1k to 100k

Well im a beginner too, but I got lucky. My dad is my mentor (he also is a trader), and one of the things I learned from him is to not get greedy. I remember a few of his stories. One of them, seeing a $2,500 profit, just staring at it with a huge grin, saying it will go a lil further just a lil more. And ending up with a loss or very small profit.

Your CECO trade was well done in my opinion, and I hate it when I close out positions that keep going in my favor. That’s why I have learned to scale out. Yeah you don’t make as much as if you would have just sold it all out at the top, but how do you know where the TOP is?

Do we know for a fact that CECO will continue to drop tomorrow?

Ask yourself, would I go short here at this current price (or level)?

Just my 000000000000.2 cent worth

P.S I know I already said this stuff in short... i just feel like adding more... hehe

 

You make an excellent point... "Scaling out" ... is a excellent suggestion.


7 contracts were bought ... at 1.95


... Here is a horror story of mine. I bought APPL 75 calls on Jan 30 at 71.00 (Talking about calling the bottom! After hours drop, and dropped further, looked cheap to me). I had a extremely strong hunch, it would make a run up.

10 contracts for 1.20. I watched them climb to 4.80, and then down to Zero... ugh

God, live and learn. Sub-conscioustly, I think I did it intentionally. Sometimes the most valuable lessons, cost alot of money.

 

50/50 OptionsCoach? You may be right. 38 looks like a strong resistance level.

it's made new lows 7/8 past days.

I think it will hit 36 before it hits 40 though ... Not worth the gamble at this point.

 

YOu can also roll the calls into bull call spreads after the big moves and pocket a lot of profit with the potential for more if it stays up. This is another way of sort of scaling out with some money now. If the stock reverses and crashes, you already pocketed good money. If it goes higher, you take the profit in the rolled into bull call spread. Might help lock in more of those profits as opposed to getting whipsawed.

 

I wonder if you're still holding on your May 30 ISIL (UFHEF @1.5)position, or maybe you exited it recently with a smaller loss.

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1069938>

 

rsethura1.....did you make your $100,000?

 

I'm starting on my second $100,000.

I gave up on trying to make my first......

 

I find it easier to go from $100,000 to $1000. The problem with "1k to 100k" is that it's up hill.

 

cnms what options charting software is that?

I've been looking for something to do what that screenshot does

 

That's Prophet.net.