The only way to "make it" is with Binary Options. You open an account and they give you bonus money to play with and hope for the best. See the Binary Options Exchange at http://binaryex.com Many of the worlds best gamblers are now betting on the markets with Binary Options
As anyone here looked at nadex.com? They have Binaries and also what they call box spreads... Only $100 to open.... Been playing with a Demo the last few weeks... too short term for me, so I will stick to my credit spreads for now. I think this is also a "gamble"
I like Nadex for retail binary. try www.ibinarytrade.com for education on how to do use binarys and broker comparison. surf with 700 its really the OPs only chance to make it-- make 5 right guesses in a row and he will be well on his way to funding a normal account. surf
Hey putmaster! Welcome to the thread. I gotta say, learning my "style" on the simulator I was greatly influenced by you, and what ive read here. In my quest of knowledge I went through every page of this option forum from the beginning to the end. I also read completely through your "journal" thread and analyzed your trades. Currently, with my low account size I cant employ the strategy I would do the most. Which would be put selling on stocks im very bullish on after a big dip. Or credit spreads closer to the money that had a little less probability of winning but more potential profit. And the occassional iron condor for the credit spread on the call side.. but I dont know what it is but i dont care for selling calls..selling puts im fine with because I wont sell a put I wouldnt feel comfortable buying the underlying at that price if it were to be put with me, which i would then hold because I was bullish on anyways, sell covered calls until the underlying is taken from me. So to say in local lingo what im doing now is "going hard or goin' home".. without the ability to sell puts and so on with my small account size im doing a more aggressive strategy of buying calls.. or doing debit spreads...the ocassional put.. and also bull put spreads as my bread and butter. Once i get to say 1k-2k ill start doing just credit spreads mainly..bull put. I said that my planned return% is to have 100k by the end of the year. I definitely dont throw darts and "hope" there is no hope, just cold hard facts in my trades. I know they will pay off before expiration when im putting my money down, especially not having shit to work with. If i end up being wrong ill close it out for the smallest loss I can once Ive realized its gone bad and not able to be "saved". IF i wanted to gamble id go to my local casino and throw it all on roulette, it'd be easier. If you gave me the chance to put down 100$, and win 200$ but only have a 45% probability, and the chance to put down 150$ and win 75$ with a 80% chance of probability. I would take the latter every single time. but right now I am taking more risk than I like with outright call buying, but its the only way to get a good start IMO.
I assume you realize that you are trading very volatile stocks, with very tiny otm safety cushion percentages. And if your stock closes at, or even a penny below your strike..... you are wiped out. There is no "Plan B" to fall back on if that occurs. It's over. If you are going to continue down this road, which I do NOT recommend, at least consider accepting a smaller credit for a larger otm cushion. Don't get sucked into taking chances for the large % gains you are earning. Those % gains on such short term trades are misleading and meaningless. When doing really short term trades, focus more on dollars at risk and dollars earned. Not the meaningless % gain. Also focus more on the "probabilty" of your trade being successful, vs the % gain. Given your limited bankroll, tiny % otm safety cushions, and no plan "B" to fall back on, .... your focus really needs to be more on the "probability" of the trade actually succeeding, rather than the potental % gain of the trade.
What you do is called gambling. You are no different than the degen who goes to the casino with 700 believing he's gonna be rich. It can happen I guess but not that often I would say, since you are 23, go for it but then you have a little child that depends on you. I am not here to give any life advice but pls use the journal section of ET to keep us up to date.
ur aiming for a 14185.71% return this year with no experience except paper trading...do you realise how insane this is? this is like me saying I've been making blueprints of bottle rockets now I'm going to the moon by end of year. utterly ridiculous. you say you want to do this full time but you said you are also getting a job and you are also a single parent. i don't really understand how you are going to fit all those things in your day. if you were single with no obligations such as a child, i would say go for it and blow your account so you can learn something. since you admit your savings are dwindling and you are unemployed with a child what you are doing is insanity and totally irresponsible. your expectation of astronomical returns shows how deluded you are. get a job, take care of your kid, and then if you have money and time left over, trade.