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Hi all!
I assume this question keeps getting asked here again and again in different forms and variations. I am hoping that perhaps someone, who has been in my shoes, can give advice, or little mentoring.
I have been reading the posts and comments. With additional chat gpt, Gemini, and Tastytrade educational videos, I decided to try vertical spreads on one larger cap stock, and a short put on one fairly cheap stock (one I could pay for if I should get assigned, even when blocking all my funds). I am also reading classic financial theory books to get a solid understanding about the pricing and the statistics behind the greeks.
My problem really is that as I do not have enough purchasing power many strategies fall out, and the ones that remain are limited. For example, I can not separate the legs, I cannot add another single leg to later remove the initial, with another expiration date, and so on. I cannot hold an assigned position. If I look for cheaper stock, I face illiquity and lanrge spreads. If you started out like me, then you know this all better than me.
Today I lost a large (for my account) credit spread. Gemini said that it was not a good idea from the start. More of a directional bet. In addition, I missed the moments when I could have taken decent part of the profit.
I still have the short put, which I tried to sell for a small profit today, but could not get it filled. As the stock price increased and moved away from my strike the premium remained same. I have a feeling I might eventually have to sell it for almost no profit or small loss, if I don't want to risk getting assigned. it has still ca 46 days.
So, I would really be very happy if some of you, who were able to grow their accounts from small to something more serious, would share your methods or strategies with me, about how you got started, either here, or send me a direct message. What meaningful can be done with a very small account?
(I am NOT interested in any paid courses, discord invitations or influencers, thank you!)
I hope this is allowed here. Have a nice weekend!