Ride Winners & Cut Losses With Options | Price Headley

Price Headley, president of Big Trends, discusses why he moved from following market fundamentals to following technical analysis. With fundamentals he was waiting for the market to prove him right--sometimes he waited a long time and lost money in the process. However, with technical analysis, he is more in tune with the market. Headley provides trading education on the use of options. He recommends that traders dip their toes lightly with options, "begin slowly and build your way up. Do not be too eager to exploit the leverage available." Take on the same risk that you would with a pure stock position at first. He warns of the "risk of cheap options, " which can lead to major losses. Most important is that traders hold onto winners and cut losses short. Headley points out that every trading strategy has its pros and cons, and that the secret of successful trading is knowing when to employ a certain strategy. Don't allow anyone trade to make or break you.

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