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When I was 16 my father had in his hands Kens mailer. He said it was a course on buying "Food Stocks" and, being in the restaurant business, it peeked his interest.
Because a son wants to be like his father I saved my money for months making less than $100/week to buy Kens $350 TWMPMM manual.
I read and listened to everything the day I recieved it and saved another $349 for paper charts.
At that point I had ZERO dollars, but I believed with all my heart & strength that if money could be made in commodities then I could do it too.
I paper traded for 2 years and I spent 8+ hours EVERY DAY thinking about chart setups and where I'de move my stops etc.
Finally at the age of 18 and change I had $2,000 with which to trade and I added it to my fathers $500 and opened an account under his name.
I saved another $2,000 just incase I failed, because I wasn't going to quit a loser in the markets; I was going to find out what went wrong, fix it, and try again.
Low and behold I get a margin call and I have to rethink what I am doing. I decieded to hedge with ~4month just out of the money put options and added $2,000 to our account. I made just over $8,000 in Gold and have been making over 150% return every year.
I believe that my success did not come from basic charts formations, but from a man that made making a fortune seem like a walk in the park and gave me the confidence to boldly go after my dreams using the basic methods as a base.
The words of a successful course member (me):
Ask as many questions as you can and in your self you will find the answer.
It is by the knowledge of all your options and how they can be combined to lessen your risk that your account will grow.
The market can only go up, down, or sideways giving you a 50% shot from the start; the trend being the tie breaker.
Buy options 4-6 months out and AT the money, but do not hold them until they expire. Look at the further out of the money options per strike price to guage how much you will lose if your mental stop loss is hit.
Liquidate an option at 3 months + 1 day before they are set to expire. If you think you're going to be in a trade for more than 29 days then get a 4 or 5 month option. If you can't afford it then GET THE MONEY then come back and trade.
And, of course, price a options strike for atleast 7 days or use an option value indicator to find a good deal when buying an option.
Ask a question if you need to: JoePipIsMyPip@gmail.com |
