The heralded “Trading for a Good Living Philosophy” ‘pound for pound’, ‘dollar for dollar’, over time, can be the most consistent, most profitable trading philosophy there is.
The premise of this philosophy is that you obtain or develop a system based on very solid historically high probability price movements, patterns, triggers, events… that can bring about a net profit scenario over time with an even position money management system.
- This system is of long term focus and is meant to be traded over the long term
- Obtain a system based on fundamentals of price action that exploit human emotion identified through price charts
- Use price charts so an exact entry point, an exact stop loss setting and an exact profit exit can be identified
- We deal in exact, predefined actions, predefined by our trading system, a system carefully developed outside of the market
- Since we deal in exacts, we can set rules. Since we can set rules we can develop a method of operation, a business operations manual
- Now that we have a business operations manual we can operate our options trading like a real business. We look to treat our options trading like a very real, and very serious business, understanding that if we do that we could potentially have one of the most profitable businesses on the planet.
- The money management system takes care of options compounding
- Instead of buying and holding a stock for the long term we look to trade a system consistently year after year for the long term.
The key to success with a Trading for a Good Living type of system is to Get Started As Soon As Possible and Stay the Course!
Most of our current systems on Options Trading Authority are TFGL based systems unless otherwise noted. Single event strategies are more for the Hunter – Speculator style.