Option trading with DanPickUp
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http://www.youtube.com/watch?list=PL025C72A505A29E66&v=68cciZYNqn0&feature=player_embedded
http://www.youtube.com/watch?v=JGfKaz1AXwE&feature=relmfu
http://www.youtube.com/watch?v=J2mnxbcx07o&feature=relmfu
http://www.youtube.com/watch?v=hNYQiz_x28E&feature=relmfu
http://www.youtube.com/watch?v=pC3LI2_ui0M&feature=relmfu
http://www.youtube.com/watch?v=5Od8Nhd-0rA&feature=relmfu
http://www.youtube.com/watch?v=84HXrQop_wE&feature=relmfu
http://www.youtube.com/watch?v=sZwGZHl1F5I&feature=relmfu
http://www.youtube.com/watch?v=zH0l87hQJfA&feature=relmfu
http://www.youtube.com/watch?v=tPnrMm276Z8&feature=relmfu
http://www.youtube.com/watch?v=truhuNyDrAg&feature=relmfu
http://www.youtube.com/watch?v=GIPxqpMSYeY&feature=relmfu
http://www.youtube.com/watch?v=NlwlR3xNgvk&feature=relmfu
http://www.youtube.com/watch?v=VMhoPdWmV_Q&feature=relmfu
http://www.youtube.com/watch?v=yo7ok-nMXQg&feature=relmfu
http://www.youtube.com/watch?v=8Wf2NBwr4_c&feature=relmfu
http://www.youtube.com/watch?v=aEG-kbRZH-Q&feature=relmfu
http://www.youtube.com/watch?v=IWkTCHTNl6I&feature=relmfu
http://www.youtube.com/watch?v=JGfKaz1AXwE&feature=relmfu
http://www.youtube.com/watch?v=J2mnxbcx07o&feature=relmfu
http://www.youtube.com/watch?v=hNYQiz_x28E&feature=relmfu
http://www.youtube.com/watch?v=pC3LI2_ui0M&feature=relmfu
http://www.youtube.com/watch?v=5Od8Nhd-0rA&feature=relmfu
http://www.youtube.com/watch?v=84HXrQop_wE&feature=relmfu
http://www.youtube.com/watch?v=sZwGZHl1F5I&feature=relmfu
http://www.youtube.com/watch?v=zH0l87hQJfA&feature=relmfu
http://www.youtube.com/watch?v=tPnrMm276Z8&feature=relmfu
http://www.youtube.com/watch?v=truhuNyDrAg&feature=relmfu
http://www.youtube.com/watch?v=GIPxqpMSYeY&feature=relmfu
http://www.youtube.com/watch?v=NlwlR3xNgvk&feature=relmfu
http://www.youtube.com/watch?v=VMhoPdWmV_Q&feature=relmfu
http://www.youtube.com/watch?v=yo7ok-nMXQg&feature=relmfu
http://www.youtube.com/watch?v=8Wf2NBwr4_c&feature=relmfu
http://www.youtube.com/watch?v=aEG-kbRZH-Q&feature=relmfu
http://www.youtube.com/watch?v=IWkTCHTNl6I&feature=relmfu
Dear Dark Knight
My mentor is one of the guys who made it from a start with a 20'000$ account up to one million in the account, not talking about the money he used to live on in his daily live.
I have huge respect for that kind of trader as he belongs to a species which really made it by investing there own money and trading for them self. He was already over 40 years old when he decided to take this risky step. But he was always a risk taker in his daily live and as trading is a risk taking business, it seems that those kind of business fitted his mentality best.
Most others which made that million did it by working for institutions in where they where given big amounts of money to trade with and then got bonuses paid on there performance. Also an interesting way to choose.
Good trading
DanPickUp
My mentor is one of the guys who made it from a start with a 20'000$ account up to one million in the account, not talking about the money he used to live on in his daily live.
I have huge respect for that kind of trader as he belongs to a species which really made it by investing there own money and trading for them self. He was already over 40 years old when he decided to take this risky step. But he was always a risk taker in his daily live and as trading is a risk taking business, it seems that those kind of business fitted his mentality best.
Most others which made that million did it by working for institutions in where they where given big amounts of money to trade with and then got bonuses paid on there performance. Also an interesting way to choose.
Good trading
DanPickUp
Dear Dark Knight
Your are absolutely right with the above comment. How many times this happens to such kind of traders. Great by doing it with funds of other people or under lead from others, then mindset starts to say: Hey, that I also can do with my own money or with my own created fund and as this is different, they sadly fail.
There was a guy in the past I worked with in the same company and he was in charge of a hedge fund under the lead of the big boss. Once a day he left the company and started to open his own hedge fund. He now failed for the second time in the past few years as again also the second hedge fund was closed because of negative performance. No idea what the guy is going to do now.
DanPickUp
Your are absolutely right with the above comment. How many times this happens to such kind of traders. Great by doing it with funds of other people or under lead from others, then mindset starts to say: Hey, that I also can do with my own money or with my own created fund and as this is different, they sadly fail.
There was a guy in the past I worked with in the same company and he was in charge of a hedge fund under the lead of the big boss. Once a day he left the company and started to open his own hedge fund. He now failed for the second time in the past few years as again also the second hedge fund was closed because of negative performance. No idea what the guy is going to do now.
DanPickUp
A lesson by itself: Jack Schwager is the writer of the Market Wizard books.
http://www.youtube.com/watch?v=8SdHlfsA0P4&feature=related
Good trading
DanPickUp
http://www.youtube.com/watch?v=8SdHlfsA0P4&feature=related
Good trading
DanPickUp
Hi
Learning also can be done through watching qualitative videos. I am clear that I also could have written some post's. But now imagine how much I would have to write down to just explain what is shown, talked and told about in the last two video sessions. Even I learned some new stuff by watching that videos as I do not know everything about trading.
As the last two videos have expanded knowledge about traders mind, which is more in psychology, I now will post a video which is more in TA. As it should be clear now for each and every body that there is now just one system which is best, Linda Raschke, which is one of my favorite trading woman, speaks about her TA knowledge.
Linda Raschke started as an option floor trader, which you heard in the last video session also from Jack Schwager, and then had an accident with her horse. She than was forced to trade from home and she is doing very well with that. She is a pro in trading the triangle pattern. What she officially not tells is the way she hedges it, but that is an other story.
Here it goes: http://www.youtube.com/watch?v=jodI8XkdyS4&feature=relmfu
Good trading
DanPickUp
Learning also can be done through watching qualitative videos. I am clear that I also could have written some post's. But now imagine how much I would have to write down to just explain what is shown, talked and told about in the last two video sessions. Even I learned some new stuff by watching that videos as I do not know everything about trading.
As the last two videos have expanded knowledge about traders mind, which is more in psychology, I now will post a video which is more in TA. As it should be clear now for each and every body that there is now just one system which is best, Linda Raschke, which is one of my favorite trading woman, speaks about her TA knowledge.
Linda Raschke started as an option floor trader, which you heard in the last video session also from Jack Schwager, and then had an accident with her horse. She than was forced to trade from home and she is doing very well with that. She is a pro in trading the triangle pattern. What she officially not tells is the way she hedges it, but that is an other story.
Here it goes: http://www.youtube.com/watch?v=jodI8XkdyS4&feature=relmfu
Good trading
DanPickUp
Hi
This will be my last post in this thread as I think the thread has done its purpose to give a hand for a start with live trading. Also every thing once has to come to an end. You are free to post further post here or some body may take over the thread and continue with it.
Why do I say so?
All the tools now are shown. There is not much more. Strategies? Yes there are strategies and there are so many. But that is just the little part of trading. No need to worry about that as you any way not can learn all the strategies which are around. Use one or two strategies for trendy markets. Use Credit Spreads and Synthetic calls and puts http://www.investopedia.com/terms/s/synthetic_call.asp. By using the synthetic call or put, take options with a delta around 20 -25. Use one or two strategies for side way markets. Here you go for strangles and broken wing condors http://www.optiontradingpedia.com/broken_wing_condor_spread.htm which you leg in the direction the market moves first. From support to resistance you take the calls and if you start at resistance, you start with the puts.
The only and most difficult part now which is left is live trading. Live experience and live experience and live experience. With all that information given in the thread, specially with the three videos here and with the one in the Traders Den room http://www.traderji.com/beginners-guide/39632-come-into-traders-den-78.html#post709702 in the beginner section, you are able to start live trading! Here one last video http://www.youtube.com/watch?v=GTxw3YRwpF4&feature=related and then you really have a complete bunch of information you can use to start trading your account. You can believe me in that. There is not more to search for. That's it
Did any body make a trading plan after all that post's or did any body decide to start with trading after having all that information? I am not sure if even one reader did. Would be nice if some did do it. You may even post your trading plan here, so you can continue to discuss it here in this thread.
If you still think you not have enough information or are not able to start live trading, then you should stay away from trading and just do it as some kind of hobby. You then may also not recognized the value of the post's. Sorry, I not want to bang to anybody's head (which I may did in the post before that one as I edited it) but there are times to learn and there comes the time to start with live trades after every thing is told. And here every thing is told which is needed for your start.
If you want to start now, start with one unit in case you have a very small account. If you have a bigger account, use the three unit approach for directional option trading. % risked of money used for each trade should not exceed 1-3 % of your account. Read this post: http://www.traderji.com/day-trading/49521-thoughts-day-swing-trading-126.html#post710765
Now you open the trade with three units, after the first move of the market you take out one unit to safe the first profit, then you have your next clear defined target where you take out your second unit and if market still moves on, the third unit you let run with trailing stop loss. That is not what ST and others teach. It is not adding. It is taking out from the market and that is an other approach. Like every thing in trading: Some work like that and others work with other styles. No just one way.
The most important thing is your head. Beside that trading is a risk taking business, it is a pure head game. You will only win the game when you won the fight in your head. Trading is war and in war only the most headstrong survive.
As always: Good trading and I hope you enjoyed the thread. Would be nice if some body now would take over the thread as my work is done.
DanPickUp
This will be my last post in this thread as I think the thread has done its purpose to give a hand for a start with live trading. Also every thing once has to come to an end. You are free to post further post here or some body may take over the thread and continue with it.
Why do I say so?
All the tools now are shown. There is not much more. Strategies? Yes there are strategies and there are so many. But that is just the little part of trading. No need to worry about that as you any way not can learn all the strategies which are around. Use one or two strategies for trendy markets. Use Credit Spreads and Synthetic calls and puts http://www.investopedia.com/terms/s/synthetic_call.asp. By using the synthetic call or put, take options with a delta around 20 -25. Use one or two strategies for side way markets. Here you go for strangles and broken wing condors http://www.optiontradingpedia.com/broken_wing_condor_spread.htm which you leg in the direction the market moves first. From support to resistance you take the calls and if you start at resistance, you start with the puts.
The only and most difficult part now which is left is live trading. Live experience and live experience and live experience. With all that information given in the thread, specially with the three videos here and with the one in the Traders Den room http://www.traderji.com/beginners-guide/39632-come-into-traders-den-78.html#post709702 in the beginner section, you are able to start live trading! Here one last video http://www.youtube.com/watch?v=GTxw3YRwpF4&feature=related and then you really have a complete bunch of information you can use to start trading your account. You can believe me in that. There is not more to search for. That's it
Did any body make a trading plan after all that post's or did any body decide to start with trading after having all that information? I am not sure if even one reader did. Would be nice if some did do it. You may even post your trading plan here, so you can continue to discuss it here in this thread.
If you still think you not have enough information or are not able to start live trading, then you should stay away from trading and just do it as some kind of hobby. You then may also not recognized the value of the post's. Sorry, I not want to bang to anybody's head (which I may did in the post before that one as I edited it) but there are times to learn and there comes the time to start with live trades after every thing is told. And here every thing is told which is needed for your start.
If you want to start now, start with one unit in case you have a very small account. If you have a bigger account, use the three unit approach for directional option trading. % risked of money used for each trade should not exceed 1-3 % of your account. Read this post: http://www.traderji.com/day-trading/49521-thoughts-day-swing-trading-126.html#post710765
Now you open the trade with three units, after the first move of the market you take out one unit to safe the first profit, then you have your next clear defined target where you take out your second unit and if market still moves on, the third unit you let run with trailing stop loss. That is not what ST and others teach. It is not adding. It is taking out from the market and that is an other approach. Like every thing in trading: Some work like that and others work with other styles. No just one way.
The most important thing is your head. Beside that trading is a risk taking business, it is a pure head game. You will only win the game when you won the fight in your head. Trading is war and in war only the most headstrong survive.
As always: Good trading and I hope you enjoyed the thread. Would be nice if some body now would take over the thread as my work is done.
DanPickUp
Last edited:
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