Options trading is a smart way to take advantage of the stock market’s price action, as it offers a cheaper way to go long or short on companies while limiting downside risk.
But invest in options without a game plan, and a trader may end up losing a significant amount of money before they even have time to blink.
We often get asked what separates successful and unsuccessful options traders. And far too often, it comes down to knowing how to manage profits.
Most people spend a lot of time determining when they should get into their positions. But figuring out when to exit those trades is just as important — regardless of whether or not they’re going in our favor.
This seems obvious when a trade suddenly moves against us, but it becomes more difficult to remember when we’re sitting on a huge gain.
This psychological dilemma is often called FOMO, or the “fear of missing out.”
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