Friend,
There are definitely some good things in the question that the friend who asked the question has a clear goal that he wants to become an option buyer.
Let me try to answer your question based on my experience. Although this is my personal experience, it is possible that it may not match with other successful traders.
Based on the trades of the last few years, I find myself in the category of a successful option buyer without any doubt. But this journey has not been easy at all.
Like every beginner investor, my journey also started with options, but for a long time, about 1.5 years, I only took losses here. But after that I made some of the following changes.
1) I left options and shifted to the equity market. The biggest reason for this was that there are many such stocks in the equity market that do not show very intense movement. Which helped in understanding the movement and getting a grip on it.
2) For almost 1 year, I continuously traded in the equity market and kept back testing the options.
3) When the period of the equity market started feeling right to us and the confidence built up that we can earn from the market, then I turned to options from there.
4) The benefit of the above things was that I was able to read the movement and it was easy to understand the slightly slow movement. With the help of which it became easy to take decisions with faster movement.
So keeping in mind the above experience, we can say that if a person wants to move ahead in options, then he should first test things in equity. According to me, the equity market is less risky and here we can better improve our trade routine, discipline, decision making ability.
Along with this, keep back testing the option Greeks, option chain and price action on the chart. This will prove to be most helpful.
Hope the post will be useful for you.
Thank you
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