This is "Important'sh"

Hey traders how are you?
The markets rebounded today
$DJI ( ▼ 1.66% )  
$SPY ( ▼ 1.08% )  
$QQQ ( ▼ 1.91% )  
$IWM ( ▼ 1.53% )  

It’s been a while since I’ve mentioned it but it’s something called “trader proficiency”
It’s 1 - 100 rating
You make 100 trades
How many missteps or mistakes did you make out of those 100?
This is applicable to stock investors as well
But Options traders have countless ways to make a human error
With stock all you have is buy or sell
Long or short
Bid / Ask / Mid……… That’s it
Ohhh and maybe the right ticker symbol to
But with Options… lol... Okayyy, where do I even begin?????

This morning I highlighted $OPEN ( ▼ 6.95% )  
The trade was for Strangles at the 7 Put / 8 Call
Well I went to put it on, and in “error” I bought a Bull Call Spread at the same strikes
As I was going about my morning I kept glancing over at my P+L and for the life of me couldn’t understand how my position in OPEN wasn’t ITM or green

Anytime that I teach Options to someone I always tell them this:::
“Rule #1 in Options is to know your Options Chain”
Stare at it, yes physically stare at your Options Chain every morning for 30 seconds, 5 days a week
If you own XYZ, XYZ#2 and then XYZ#3, you stare at those 3 different Options Chains each for 30 seconds EVERY SINGLE MORNING… That’s 90 seconds
Why do we stare at them as such? Because over time you will begin to physically see how price moves, with what and when
There are times that I have literally seen Options Chains in my sleep
Don’t have 90 seconds to help protect your money? If that’s the case, investing of any kind may not be for you

After I realized that I had bought Bull Call Spreads rather then Strangles I added the Strangles originally mentioned this morning, and glad that I did

Ohhhh almost forgot.. J-Pow just spoke, the markets like it
Many stocks that were stuck are now rising
And the S+P 500 is seriously flirting with 6900 here for the first time ever

$TSLA ( ▲ 2.7% )  $AMZN ( ▼ 1.78% ) and $GOOG ( ▼ 1.01% ) did well…. $META ( ▼ 1.3% ) not so much

I’m dipping out a few minutes early as I need to go run a errand about 30 minutes away
This is something fun / fun / fun, and I already have my super late lunch / early dinner all mapped out over there 😁 

Now that we know what the FED is doing, and more importantly the way the markets reacted, we can be looking for some new entries here

See you in the morning
The Options Coach