I was getting frustrated – took three days to close my Wal-Mart trade. I wanted to close for .05 cents per option ($50 bucks) – but the market was hanging tough at .09 cents. By closing at .05 cents, I also avoided transaction costs. Total premium collected: $900.00.
Brings up a good point – most good investing involves a lot of patience and waiting. To quote Jim Rogers:
“One of the best rules anybody can learn about investing is to do nothing, absolutely nothing, unless there is something to do… I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up… I wait for a situation that is like the proverbial shooting fish in a barrel.”
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