Thanks for all the advice I got yesterday guys. Any folks who make consistent gains buying options ?
Let me tell a bit of about myself. I started 2 months back and have grown my account significantly buying options. Should I scale down or is this what most traders use to make a decent return in each trade ?
Not trying to brag, I made a little over $100k YTD in gains but have also lost close to $53k (due to intraday trading micro cap stocks). Most of my losses were tied to stocks going down more than 50% the following day and I have got close to a 100 margin calls from ibkr so far.
For context, I put $15-25k on each trade to make a 20-30% profit. My strategy is just to look at the pivot points on the chart and take the trade accordingly.
For example, SK Hynix today touched a pivot line and i took a trade and made $9k.
I don't do options in QQQ and SPY because they aren't volatile. Just need some thoughts if this is a reliable way of making money or are there better methods out there ?
I have seen traders putting in close to a million dollars in options buying but they give themselves some room. Close to a 45-90 day expiry.
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