Had a few Naked Option Orders in But nothing done

When the market is going up, it's hard to find the puts that are a good sale, especially current month as the premiums are starting to drop off at an accelerated pace. I say this because I know that most of you look at my options trades. Had I of gotten filled on the option put orders that I had in, I would have been happy, but like the title of this blog states - Stock and Options Trading, so if I couldn't get any option position trades off, there are no stocks that I want to own at current prices because I believe right down to my core that there will be more sell offs and cheaper prices.

So I did what anyone in my position would do, I found a way to make $600 regardless, just buy day - trading a high volume stock and limiting my risk by being in and out within a couple of minutes on each trade - My trading rules # 167 -Never hold a stock that you don't want to own. I have about 620 rules of trading that I always follow, and I never deviate from them. Some of those rules only apply to certain types of trading, for day trading I have about 18 rules to follow and I used those rules today. That's another reason I keep a diary, to add to my rules when I make an error.

Could I have made more on those trades? Well the answer, in hindsight, ended up being yes, but if it is not a stock that I want to hold medium or long term , then it's not a stock that I want to hold for more than two minutes, maybe three minutes at the most and that's what I did. I always stick to my own set of trading rules that have worked for me for years and I do not stray from those rules, as I never want to be in a position of hoping and wishing. I learned those lessons long ago.

I played it the correct way that I trade and even though I could have made more by holding the stock to the close, that would have went against my rules and in the long run it would hurt me. It's a slippery slope when you allow yourself to NOT FOLLOW your own set of trading rules! As I will never let greed overcome good judgement!

Whether you followed my trades or stayed on the sidelines, I hope you didn't take the opposite side as you will be down on the day and usually I believe that taking the opposite side of my trades is a good recipe to lose money, but you make your own judgement regarding that. Its your money you are trading with, not mine.

Below, Check out my Post on Options Trading "Tips & Tricks"