Hello, I've been browsing these forums for a few days and finally decided to share my trading story with everyone daily as it unfolds starting Thursday September 17th. I will start with a $1,000 account and try to build it week after week trading Options (calls and puts direction wise only, nothing complicated). I will post daily screen shots as proof of my gains/losses. Before anyone steps in here and advises me not to do this please know Ive done this before and am a somewhat seasoned trader with a few year of experience under my belt. I appreciate all the advice this forum has to offer and I'm always open to learning new things from everyone I come across in life. Please note that Options trading is extremely risky and can be mentally, emotionally and financially draining (its a casino). Trying something like this you have to go in already accepting that you've lost the $1,000, this is my mind state. Although I'll be cautious and respect my trading rules as strictly as I can. I'm excited and this should be fun and rewarding if done right, Happy Trading!
...if you go into trading thinking it's a casino, and that you already have lost your account....then most likely ...you Will lose your account If you have a casino mentality, then you're in trouble. Winning in the marketplace is not, or shouldn't be, treated like a Casino.--You should have a rational, logical, somewhat tested methodology.
Hi Lawrence, "mentally, emotionally and financially draining (its a casino)" those 3 things, Im comparing to a casino as in regard to Options trading because there is an expiration date. Its very different from equity trading, extremely high risk. Not sure if you're familiar with Options but you run the risk of losing everything in a single trade, that is definitely like a casino.
I use Etrade, and thats one of my accounts. Not sure why a broker would'nt allow someone to trade with a $1,000 account, am i missing something?
I don't know you OP so how on earth can I cast a vote on how you would do??? If you're the usual newbie that thinks "I'm gonna be rich woohooo!!!", then I'd pick door #2...
This is total BS... if you have no experience, then any dabble in the markets in any product is a casino... But you say you have experience, so if you think it's gambling and merely a casino you're obviously doing it wrong... Options trading initially is a risk management tool.
...your (amateur) story makes me think of the people in this trading documentary: Traders Millions By The Minute Season 1 Episode 2 Full Episode