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Friday, December 01, 2006

On Course


I'll be attending a personal development course starting tonight and full days over the weekend. Most likely won't be trading tonight or doing any posting until Monday.

Have a great weekend!

6 Comments:

Blogger Old Soldier said...

Greetings!

I have just finished reading some of your information and posts and am quite impressed with your style and techniques.

I am primarily an Options Trader that couples Options Strategies to my Swing Trading/Trend Following/Break-outs style of trading. I have found this to be the best method for my personality leverage of my assets. I usually only play Long Calls or Puts (mainly ATM or ITM) but do at times employ some of the more advanced styles such as Spreads and Coverd Calls (on my longer term investment accounts).

I follow a pretty strict Risk Management and Trading Process:

1. Never risking more than 1-2 percent of my Portfolio on any one trade - EVER!. I do this through my technical analysis and risk planning prior to the entry. No entry until the exits are planned. I use only mechanical stops, limits, etc. No emotions this way. Once set - they are set! I have learned through costly experience that when I have adjusted the stops or limits I have had either smaller profits or greater losses. No matter what! I use and trust the mechanical "servants" over my human "emotional" mind. Some use what they call "mental stops", I disagree with this method - life happens. Network connections go down, distractions appear out of no where, markets crash unexpectly, etc...

2. Keep entry points at viable areas to maximize gains, always selling half my shares/contracts (always play even number of contracts: 2,4,6...)upon reaching my initial target point. If I "leg" into a trade then I will treat these additional contracts as new plays and treat the them the same way.

3. Always placing a pertinent trailing stop on remainder of shares/contracts based on the ATR and prior support/resistance levels.

4. Never complaining about taking profits even if the stock continues to move after my exit (why complain if I achieved my goal and met the conditions of my plan?). It is not profits until you sell - on "paper" doesn't count.

5. Maintain viable watchlists and playlists.

6. Follow a strict daily routine for all areas of my trading. This is a business NOT a hobby.

7. Keep my focus!!! I try to balance my trading with all the other areas of my life. To do this, I try to make every move count. Worry is not an option - no pun intended. To worry is to be distracted. ALways remember this is a business it is not a game.

8. Always help someone along the way! I got here because of some other really good people who gave of their time and experience to me. Always be willing to learn - when we stop learning we stop living!

Here are a few recent plays I either just finished or am currently in: CAL (win), COH (win), TWB (win), SRE (win), MGI (loss), MLM (still in - win so far), IBM (still in - win so far), VIP ( still in - win so far).

I know this was a bit long but I felt it important to give some insights to me and my style since you have done such a good job on your site.

I look forward to the interaction over the course of time. Best wishes to all that you do.

PS: How long have lived in Singapore? Next time you are in Malaysia have some "Roti Cha Nye" (sp?) for me. ALways loved having it from some of the street vendors along the way.

8:28 PM  
Anonymous Anonymous said...

This training wouldn't happen to be the Landmark Forum would it?

2:28 PM  
Blogger Simply Options Trader said...

Hi old soldier,
Welcome to the blog! Sorry abt the late reply as I was on course.

Your comments are certainly insightful and thanks for sharing. I'm always happy to hear from fellow options traders out there because I think there are not many of them (vs stock traders).So don't worry about the length of your comments, feel free to keep them coming :) This way we can all learn from each other.

I'm a Singaporean, went to Malaysia recently for holiday and helping out my cousin's wedding there. Are you staying in Malaysia now?

Wishing you good trading!

12:51 AM  
Blogger Simply Options Trader said...

Anon: Nope it's not. I will share abit more about the course I went in a separate posting.

12:55 AM  
Blogger Old Soldier said...

Simply Options Trading,

Thanks for your reply. I hope your personal development course was helpful. No I am not in Malaysia at the moment. I travel through there a couple of time s year and sometimes come through Singapore as well. I will start monitioring the Blog and your site. I hope we all can learn together and keep the focus on the task at hand. I only participate in a couple of Blog sites that I find helpful as well as where I can hopefully offer some thoughts based on experiences of my trading education.

I look forward to the exchange of ideas and information.

Take care!

5:05 AM  
Blogger Simply Options Trader said...

Old Soldier,
My course was very intensive and mind-blowing. No regrets going for it!

Thanks for your sharing once again and look forward to hearing from you again.

11:27 AM  

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