Yes I know the title is misleading, you were probably expecting a $5,000 trade. Hope you’re not disappointed but that’s not how I trade. I’m in it for the long haul and I am trading for income, so I normally trade single contract options. Occasionally I will go up to 5 contracts but that’s rare.
On Monday I finally made an $80 profit on a single option trade. Most of my trades have been below $60 (I follow the Tasty Trade Network’s motto “trade small trade often”) but it was great to finally make a nice chunk of change on a single option trade. It took about 3 weeks to materialize and I legged into it but it finally worked.
I can pinpoint what I did differently in two simple words…manage winners. Previously I would close the trade if it was a loss or a winner but I realized after studying some higher level traders (some on Tasty Trade, Option Alpha, and others in various groups I’m in) they manage their winners and losers to maximize their income.
The other take away from this win is to be patient and let the trade come to you. Do not constantly check the charts and your account. You will make fool-hearted decisions that way. Make a plan and execute it. You can have plan B and plan C, but when you get to plan D, E & F you have a problem and you are overthinking it.
Looking forward to continuing this process and hope you all are having some success in this new year.
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