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Where to Start?

Discussion in 'General Discussion' started by biker883, Aug 4, 2015.

  1. biker883

    biker883 New Member

    Hello community traders,

    I am new to options trading, but having read and listen quite a few videos -
    Can experienced options traders recommend what/where should I get effective educational material/mentoring as it is difficult to find the right spot.
    Anyone willing to help me
    Thank you

  2. Rich S

    Rich S Member

    What is your trading background?
  3. biker883

    biker883 New Member

    I have traded forex on/off for a year, but can't make it steady due to day work.
    I have an IB funded account in which I am trying to take some positions but woul like to find a more constant approach.
    If you want to know if I am completely new to options ( I started reading about 4 months ago)
    I also have tested how options work with a TOS demo account since January 2015. This is how I got interested
    Tried to upload a copy of the TOS statement, but I get an error message.

    thanks you
  4. Gabor Maly

    Gabor Maly Well-Known Member

    Hi Biker,
    If you are just starting out you probably want to get a strong overall foundation before moving into some of the more complex strategies discussed here. One of the sites I would recommend is http://www.james16group.us/forums/index.php. Kevin Sass there is options instructor and given there were a lot of people interested in learning options he has started running webinars that explains the basics, different strategies, platform (TOS), etc and he will be moving on the more advanced topics as time goes. Once you have got your hands dirty and tried and traded different strategies then you could start looking into John Locke's or Tony Sizmore's strategies and courses, many of them discussed here.

    There are of course million ways to skin a cat so this is just one approach.
  5. Rich S

    Rich S Member

    I second the recommendation for a John Locke program after you learn the basics. Locke's Super Simple Spreads might be a good starting point and the Trading Triangle program would probably be a good choice when it comes out.

    You will definitely want to invest in some options analysis software if you plan on trading options to any extent. Most folks use either OptionVue or OptionNet Explorer (ONE). These will allow you to back test strategies which I highly recommend and analyze your live positions.

    Start very very small or paper trade options until you have experienced how options selling strategies react during a big move in the underlying and the associated vol spike. I'm sure you have heard the disclaimers before but you can and will experience large drawdowns when selling options. Pay close attention to position sizing when selling options. For example, I've been trading options for 4 years, I've been consistently profitable for a little less than 2 years, and I know I haven't experienced or traded through a large market meltdown. Because of the potential to lose a very large percentage of the funds I invest in selling options, I only invest a small percentage of my liquid net worth in options strategies (in my case, about 15%) and then I only risk about 2-3% of that 15% on any individual strategy or trade.

    There are a lot of smart and experienced people here at Capital Discussions. If you haven't already listen in on some of the recorded trading group sessions I would recommend that. You may find a group that you want to actively participate in.

    I wish you good luck and happy trading!
    GreenZone likes this.
  6. biker883

    biker883 New Member

    Thank you for you replies and advices
  7. David R

    David R Member

    Quick question for those who have purchased John Locke programs. I have not found a way to view the videos other than on a windows based desktop and/or laptop. I would like to be able to watch them on my android phone or IPAD but I'm not sure what I need. Ideally I'd like to download them so that it wouldn't be a data drain if I'm away from wifi but just being able to watch them from anywhere would be very helpful. Thanks in advance for any ideas.
  8. Muthu Kumar

    Muthu Kumar New Member

    David - any feedback on John Locke's SSS program?
  9. David R

    David R Member

    Muthu, I don't have any personal experience with the SSS program although I'm sure from everything I've heard they are excellent.
  10. Bruno

    Bruno Moderator Staff Member

    For someone who has a day job, I would recommend the Weirdor that is very easy to trade and a good way to get a basic hang of the Greeks. John Locke's butterfly programs are more advanced.
  11. Muthu Kumar

    Muthu Kumar New Member

    Thanks. I purchased M3 and currently reviewing the materials. I found one pdf on Weirdor on the net. Will check it out.

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