SPDR S&P 500 (SPY)

[Robbinhood101]

New strategy for me! After much thinking and learning from losses and hearing many of you I’ve come up with a portion of my new strategy and the main focus. First a set of rules to follow in trading for just me.

1. Exit the position in the first day if possible and only if profitable.
2. Take 1 week or longer expiration if trading options
3. Place GTC sell limit at 20% of purchase
4. Keep losses for next day and until expiration day to sell out at 5% profit.
5. The longer the expiration date out the less theta decay will be a factor and thus give a chance to exit position the following with 5% profit.
6. Day before expiration close position at best opportunity in morning.
7. Limit each trade to 10% of total portfolio so maximum of 10 trades in a day.
8. Reinvest all gains every day into next day.

That’s it and will add on with help from others here on what else I can do. Maybe do a stop loss?