Secret 5DO YOUR HOMEWORK
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“The will to win is important, but the will to prepare is
vital.”
—Joe Paterno
When I taught option trading courses at the college level, I
would break the class into groups. Each group would manage a
theoretical options portfolio. The performance of their portfolio
would determine their grade for the class. At the end of the semester,
I surveyed the class to determine how much time each
group spent meeting and managing their portfolio. The result
was quite revealing. There was a high correlation between time
spent managing the portfolio and the performance results. The
best performing groups always spent the most time managing
their portfolio.
Hence, make sure to do your homework before you invest.
With options, that means doing option analysis before entering
an option strategy and then properly monitoring that position.
I once asked a successful trial lawyer, who was a good friend,
“What is your secret to success?” He said that when he entered
the courtroom, he had always done his homework, but most opposing
attorneys had not done their homework and weren’t
prepared.
Before you enter the options markets, do your homework,
and you will separate yourself from the crowd.
“The will to win is important, but the will to prepare is
vital.”
—Joe Paterno
When I taught option trading courses at the college level, I
would break the class into groups. Each group would manage a
theoretical options portfolio. The performance of their portfolio
would determine their grade for the class. At the end of the semester,
I surveyed the class to determine how much time each
group spent meeting and managing their portfolio. The result
was quite revealing. There was a high correlation between time
spent managing the portfolio and the performance results. The
best performing groups always spent the most time managing
their portfolio.
Hence, make sure to do your homework before you invest.
With options, that means doing option analysis before entering
an option strategy and then properly monitoring that position.
I once asked a successful trial lawyer, who was a good friend,
“What is your secret to success?” He said that when he entered
the courtroom, he had always done his homework, but most opposing
attorneys had not done their homework and weren’t
prepared.
Before you enter the options markets, do your homework,
and you will separate yourself from the crowd.