How I Get Paid $1,000 Every Friday Trading Options with Jeff Tompkins

Trading options can be a lucrative endeavor, especially when guided by experienced professionals like Jeff Tompkins. In this article, we explore how you can consistently earn $1,000 every Friday by trading options using Jeff Tompkins’ strategies. We’ll delve into the specifics of his approach, the tools he uses, and how you can implement these strategies to achieve similar results.

Introduction 

What Are Options?

Options are financial derivatives that give the buyer the right, but not the obligation, to buy or sell an asset at a predetermined price before a specific date. There are two main types of options: calls and puts.

Why Trade Options?

Options offer several advantages:

• Leverage: Control large positions with a relatively small amount of capital.
• Flexibility: Use various strategies to profit in different market conditions.
• Risk Management: Hedge against potential losses in other investments.

Jeff Tompkins’ Trading Philosophy

Who Is Jeff Tompkins?

Jeff Tompkins is a seasoned trader and the founder of Altos Trading, with over two decades of experience in the financial markets. He specializes in options trading and has developed several successful strategies.

Key Principles of Tompkins’ Strategy

• Consistency: Focus on strategies that provide consistent, repeatable results.
• Risk Management: Prioritize capital preservation and risk control.
• Education: Continuously learn and adapt to market changes.

The $1,000 Every Friday Strategy

Overview of the Strategy

The core of Tompkins’ approach is to generate steady income by selling options. This strategy involves selling options contracts that expire every Friday, capitalizing on time decay.

Step-by-Step Implementation

1. Choose the Right Options

Select options that are likely to expire worthless, allowing you to keep the premium. Focus on high-probability trades with a low chance of being exercised.

2. Sell Options Contracts

Sell options contracts with a one-week expiration. This short timeframe maximizes the effect of time decay, benefiting your position as the seller.

3. Monitor and Adjust Positions

Keep an eye on your positions throughout the week. If market conditions change, be prepared to adjust your strategy to manage risk and protect profits.

4. Close or Let Expire

As Friday approaches, decide whether to close your positions early to lock in profits or let them expire worthless, thereby keeping the entire premium.

Tools and Techniques

Technical Analysis

Utilize technical analysis to identify trends and make informed decisions. Key tools include:

• Moving Averages: Determine the overall trend direction.
• Bollinger Bands: Identify overbought and oversold conditions.
• Relative Strength Index (RSI): Measure the speed and change of price movements.

Risk Management Strategies

• Position Sizing: Never risk more than a small percentage of your capital on a single trade.
• Stop-Loss Orders: Set stop-loss orders to limit potential losses.
• Diversification: Spread your trades across different assets to reduce risk.

Case Study: A Week in the Life of a Trader

Monday: Identifying Opportunities

Begin the week by scanning the market for suitable options to sell. Use technical analysis to find high-probability setups.

Tuesday to Thursday: Managing Trades

Monitor your positions, adjust stop-loss orders, and look for additional opportunities as the week progresses.

Friday: Closing Positions

Decide whether to close your trades early or let them expire. Review your performance and plan for the next week.

Common Challenges and Solutions

Market Volatility

Volatile markets can impact your trades. Stay informed about market news and be ready to adjust your positions as needed.

Emotional Trading

Emotions can lead to poor decisions. Stick to your trading plan and use risk management strategies to maintain discipline.

Learning Curve

Options trading has a learning curve. Invest time in education and practice to build your skills and confidence.

Benefits of Jeff Tompkins’ Strategy

Steady Income

By selling options weekly, you can generate a consistent income stream, providing financial stability.

Reduced Risk

Selling options with a high probability of expiring worthless minimizes the risk of large losses.

Flexibility

This strategy allows you to adapt to different market conditions and find opportunities in various assets.

Conclusion

Trading options with Jeff Tompkins’ strategy offers a practical approach to generating consistent income. By focusing on selling options contracts that expire every Friday, you can leverage time decay to your advantage. Remember, success in trading requires discipline, continuous learning, and effective risk management. Start implementing these strategies today, and you could see a significant improvement in your trading results.

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