9 days till Christmas . . . and last week was a mess.

MY RULES . . . Slow Money Option trading: see DROPBOX folder for updated and additional rules.
#1. If you receive a 50% return the 1st day take profits.
#2. If your position goes to .01 credit and there is more that 1 day till experation close position.
#3. Risk no more than 2 times your collected premium. If you collected .05 risk to .10
#4. Trade at top and bottom of Bollinger bands
#5. Remember time value is on your side.
#6. Once price is established DO NOT chase.
#7. Always take the more conservative trade.
#8 The later in the week you take the trade usually the less risk.
#9. More rules to come :-) Keep it simple
#10. Put your own rules in play.
#11. Roll as your last option
#12. If day of expiration price breaks previous days high or low you should probably close position.

These are my rules for trading SLOW MONEY OPTIONS don’t get rules confused with other styles of trading or strategies.  Use what has worked for you and discard what has not.  Making you own Traders Notebook is critical in your success.

When I follow my rules I'm OK, its when I don’t that I get into trouble.  I don’t know why after all these years Ill stray off at times I have good results when followed.  I guess it like baking a cake.  You’ve have done it so many times in the past that you don’t measure quite like you aught to.  Later when the cake is done you don’t know what you did different but it just doesn’t taste like it use to and you family tells you. 

The volatility  is continuing in the stocks and options markets.  After seeing an all time high it the DOW and the S&P you wound  have guessed it might go higher.  Well it didn’t and it continues coming down.  Every rally seem to sputter and fail giving up hopes of a year end rally.  We have grown accustomed to markets going up and up and forget they can go up sideways of down.  As traders we must be more keen to this that the investors of casual trader.  Paying attention to momentum and RSI and Oh don’t forget Volume.  The all tel the tale of the tape.  Next week will be even more interesting because the holidays are on us and you will start see the holiday effect taking place towards the end of the week.   

Come on let me teach you how to Fast Money Trade.  I have had hundreds students over the

years most are successful but not all.  Some are willing to learn and let me help them and follow this new way to trade.  Others are mired in their old ways and either won’t listen, thinking that they’ve a better way to do things.  All I ask is have a open mind listen and ask questions.  Making my daily goal of $250+ on average on a weekly basis will give me  somewhere around $60,000 year.  This sure goes a long way in supplement my retirement dollars and lifestyle. Please view my results.  This is a teaching site.

My results for the year are posted so you can see what and when I traded weekly. https:/docs.google.com/spreadsheet/ccckey=0AjgjBJLwH3rdERid3A0RE1GRFlyaHB0S0VxbHc0Vnc&usp=drive_web#gid=0 

(SLOW MONEY OPTIONS)

https://docs.google.com/spreadsheet/ccc?key=0Aj-gjBJLwH3rcjJqRndVSlBzY2hNenM4YXZQT1FBZEE&usp=drive_web#gid=0 

 (FAST MONEY TRADING)

You know I had some good days and some bad, some good weeks and bad.  But I have a trading plan, goal and consistency in my trading and that is what I'm trying to teach you.  I believe each of you can do the same thing it takes discipline.   Remember me talking about trading/investing is like running a business?