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Too often traders will jump into options trading to just flat out “make money.” They have no real goals. Do you need monthly income or is this for a retirement account? What are you going to do with the money you make?
The industry's top traders narrow the range of strategies after they first establish goals. . .
Now that you have goals, where do you start with selecting a strategy? Do you want to protect an existing stock position, speculate on future prices movements or volatility, or add income with limited risk? Since each strategy has different goals and risk/reward characteristics, it’s critical to know a little bit about each as you are getting started.