Knowing when to hold ’em, knowing when to fold ’em — the $SPY #Options #DayTrade…08/04/2023

THE SIMPLE STRATEGY

They say buying options is a “fool’s game” and day trading options is impossible. So let’s say right off — they are wrong about that.

TRADES are based on this simple day-trading strategy to be on the long side of the calls and puts for day trades; and referenced in this story — I told a guy how to make 100% day trading options and I doubt he believes me.

The open signal is clear and truly simple.

If the call options are above their open, buy those; if the put options are above their open, but those.

That’s it, but use a stop-loss to control risk.

08/04/2023 — END OF THE DAY

Such a wide swinging market…

I used to post a lyric from “The Gambler”, the song from Kenny Rogers in 1978: “You got to know when to hold ’em, know when to fold ‘em.”

I’d bring up usually when the market was acting like this one.

But there is more to that song than that one lyrical line. There’s an entire philosophy of life told in the comparison with playing cards.

You got to know when to hold ’em, know when to fold ‘em
Know when to walk away and know when to run
You never count your money when you’re sittin’ at the table
There’ll be time enough for countin’ when the dealing’s done