One of the great rewards from writing One Good Trade are the positive unintended consequences. One of those is how much the book has helped traders other than equities day traders. Let me offer two examples.
Today at lunch, I sat with an income options trader, who shared his trading breakthrough was reading One Good Trade. This trader had never applied the principles of One Good Trade to his income options trading, started to, and then found trading success. The largest reason was because the trader had protected trades not working in the past. Trader added to a losing position because this was best for the original trade.
But after reading One Good Trade the trader started to think differently.
Trader started asking whether his add to a losing position was in of itself a good trade- One Good Trade. He started recognizing his adds to losing trades often could not honestly be called One Good Trade. And so he made adjustments to his trading. Trader started cutting losers and eliminating adding to losers.
This change profoundly improved his results.
Tomorrow Alex Porcaro from the SMB Options Desk, powered by Kershner Trading Group, will discuss how he applies the concepts of the One Good Trade philosophy to his professional options trading. I will be a panelist, as well, during his lecture.
I never anticipated prior to writing One Good Trade, that one day I would sit as a webinar panelist as one of our firm’s options trader lectures the trading community on how this book helped his trading.
*no relevant positions