Probably the most pertinent thing I took away from Docs many insights (discipline). However, I still feel the itch to move those sell and buy levels based upon what is happening at the moment and not sticking to a game plan.
I use the analogy of walking into a thrift store and seeing the various deals and trying to resell what I can get at a profit (e.g. Ebay). Same type of discipline- do the research- factor in shipping (broker costs) etc. So I have been doing this a bit over the last few months and much like stocks, the same patterns are seen.
Things you think are good buys are not, things you may think are worth not much are. Research and discipline help but are by no means fool proof. Much has been made about cutting losses on options in previous posts and I think option plays should be relatively small amount of investment and hedged if possible. I have had a pretty good year- much of it attributed to luck I suppose but going back to my Ebay analogy, the price has gotta be right. I pulled triggers too early alot of times, caught up in the daily froth and never thinking it can go lower (WMC, AGNC e.g.)- Bottom line- 80% luck 20% knowledge/analysis.
So this holiday break while my company is shutdown I am finally going to learn hedging in options where I do find the desired to speculate. Book I chose is The Options Course by George Fountanills.
Good luck to all- especially you Olee, Blessings come in rare forms and I hope that the new year brings you and all on this board many