A little over night Trade
The key or your edge to Trading is knowing exactly where the market is. Then enter at the best time you can as you have a life and may not be able to enter at the precise moment.
That is what happen with this trade I was in 5 hours before I wanted to be in, but I was busy so I entered the trade, knowing it was going to be underwater for a few hours. Not Ideal but it was only a few cents on the Option so it did not brother me much.
Not including brokerage I used $2,100 AUD to buy some MAY CALL OPTIONS (i.e. Went LONG) market was 5800 odd and so I BROUGHT 10 with a STRIKE PRICE of 6,000 and I knew the market was about to going into Rhythm 5 notice this is before Elliot would not even be counting yet! see page 72 of there book what they say is right is actually WRONG!
I got back $3,600 AUD when I closed them at 36 cents. so that is 1,500 profit (excluding brokerage). Brokerage was around $80.00. (2,100/1,500) = is 1.4 times. OR
(1500/2100) == 71.42% profit
take 80 off for brokerage approx is
1420/2100 = 67.61% in 24 hours!
Why did I exit when there was more to go.
(1). Well it is Anzac Long weekend which means there is 3 days of Time Decay.
(2). Closest date options was MAY so not paying for time but still wary of it.
(3). I like being out of the Markets on Weekends, so my brain is not thinking about positions much.
(4). With a profit of 67% in a day why would you leave it on the table for the Market to attack it?
You see you got to be Smart. You Must realise you are at War the moment you put a trade live!
the markets go 24 hours per days and we as Humans were not designed for that. That is another realm.
Below are the statements. But to know where you are in the markets realise Elliot Wave Principle or Elliot Wave Theory is incorrect. Even if you got it perfect you can only be 71% correct with Elliot wave and that is if you do not make a mistake and get it perfect!
So see my book buy it LEARN before you trade and LEARN as you TRADE so that you do not lose!
Statements – click to enlarge
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