JB is the King of Options.
How does he do it? Many things go into being a successful trader:
Knowing how to read charts.
Knowing the trading ranges and pivot points.
Having a great feel for the particular stocks he watches.
Those are all important but that is what makes you a good trader, not a great trader.
You have to have the mentality that you are in the game to win.
YOU CANNOT TRADE SCARED. If you trade scared you will never be JB. You cannot be scared to lose your principal. Why is JB not scared:
He is very experienced. He has been doing this for a long time and has been successful.
He is on a major roll and has serious FU trading money now.
Trading is like playing Black-Jack. If you are on a roll you tend to increase your bets. As long as you are on this roll you will continue to play larger. It is momentum. "More money played, more money made".
An example:
So he watched CME and saw its pivot point. He saw the volume increase and made his bet. Since he was flush with profits he played fairly large. He is also patient although he didn't wait long for this one. When he saw he was right he increased his bet. He was right in a huge way and reaped the rewards (just one of MANY,MANY examples of his winners).
Picking the stock is not paramount to being a GREAT Trader, knowing how to manage your position and knowing when to sell, is.
jb could have sold many times with huge profits but he had an exit strategy. He knew where he thought it was going and he maximized his gains. This strategy is not good for everyone and if you are not on a roll you would probably sell much sooner. But JB had everything going in his favor and he played it perfectly. Congrats on this and every other play you have made.
NOW, the reason we trade options:
Nobody is 100%. With stocks you will need to be right 60% to break even (on avg) but with options you could be right 20% of the time and you could be a BIG winner. JB is probably running somewhere between 70% - 80% right, and most have been HUGE winners so the losers don't matter. He can ride them hoping for a last minute miracle. He won't sell his position if he has a conviction and he has made big money within a day or two of expiration many times. HE DOES NOT TRADE SCARED.
He is someone to emulate. But like anything else, it takes work. It takes studying. It means you have to be able to LISTEN and understand others opinions.
JB...... Thank you for sharing with the board as most of us have ridden on your coattails a few times.
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