After last week being such a slow week with all of one trade closed this week is turning out to be a little more like it.
Yesterday 9 trades were closed for a nice 20% gain in my TFSA account which bumps me well into the $10,000 range. Nice.
I am very near the point of increasing my trade size to 4 contracts... I was going to wait until next month but I don't think that I will. It's all based on dollars, not time and I expect to be at the right point next week.
The last 13 trades have been an average of $1.97 so the same 4 contracts would only be $788. Given my current account size of $9992 (I am not counting a couple of setups that may be losers in that mix at all...and I closed a mistake trade this morning for -$60) I could setup 10 trades easily. I like to have room for 15 but that is more to allow for possible losers so I have a bit of a buffer. Sometimes we carry options through to expiry and they expire worthless (100% loss) so I need to accommodate both the loss itself and the having to carry the option through.
Next week I will tally where I am and decide the trade sizes but as long as I am up from today I will be going to 4 contracts. I suppose if it is a great week I could take it to 5 but that may be a bit premature.
Jeff.
Questrade, My direct access discount broker.
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