Day 10
Patience pays.
I trade stock options and that has been the theme since I started. It’s levels to that shit too, literally and figuratively because if the stock drops below a certain level and you bought calls (banking on the stock to go up) now you’re in the red heavy and at the point of no return.
See but it’s also a balancing act, you don’t have the levels drawn and the stock goes in the opposite way of your play, you panic and sell too early… 15 minutes later you look at the stock price and it’s at the level you charted.
So you could lose selling too early (in the red) or selling too late (in the red).
On the flip side let’s say it’s all green and you take profit 10 minutes after you enter the trade because it popped and it keeps going in your favor all day, so you left money on the table. (No one ever went broke taking profits).
The lesson: plot your levels, buy multiple contracts so you can sell one around at 25% profit, and leave a runner to with a stop loss at break-even and see profit, take profit. Reading this back, it’s a nerdy-ass stock post.
But the life lesson: be prepared, don’t panic, have patience, and wake up every day ready to get it. You can’t let a bad day affect your whole life. Your strategy not working? Keep studying and tweak it till it works. But you have to show up every day.
Song: Can You Stand the Rain? – New Edition
PS – I watched the New Edition documentary, just cause I felt like singing while I worked lmaooo. One day we’ll talk about the lessons we can learn from them.