Wednesday, June 26, 2013

I Give A Lot Of Credit To Tom Sosnoff At Tasty Trade

I have been trading for over 7 years now and I took many wild rides both up and down in my trading in the early days. When you first get started you are in search of the holy grail of trading...which you eventually find out actually does not exist.

However there are many ways of trading that can make money. The important thing is to find YOUR style and choose the ASSETS you're most comfortable trading. It probably makes a lot of sense to choose instruments and strategies that MATCH the size of your account.

When I started I did a lot of things the hard way. But in today's world you have tasty trade with veteran trader Tom Sosnoff. I thank him for starting his network and for snowballing a revolution for the self directed trader/investor. I have learned a lot since first meeting Tom back in 2010 at the traders expo.

The lessons preached over and over on the show:

  1. Trade Small, Trade Often! You don't want to trade too big relative to your account and risk blowing up. And you want to trade often so that you can allow the probabilities to work in your favor.
  2. Sell into strength. This is true when selling long positions to take profits...but it is just as true when you want to get short. It is hard to sell into strength as it is counter intuitive. But it gives you edge over selling into weakness. 
  3. Buy into weakness. You can buy to close profitable short positions. But you can also get long into weakness. Again very hard to do psychologically. 
  4. Be mechanical about your based off probabilities and don't get emotional.
  5. Its all about cost basis reduction. In one sentence this is what premium selling is all about. So sell premium to reduce cost basis, increase probability of success, and give yourself more than one way to win.
So if you have not already done so make sure you head over to TastyTrade and open up a free account and start learning so that you can start earning!

Good Luck Trading!

In The Money Trades

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