OzAsh

Have acouple of suggestions for you. 1 get a job. That way you are not trading with "scared money" as your rent is covered. Years ago I was in the same position and looked at what kind of job I could get and still trade. The answer was easy (for me) I work weekends as a security guard (no bouncing but corpoate security). After Sat and Sun I've done 24 hours (2 x 12 hour shifts) so i know the bills are covered and that gives me monday to friday to trade IF I feel like it. I still do the security work because most of the time its fun and I'm not a hermit anymore. On a side note it's also good to keep the ego in check. 2. Stop teaching others How on earth can you be authentic and teach others something you are failing at yourself. Get real ... and honest with yourself. Trading happens between the ears. Ash

Can someone tell me what this option play I want to do is called - if anything and will it work? I have been trading options successfully for a long time just using puts and calls but I want to move up a level or two. Lets say I want to go long XYZ wich is trading at $49. Normally I would just buy the $45 and $50 calls but now I want to write a put so that the trade is MUCH cheaper. My holding times are generally from 3 to 20 days so if the option is going to expire within 20 days I buy the next month out. I only want to write front month puts though. Rather than do a naked put I also want to buy a put at 40 so my risk on the naked put is the difference between the written put and the bought put. Is that correct? Is this a dumb strategy? If yes, why? If I can improve it without getting into the complex stuff - how can I do it? OzAsh

It works for me. Before I open up anything (browser, email, platform - ANYTHING) in the morning before work I run one of the sessions. Have been using it for three months. I do find I am much more disciplined regarding my trading (and I am usually NOT disciplined at all). I used to think I was invincible after a string of wins now I am much more honest with myself so don't do too many dumb things. Been trading full time for 5 years - EOD not intraday. Oz