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PAOptions
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Everything posted by PAOptions
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Indicators are absolutely worthless.
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None. Price action is all I need.
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I trade price action strategies using options only for leverage. I do not trade complex option strategies like iron condors. If that is what you do, I wouldn't have a clue about stop losses. Many traders who trade credit spreads use risk/reward stops, since you can lose a lot more than you earn. What do you want to accomplish with options? Are you interested in the complex strategies like iron condors and butterflies?
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I have heard some traders who swing trade say they never get out of their trade as long as the premise of the trade is still intact. It is not that you think you have the right direction, but does the price action still support the trade. You set your stop where the price does not support the trade anymore and your risk/reward is met. Most suggest place your stop with the broker after getting filled on the trade. If your broker allows, you can even place both a stop and a target. Then, if you choose, you can just let the trade run its course. Remember, you can make money with a 50% win rate if you have a risk/reward somewhere near 1:2.
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Trading is no different from any other profession - it takes time to master. Sometimes a very long time. I am a retired engineer who thought trading would be an easy way to earn my old salary - WRONG! It has taken years for me find out what kind of trader I am and to be able to see the markets ebbs and flows realtime. I believe in reading price action on the charts. I recommend "Understanding Price Action" by Bob Volman.
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What is the Simple Trading Strategy for Full Time Traders
PAOptions replied to divyanshisharma's topic in General Trading
Learn to identify momentum and scalp. If you need leverage, trade futures or options.- 8 replies
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- stock markt tips
- share market
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My opinion - Price Action.
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Introduce Yourself Here - Don't Be Shy!!
PAOptions replied to trading4life's topic in Beginners Forum
Hi Dan, I am new here too, but I have been studying/trading for a few years. I would recommend looking into day trading with price action. I am currently enrolled in Al Brooks Price Action course, but there are books you can start out with. Understanding Price Action by Bob Volman is a good book. Good luck. -
Hello, I currently trade SPY options using price action. Hope to meet others who trade price action.