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As a kid , I played chess . The first thing I learnt was that a game has three phases , the opening , the middle game and the end game . Each phase required specific training
Later I played contract bridge . Our coach gave the same three phases analogy. The bidding , the hand play and defence
I have realised that options trading also has three distinct phases , both for buyers and sellers.
1. The view on the underlying
2. The entries / trade initiation
3. Trade management , whether in profits or loss
A good trader ( whether a buyer or seller ) will have all three phases planned well. He will have thought out alternatives for 2nd and 3rd phases even before he initiates the position . Planning and execution in runtime when trapped does not work as emotions rule
So, the moral is that please think out all scenarios before initiating an options position. Expect that the trade will not go as planned. So when it does happen , you are not surprised . It's just part of the game
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