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