#1,473 Techniques to enhance your trading plan

So the goal really is to, as I mentioned in the first segment, create a plan that fits your capital, time, and financial needs i always say that time schedule capital right and and money so you have to learn how to give you more choices in those situations whether it's you know you're you have limited time everybody has the same amount of time but some people feel like they have limited time okay we get that everybody has jobs and and family and different obligations you have to you have to do there are different financial constraints Some people have X amount of dollars.

Other people have more X amount of dollars.

So how do you be efficient with that? So and then what do you actually need? Everybody needs something, but it's going to be a little bit different for each person.

So that's why it's so important to have a customized plan for you.

So you have to learn.

you know, what gives you more choices.

And that will actually help you recognize which strategy fits or doesn't fit, right? So, you know, the difference between income and trading and investing, there's differences on...

how you trade and invest.

Like for example, if you're investing, you are going to use a larger timeframe on a price chart.

As I mentioned in the first segment, you have to use price charts because that's factual information to make your decisions.

Now, if you're doing more on the trading side of things, that would be a shorter term chart because you want to be able to realize, hopefully realize those gains sooner then later.

So there's several strategies that you can do.

Let's say, for example, you own stocks and you want to be able to have created some sort of income strategy on that.

Well, there's a strategy through options where you can actually sell calls against the shares you own.

You actually can receive a premium.

So that premium could potentially be an income strategy and still keeping those stocks.

So you basically receive a premium in exchange for the obligation to sell at a certain price if you're assigned.

Now your upside is limited.

Okay, we get it because you can always get back in.

So that's okay.

You got to ask yourself, are you comfortable selling that stock or those shares at that price? So what do you need to understand? As we talk all the time, you have to understand where to be putting those strike prices, what it's called, expiration dates and all that.

And you want to understand what that premium looks like or what that premium received, how that is as cashflow, not proof that the overall position is profitable.

So once you have cashflow, that could potentially change things for you.

And hopefully you can just keep doing that week, maybe month after month or week after week, depending on how you tackle that.

And that's some of the things that you discover.