Admit defeat. 😞 I am a terrible options buyer! Here is some lesson learnt!

Hey all yes got to admit that I am a terrible option buyer. However, I'm posting this as a form of reflection and so that beginners don't make the same mistakes when buying options.

Here are some of the mistakes I had made. And what I would like to point out.

Going against the trend is one of the biggest mistakes ever! Remember trend is your friend! Not your enemy.

Here is the day chart of what is happening.

When you see an uptrend and the moment you had made 30% profit,just run! 🏃I know that most of you want that 100% 200% 5x gains 10x gains but those are rare! Learn to take small gains. It will benefit more in the long run.

I mean it is not wrong to go for a weekly options trade. However, when you are going for less than 7dte, keep in mind you are doing a day trade here rather than going medium to long term. You can't keep the contract as the contract is worthless over time. The more longer you keep, the time decay will compound and you would lose further.

Going aggressively out of the money is great! If the trend is right, you will make big money! however, too far out of the money, you will have worthless options be it call or put.

Alright folks!

It looks like is back to the drawing board for myself. Time to do some reflection.

Stay calm. Keep selling those options to earn it back.

I will be writing a part 2 soon. What happen if your sold options have been executed and what to do about it. Cheers🥂