Call above strike price

[SOL]

Thank you very much

Most importantly start small, and then when you make some money, you can use the gains to increase the amount you invest in each play. However, always invest the same amount in each play and remember to start small until you get used to options. Options can yield significant profits, but they can also ruin you if you jump into them without having a plan. You have to be extremely disciplined and never allow emotion to enter into the equation, and I mean never. If you start to panic or feel euphoric, close the trade out and wait until you are calm again or if you have not got into the trade, don't get into it. You have to be relaxed when it comes to the markets

[mani]

Sure SOL,
Thank you for the insights.
I will be playing only in the plays suggested in your publication so I will have confidence and for sure will start with small.
Cheers

[Eric]

You have to be extremely disciplined and never allow emotion to enter into the equation, and I mean never. If you start to panic or feel euphoric, close the trade out and wait until you are calm again or if you have not got into the trade, don't get into it. You have to be relaxed when it comes to the markets

I had a long option position for pennies, a small fraction of a normal position, like throwing a few bucks at a lottery ticket. It went to zero for a few weeks and was down to under 4 months time premium and the stock was roughly half of the strike price... I was finally able to get out of it and get 80% of my money back. Turns out I should have "rode it to zero" because it was only a couple hundred bucks and now those calls are up almost 1,700% from my purchase price with a month or so to go. I'm out for a 20% loss in the "tens" of dollars, If I kept them I'd be sitting on gains of thousands of dollars. It was still the right decision to get a couple hundred bucks back at a 20% loss than to hold it to zero (or in this case a 1,700% gain). If the scenario were different and I only had $10 or $50 into this lottery ticket then I would have rode it to zero (expiring worthless) and boom I would have won the lottery.

Discipline sucks if you're impatient and when it works against you but over the long term these misses will fade into the background because the times it works against you will be far fewer than the times it works for you (or saves your bacon).

[AstuteShift]

Discipline keeps you out of trouble and keeps your trading honest with no emotion

Sometimes the plays do not work out but as long as the winners are bigger than losers then it’s fine

FOMO, fear, euphoria as SOL mentions is dangerous when it comes to building wealth. Replace them with will, peace and observation