Dear Michael, I am a Zoroastrian by religion and Indian passport holder. I trade the Nifty Index weekly options on the National Stock Exchange based at Mumbai in India. I sell naked call or puts and wait for weekly expiry to pocket the premium. If the index moves sharply in my favor I close immediately and do not wait for expiry. If it moves against me I either hold on if I am confident it will reverse or roll the trade over to the next expiry. I almost never buy options. Sometimes I trade a spread more as a hedge to my naked position. I may close one leg of the spread going against me and let the other profitable one run.
My biggest challenge has been finding someone trustworthy who can deliver good guidance and receiving accurate trading signals. My experience shows that accumulating profits is a slow and long procedure whereas one loss sets you back and the game begins again. I have only one trade at a time using all my available funds. I find it difficult to concentrate on multi trades. I know I am advised against it but this is what I do.
I am 70 years old in service employed as an accountant, hence I am more of a positional trader not a day trader. I had placed all my funds in a managed account trusting someone and overnight I lost everything. I am now trying to earn a regular income to permit me to retire.
You need one strategy. I don’t see that. I see all over the map. Start here.
Also jump in: