So now I’m down around $80 on my 2 options trades. That’s about $50 outside my current risk tolerance. Not good. My other positions on Robinhood are doing well. Showing gains on all 5 positions, recommended from Top 5 S&P 500 Stock Picks To Buy Now by Steven Cress. I’m now following him. As far as I can tell, his quant articles are insightful, and his recommendations are good. Certainly, this one has been. There are so many news sources out there, that it makes it difficult to zero in on good and actionable information. Seeking Alpha seems to be a source providing frequent articles that actually back up their opinions.
Anyway, I’m trying to get out of the options without totally losing my ass. Who knows, maybe then the underlying stock will turn around and the options prices will outrun the time decay and I can make some money. I think that going farther “in the money” and farther out on expiration may help. I’ve only made a handful of options trades, so I still have a ton to learn. Trading options can be a big part of a successful swing strategy, and I’m hoping to make it part of mine.
The book Mastering the Trade by John F. Carter has been very interesting and informative, but I’m just getting to the discussion about options trading and strategies. John refers to his company and website/forum Simpler Trading a lot, and I’m considering joining for access to the options forums. The Subreddit r/Options may also be a good (and definitely free) place to start. I’m really hoping to get a winning strategy together this year, or at least make significant progress toward that goal. It’s time for a change in my life. Picking up heavy stuff for other people just isn’t sustainable.