One of my favorite expressions of all time is, “Rome wasn't built in a day.” Just like anything worthwhile, learning how to properly trade equity options requires discipline, patience, and most of all, hard work. The most successful traders certainly didn't make their fortunes overnight—in fact, most of them probably began their careers similarly to the way I did as a young, inexperienced clerk, determined to learn as much as possible in order to succeed in the business. While the “new wave” of trading doesn't necessarily include roulette tables and games of craps with the instructors after the close, the core principles remain the same. It can take weeks, months, or even years to hone the skills needed to be an expert options trader.
Obviously, traders have different goals, opinions, and most importantly, risk tolerance. These variables will help you decide early on what type of trader you are so you can then create a unique trading plan that is right for you. Ask yourself questions like: “Do I trade better in the morning or afternoon?”; “Are there certain stocks I trade better than others?”; “Do I perform better during a certain part of the week?”
I tell all my clients and traders the same thing, I can't guarantee profitability. However, if you join my trading room, employ my trading plan, and adopt the trading style I have outlined in this book, what I can promise you is that you will be a far better trader than you have ever been before. Keep in mind, failure is ...