On October 20th, 2022, I made three trades on AMD, Tesla, and the SPY. The first trade I took was on Tesla when the market started to trend lower after it had been up a little bit. I missed an opportunity to take a trade when the stock dipped back lower and maybe retested the low. If I had taken that trade, I probably would have had a green day or at least not a big red day because these trades worked out pretty decently. However, the trade that I did end up taking was at a second dotted line at the 211 level, and I held it for about three and a half minutes before getting out.
The second trade I took was on the SPY. I was looking for a quick break below the pre-market level, but it just continued to push sideways and eventually pushed higher. I held the position for way too long, and my emotions took over, especially because my first trade didn’t go the right way. It was basically just a psychology session with myself that morning in the market. I held the trade for almost 20 minutes and got out both contracts at 135 as it finally pushed above.
Overall, I missed a lot of opportunities, and I wasn’t mentally in the game as I should have been that day. The trades that I took were not the best trades that I could have taken, and I ended up with a red day. However, I learned that I need to be more patient with myself and not let my emotions take over in the market.
- It’s crucial to remain focused and stick to the trading plan to avoid missing out on potential money making trades.
- Taking trades that are not part of your specific trading strategy can result in unnecessary losses.
- Don’t chase if you haven’t developed a setup for it.
- Wait for confirmation of the entry by identifying a breakdown or breakout.
Take the trade once confirmed.
What is the options symbol or Telsa? The options symbol for Telsa is TSLA.
What are the trading hours for Tesla options? Tesla options can be traded during normal market hours from 9:30 am ET to 4:00 pm ET. Options can not be traded during pre-market or after hours sessions.
Always remember trading of any type is risky. It can result in part of all of your money invested. Only trade with money you can afford to lose and only after you have done your own due diligence. Never blindly follow the advise of anyone without first conducting your own research.