the sooner you lose those feelings and look at it strictly as a (tough) business --- the better you will do. I saw a repeat of an interview with Mark Cuban last night, and I agree with what he said about success: "many have the will to win--- but few have the will to work and prepare" ! Trading is work. Prepration and planning is the key. Talk is cheap for most of us ! JMHO regards, Ice
Back from the dead... Quick update. After three months of diagonal calendar spreads I'm squarely at break-even. Despite a few setbacks, was doing reasonably well, up 15%, with the bulk of my account sequestered in long positions in AAPL, MRVL, OIH, JOYG. Then came the market correction. Phenomenal timing. While many experienced drawdowns, the vulnerabilities of the diagonal spread strategy were starkly exposed, and it's proponents lost more than most option traders. My mentor's hedge fund was down 8%. However, herein lies the difference. While he axed the positions that had clearly broken down, he has held the rest (read maintained exposure), and is aggressively adjusting to recoup some of the losses. I opted to remove my liability. I was taught a priceless lesson at the perfect time. Diagonals are not for me. I do not favour the war of attrition. I would choose to preserve mobility, strike hard, fast, and then withdraw. Blitzkrieg. No commitments. In line with the experience I have gained, so too have my ambitions grown. Clean slate now, on which to etch a track record.
I beg to differ. Take a moment to consider the movie industry. Onerous, cut-throat and fiercely competitive. Many directors would agree with that definition. Not Steven Spielberg. For him, movie-making is the expression of a far loftier ideal. Enriching lives with a sprinkle of cinematic magic. Take David Morrell. Acclaimed best-selling writer. Writes because he is compelled to breathe life into the stories clamouring within. Or Richard Branson. Staggeringly successful because the world is his playground. Love what you do, work becomes play, and you join the ranks of life's elite.
From here on in, will focus on verticals (credit & debit) and long puts/calls. Legging only for debit verticals. Trading equities, ETFs and indices. Various setups, last hour entries. Position risk 1-2%. Max hold < 7 weeks. Account size 30K. Exposure ~ 30% account value. Goal 10%/month ROI. Open Positions SHLD Jun 160/165 bear call HUM Jun 50/55 bear call GENZ Jun 57.5/60 bear call FLR Jun 85/90 bull put GDW Jul 70 call JEC Jun 75 call K Jul 50 put TEX Jun 85 call Overall, delta neutral (by chance rather than design). Will update at least once/week.
I respect what you wrote -- but why Steven Spielberg?? God forbid he actually lets his audience think for itself.
Two reasons - 1) His undeniable success 2) His passion for making movies Similarly George Lucas. Neither are a personal favourite, but perfect for illustrative purposes. Personally, I like Pedro Almodovar.