A long weekend is upon us and it is a great time to scan, plan, refine tools and make your process better for planning option trades. We wanted to send you some homework this weekend.
When you are planning a trade or have entered a trade how do you manage locking profits or managing stops?
Do you cross your fingers?
Do you pray to the stock gods?
Do you listen to that person say “It is going to the moon’?
Do you shake your magic 8 ball to see the answer?
Do buy everything you can and hope one will go big?
Lets talk about how MY Trades work so well. There are only 2 reasons!
- Planning
- Managing
- Planning- We have built many scans and have back tested the results. We have over 300 active scans for different market conditions. We have also designed a proprietary program called Skynet. This program is designed to show us the stocks technical conditions based on all time frames 15, 30, 60, daily, weekly and monthly views on one page. We also built an area that lists potential moves based on ATR and BBX. We have taken all 3,500 optionable tickers and used a process to exclude the tickers that will not work very well or have higher risk of not moving and ended up with a list of 200 in our program. That process has giving us the best of the best in options. This has taken us 7 years to figure out and build. My point is this WE PLAN!
- Managing- Once I feel a ticker is as close to perfect and the market conditions warrant me to buy, I will enter. The second I make an entry I plan my exit and protection stop point. We have designed a tracking form on excel and also two boxes to figure out my 30% profit area and 20% loss area for the trade that I am in. I will automatically enter my sell based on the spreadsheet numbers. I will know my stop price and manage that based on the charts in different time frames; I will NOT enter the stop in my system. These are just some basic tips I use and may help you.
- Below you will see My Trades from the WhatsApp service we now provide and an example of the tracking along with the very simple tool of figuring my stops and profit locking tools.
Tracked results:
Fridays My Trade Posted to WhatsApp For Next Week
Example of My Options Tool Box Tracking
We hope these tips help you out. If you want a copy of the tracker tool box please email me with the subject line TOOL BOX at matt@milestonecgp.com
If you would like to follow my trades on whatsapp you can by clicking buy now.
These are my trades and skynet planning sheet trades. We will send entry, strike,week,cost,stops and sell set price.
