Quote:
Originally Posted by szyzygy
So I just opened an online options trading account.
The goal is to make enough money so I never have to work again. So I'm thinking about 6 million after taxes in the next couple of years. But I'd settle for more!
I look for easy arbitrage opportunities and I do a little technical analysis and look for easy stuff to avoid (earnings reports, dividends,etc...)
I like to trade stuff on big companies I used to work for. At least I have the illusion of superior knowledge. Just sold some out of the money put options that expire on 5/12. Crazy how much you need to keep in the margin account for naked selling. Apparently different strategies (like spreads) require lower margins.
If I make it, I'll keep you posted.
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Ouch! It's not a good idea to sell puts w/o owning the stock. It might be best to start out small, earn some cash and play with your earnings. Option trade success is a lot like a baseball batting average. You don't need to make money on every trade to be successful. But, you might want to get a few base hits before going for the home run. Some of the greatest traders died broke.
Be careful.
Gary