The home run in baseball is considered by many to be the most exciting play of the American pastime. But the really successful teams are the ones that execute the little things in the game by moving the runners along with bunting and base hits. Successful option traders understand this small ball mentality very well but usually after failure which is always the best coach.
You see good option traders have a trading plan which is based on realistic expectations including the performance of the underlying and potential profit/loss. Instead of trying to circle the bases on every trade they are willing to make sacrifices with the trade-offs that are presented with each option strategy. These veterans know when to close out a winning or losing trade. Just like the old ballgame, they understand all of their trades will not be hits and they know how to cut their losses should the market throw them a curve.
Trading is a craft that is learned over time through education and sharing acquired option knowledge with others. Markets move with fear and greed. Fear strikes out and greed is only good in the movies.
“Ninety percent of this game is half mental” – Yogi Berra