I'm still killing myself on options...but also keeping the stakes low knowing I'm going to make mistakes. Paper trading is great, but lessons stick to you much harder when you're losing real money. LOL
So far my biggest mistakes are timing/not knowing where to buy in at.
Let's take GDX for example...I bought $23 calls last week, then it tanked even worse. Had I been a bit more patient, I could have gotten those calls or lower calls for a fraction of the price. Using the charts, I knew it would bounce back up, just not that far that fast. Without a miracle, I may see those expire worthless on Friday (thankfully it was only like $50 worth for practice).
So I guess what I'm getting at is...do you have any recommendations for choosing a safe strike price on options? I know I also need to use the chart before I buy as well so I'm buying at the bottom rather than halfway down on the drop.
“The two most important days in your life are the day you are born and the day you find out why.” —Mark Twain.
