Apparently no rich wildly successful option traders are present on the ET boards at this time. I'm actually somewhat surprised that not even any posers stepped up to regale us with fictional stories of their successes.
Respect your opinion but I think the right things in trading are often those that don't feel so good and are difficult to do. It doesn't mean you should trade in a careless way but paradoxically I think that those who have the big swings in their equity up and down, in the long run play it the safer way.
I would like to add: it is not enough to have big swings in your equity of course. You have to adoperate an intelligent program of trading.
I think KINGOFSHORTS has a great response earlier. If the goal is to get rich quick -- I guess it's possible, but statistically not probable unless backed with data (data exclusive to you or the minority of people) I know some who define their trading strategy, not on what they will trade, but on percent of assets allocated, risk management, mitigation plans in the event of a move in the wrong direction (assuming a directional play). Google, anti-martingale "R" based money management, or look for Van Tharpes article on "R" based money management.
Your questions are the problem, not the responses. They scream "very uninformed newbie" If someone says they did this, will your next question be, "can you please forward me your method and logic?"
Given this limited information, let us make some assumptions, 1) One needs $100,000 yearly in today's dollars for living expenses 2) A conservative investment with very limited principal risk can yield about 4 percent 3) One starts with $5,000 working capital / principal Thus, you would need to compound the $5000 to $2,500,000 adjusted for inflation to generate the required $100 k yearly income. If one is able to achieve 5% monthly return consistently, the $5000 can be grown to $2,500,000 adjsuted in 11 years, reinviesting all the proceeds and not adding any new money. Is this your definition of a wealthy option trader?
What would be the point of making that claim on an anonymous forum where you would never be able to back it up anyway?
Hmm, since when do people back things up around here? Most of the posts here require the disclaimer "FOR ENTERTAINMENT PURPOSES ONLY".
I was wondering the same. Is the OP trying to find a mentor, looking for someone to "invest" money with, trying to verify whether it is realistically possible to become wealthy by trading options, or merely trying to find out whether ET is a great place to hang out with wealthy option traders, rather than a bunch of has-been, wannabe and never-were traders.