ddorsey and may the force be with you.
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mystiq
650 posts
msg #78734
- Ignore mystiq |
9/6/2009 9:25:54 PM
Good luck (-.-) look at the current month call options
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trendscanner
265 posts
msg #78737
- Ignore trendscanner |
9/6/2009 10:48:50 PM
You can learn huge amounts from the forums on this site. There are expert traders who share almost everything they know. Best stock trading web site I've found so far.
If you want to try to trade like Mary4money, use the search function to find the posts by lerogee777 on the yahoo stock boards. It's the same person as mary4money. He describes his options trading methods in detail in these posts - what charts he uses, what options, indicators, etc. He uses RSI2 a lot for entry and exit. Look at the RSI2 indicator on multiple time frames. Keep in mind that he often day trades options and gets in and out very fast. He makes it looks easy, and it is for him, because he's been doing it for years.
If you're new to trading, read as much as you can. Alexander Elder has some great books, like Trading for a Living, that are worth reading and get to the psychological aspects of trading. Try to cut your losses as quickly as possible. Learn about risk management so you can stay in the game. Remember you're trading against some of the sharpest people on the planet who want your money. Everyone makes some trades that don't go well. The key is to minimize your losses, figure out what was wrong and move on to the next trade. When you begin having consistent success, you'll know you're getting it right.
Good luck with your trading.
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ddorsey
3 posts
msg #78738
- Ignore ddorsey |
9/6/2009 11:06:54 PM
Thanks to all for the replies and new info. Looking forward to this coming week, I think. :)
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richo
74 posts
msg #78742
- Ignore richo |
9/7/2009 8:23:07 AM
Dorsey,
Rather than go for a home run initially it might be better to hit solid singles. Options trading can get quite complicated and while getting your feet wet you might consider writing calls on solid stocks that are priced within your range. Keep in mind
that 90% of options expire worthless.
Good luck and thanks for sharing
Rich
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