How to Trade Stocks with Only
Our Mission Statement: To empower others to employ the strategic advantages of options trading and provide confidence that they can trade faster, trade smarter and potentially profit in any market scenario
So I’m sure you’re wondering why this site is called 10minutestocktrader.com. Well, you’ve come to the right page.
When I first started trading options, I was like you probably are right now, sitting at a desk scrolling the internet. I was devoting 40+ hours a week to “the man,” and I had to make trades by any means necessary.
I wasn’t able to download the Tastyworks platform to my desktop work computer and their web platform at the time wasn’t functional through the company firewall. In order to circumvent this issue, I got a data plan on my 13 inch iPad Pro. I absolutely love this thing, it’s like having a full size computer that I could hide under my desk. Because of the giantgantism of my iPad, I had to use my time wisely, quickly and efficiently. Hence, I was able to pilfer about 10 minutes a day where I can pull out my iPad, manage and make new trades.
Here is exactly what my day looked like and how you could implement this strategy too. Remember, when we are in trades for up to 45 days, price is only a small factor in intermediate term stock options trading. That’s right, options, forget buying and short selling stocks, we trade solely on options. They’re easier to manage, liquid and make the most advantage of market pricing. Not only that, we can set the specific target percentage of profit and with a high degree of reliability, our gains for the month.
Pull up my pre-defined watchlist and sort by IV Rank
Start at the top of the list, if I have a position on in say FB, I’ll skip that and move on to the next highest IV Rank, as long as it’s highly liquid.
I filter the results to be only IV Rank of 35 or greater and I avoid anything that has earnings in the next 30-45 days.
I typically start by pricing an iron condor around the 20-25 deltas on both sides and see the amount of premium.
If I cannot find anything that is worth the time to trade and within my portfolio delta needs, I then sort from lowest to highest IV Rank.
Once I’ve gone through and evaluated my options, I’ll confirm and send the ones that are the lowest hanging fruit, basically the ones I think have the highest statistical chance of success.
I put my ipad away. At this point, that’s all we can do. Look for new trades, and send off the best ones to get filled.
I’ll penny it down a couple times to see if it gets filled at a lower price.
I typically try to see why. Maybe prices have changed, maybe the premium has declined since earlier.
Whatever the case may be, this is a judgement call time, sometimes I’ll just cancel the orders and sometimes I’ll nickel them down in one last chance to get filled.
It is absolutely normal and a common occurrence that in step 3 above, I find absolutely nothing to do. That’s where having your own set of rules or guidelines will help you make the best trades that you are comfortable with making.
It's what I always say
Trade Faster, Trade Smarter!
You need a broker that understands options trading in order to make the trades shown on this site. TASTYWORKS is the broker I use and recommend
Options are not suitable for all investors as the special risks inherent to options trading my expose investors to potentially rapid and substantial losses. Options trading in a tastyworks account is subject to tastyworks’ review and approval. Please read Characteristics and Risks of Standardized Options before investing in options.
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