Your Options Handbook : the practical reference and strategy guide to trading options [PDF]

Summary
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Your Options Handbook – Book

The original premise of “I will only risk a little” is actually a Trojan horse. Your account balance may not suffer that much. But your psyche suffers, and with an injured psyche, you are no match for the relentless psychological warfare of the markets. The healthy, uncompromised market participants will get you every time.

Then your brokerage statement—as well as your mood—will indeed be impacted. This can be equated to small successes in our everyday lives. For many of us to remain happy, sound, and feel successful, small repetitive successes help us to achieve those larger goals that we set for ourselves. Even small setbacks in our nontrading lives can have an effect on our confidence and psych capital, and, in turn, our ability to take risks and steps to progress.

In trading, we can absolutely control whether to enter a trade. To sacrifice that control just because of the relative amount of actual capital at risk is just not worth it. It would be better to increase your amount of successes, even by taking smaller profits than to take higher-risk, “what the heck” trades that go against you, even if they have higher profit potential.