If you work out, in advance, different scenarios that might result from entering a trade or basically do your thinking ahead of time, then you have put yourself at an advantage. You will not be scrambling if things do not proceed exactly as planned, and you will be psychologically prepared. Some of the main advantages of having an objective approach in options trading are:

• Emotions play a limited and confined role in your decisions

• Knowing ahead of time what you will do in a number of scenarios instead of making on the spot decisions

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