(12-03-2018, 10:39 AM)crimsonghost747 Wrote:(12-03-2018, 08:32 AM)fenders53 Wrote: I can control my enthusiasm because I was eventually taken behind the tool shed for some discipline.
Same here... or at least that's what I like to think. I've only been trading options for a little over a year and a half but I've gotten burned a couple of times... once very badly. But there is always some educational money to be spent when learning... and we never stop learning. :p
You're going to be fine because you are learning lessons early. Emotions like greed and fear, and egos, are our most dangerous enemy. The ability to admit you made a mistake and cut your losses early is helpful too. Most importantly you have to know your risk tolerance, and there is only one way to find out.
Many hear the word options and immediately think casino gambling, because that is what maybe 80% of options traders are doing. Almost every option trade I make actually decreases my risk. I believe 70%+ of all option contracts expire worthless. That's all I need to know to decide which side of the trade I should be on.