I have been almost exclusively trading options on FCX. I occasionally will make other trades if I see an opportunity but for the most part I have just been sticking with FCX. I have had some large consistent wins followed by horrible one day losses. I luckily realize now that I have a problem with cutting losses before they become much worse and with risk management. It is a work in progress. I am only 20 but have been trading options for about a year, so I am definately still in the learning curve. I mainly just try to figure out where the stock is going based on the price of copper since it tends to follow that and just interpretting the price action. Just curious what all options you all trade and if you have any pointers on technicals and what methods you use for trading. Thanks
I just trade qqq spy uso ung tlt gld ocassinally aapl nflx ma crm v how is FCX? fcx is a copper company, it moves with crude natural resources things. should be good tools
just trade it as other things. the only thing different here is: option expires, so timing is critical. last week, my aapl 590 call is just worthless, but this week it is good, and someone keep buying aapl. loss is inavoidable. no one is immune from it. whether veterns or beginners. just do not fight with it. change a symbol to avoid emotional attachment (get money back kind of stupid emotion childish thought), find some real good setup, then do it. maybe it is still a loser. let it go and move on, when find one, ride it hard until last dime is extracted. you will be far ahead of the game.
I have enjoyed trading it so far and have made awesome gains and some bad losses. Watching copper definitely helps with trading it. I tend to come up with an idea on what I think copper is going to do for the day and thats how I base my trade on FCX. Or that is a big portion of it also. By just trading the one stock I have also noticed quite a few patterns that have come and gone that I have been able to profit from on it. But ultimately I am down right now due to my few large losses. Luckily I have done better at reducing any losses but its definitely still a work in progress. I am wanting to learn a lot more
Right now all the elite traders are in european debt...Take some elite advice and allocate 100% of your portfolio to it....forget risk management, real traders are busy making money not "managing risk" like a bunch of dorks.
just be careful trading a commodity stock by looking at the actual commodity and/or currency. for example, one time (not at band camp sorry) i was long gdx calls and i saw the dollar going up and thought it was going to be bad for gold so i sold out of the calls for a small gain (around 15%) only to watch gdx AND gold itself continue to go up for the rest of the day. the bottom line is to just watch what you're trading b/c relationships b/w two variables can and do break down all the time.