Thank you Jeff!
It took me a week to get organized and convert fully to using TDAmeritrades 'SinknSwim' platform designed for more detail and for ease of use with options.
I did two paper trades and learned that using 'market' to get filled rather than 'Limit' and hope to get filled with only minutes left worked better for me. I learned to watch the 1 and 3 minute charts and recognize the fake outs that happen even at these short term levels. I learned their correct process to close positions again at market. Finally, I was able to see how stock price action played into option pricing minute by minute allowing me to time my entry.
Then I went into live trading for a week only applying Burn Notices. I found cross checking the underlying stock against my 3rd party Power Gauge Analytics software was helpful in general terms only, but of course I learned to have more confidence in Jeff's short term analytics and conclusions more than any long term trend analytics as I am looking to snipe daily not hold long term.
After a week of live trading and winning all but one I decided to sell both my remaining stocks and go 100% cash. Now I can focus and trade only Burn Notice announcements to track my performance without stocks or dividends messing up the numbers. Of course I will continue to follow Jeff's 1,2 and 3 star maximum investment rules.
My tracking spreadsheet on Excel was redesigned and restarted today with some 18 columns. I'm including the delta, gamma, theta, VWAP numbers even I don't fully understand them now I hope I will later and that adds to the learning curve and understanding options.
Now with a single all cash number in my account so I can show how successful I am in consistently making small amounts on my trades. Eventually the goal is to plan growth and income levels.
Finally, I am so pleased I invested in the life-time membership to Jeff's platform!
I never thought I would find making $20 to $50 a day for an hour of my time so thrilling not b/c of the money, but of what that growth could represent in the long term as my account grows and as I slowly increase the number of contracts consistent with my account size and risk tolerance.
Thank you Jeff!
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