First, we want to determine our long-term goal. Two examples would be as follows. Perhaps you either want to generate a certain monthly income or build a certain dollar value in your account. Set a Monthly Goal Whichever of these you choose it is important to set a monthly goal to track how you are doing in reaching your goal. That way if things are getting off track you can address any problems before you get too far off your success path. Secondly, setting realistic goals is key. Let’s say for instance that you want to generate a monthly income of $5000. If you are trying to reach that amount using a $100k account size it will be easier than to reach it with $20k account size. A simple idea to understand is, the lower the percentage of your return on capital you require the easier it will be to succeed. Be Realistic So be realistic in what goals you set for yourself in order for them to have a more realistic chance of attainment.   Finally, what trading strategies and portfolio allocation of will I use each month? With option trading you can utilize both monthly and weekly option […]