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United-Display-386 OP t1_j6bf7ug wrote

Reply to comment by patriots317 in How many % do you often set for cut loss? by United-Display-386

Can you share us the better strategy to being rich 😄?

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patriots317 t1_j6bfh0x wrote

Are you a professional day trader? If not. Don’t have stop losses. Research. And invest over time in companies you believe will be worth more in the future. Once you’re up by 10/20%. Start selling otm covered calls a couple of weeks out with a small premium. Also dont invest money you’re not willing to watch go to zero.

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345612345 t1_j6chl41 wrote

The last sentence pretty much cancels everything you said before...

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BitSoMi t1_j6cxx2t wrote

„Dont have a stop loss“ man , wallstreetbets 😂

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patriots317 t1_j6d2elj wrote

All my biggest trades started with pretty heavy losses. Sometimes around -50 to -60%. I’d never be where I am today if I tied A rope around my neck at -5 or -10% and had stop losses. You gotta have balls in this game kid. If not. Get out.

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BitSoMi t1_j6d32as wrote

Thats called luck, not any form of risk management. And luck runs out at some point 👌🏻

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patriots317 t1_j6d3dzr wrote

No. It’s called research and trusting your plays. The market whipsaws all the time. Again I’m not talking about day trading. That’s for professionals. I’m talking about mid/long swing plays while selling premium. Have fun staying poor.

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BitSoMi t1_j6d3s07 wrote

Imagine bragging about trades where you were down 50-60% on a swing trade, got lucky on a reversal and needed at least 100% just to break even. Lol. The stop loss dude is always ahead of you if the trade goes against him and reenters at a better price point. No wonder dudes lose everything on here. Pure gambling

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patriots317 t1_j6d47oy wrote

It was otm options with a strike 6-8 months/ surrounding a time with a positive catalyst for the company. Being down 60% at one time with a plan to average down over the course of 8 months isn’t that big of a deal. The stop loss cripples you. Again,unless you are professionally daytrading, which is also extremely difficult but not many people can do. They can see your stop losses.

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