Buy options? Share your success/fail stories, how much dod you make? What made you do it, and would you do it again?
no risk no reward right?
what was the premium you pid compared to your savings/tc? #personalfinance #investments
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comments
There's a reason actual asset managers don't build option portfolios... It's not a real investment medium but should used for coverage.
It's been a great time to options trade because of the volatility. But I couldn't be this successful if i weren't laid off. Things move quickly and if I were working full-time right now id definitely miss a lot of opportunities/open myself to more risk.
Now for clarity, I've been doing this for couple years off and on this is just first time I've had time to devote to it.
I follow a few general personal rules
1. I only buy calls. I honestly hate the idea of betting against a company.
2. I have margin but i don't use it
3. Id say 85% of the time I buy cheap OTM calls
4. Dont spend more than 100 to 500 at once unless I'm super positive about something and buy the option for months out
5. I look for momentum, oversold and undervalued. I wouldn't for instance trade options of a company like idk, Amazon, unless it fell 800 dollars a share or something. And even then for a company like that id prob just buy the shares outright
And that's it. Once I make a certain amount I don't mind getting something wrong because I'm not losing the principal I put in.
My most recent crazy trade? Turning $300 into $11,000.
I'm also religious and superstitious concurrently so there's both prayers/praise and ritualistic habits going on π
The factor 10 is for the mistakes you make. You might make 8 mistakes and recuperate them with the 2 good bets. The factor 10 varies depending on the risk level.
Ever since then, I've stayed away. It was a fun learning experience but it's quite dangerous and could be become highly addicting. Be careful.