I will PM you a copy and I would be interested in your thoughts
Options trading mentor/tutor
- Thread starter Bob
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I will PM you a copy and I would be interested in your thoughts
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Hate to give the shameless plug, but as far as tech in australia goes there isn't much for options, especially with a track record of education and supporting the market.
ASX/TradeFloor Options Trading Game - optionsgame.com.au
IV impliedvolatility.com.au
ASX/TradeFloor Options Trading Game - optionsgame.com.au
IV impliedvolatility.com.au
Pay for nothing !!!! except maybe some of the top quality books that have been knocking around forever, but there are far too many people out there selling what they googled, and its a rip off. All you need to learn is out there for free. Mentors are not the best approach at first as it is waaaay too complex to grasp off the bat. You need to immerse yourself in the scene, not books or one dude on a zoom chat until you understand the entire thing and then they can help you tweak your approach.
Go to reddit subgroup r/ThetaGang & r/Options and start asking questions. You wont be alone, plenty of newbies in there asking the same. Also search google + reddit for questions asked by others on strategies you find interesting but dont understand, someone will have asked the question before guaranteed. (but avoid anything from wallstreetbets or WSB at first coz they are degenerates and heathens
)Also I recommend TastyTrade videos, all free, and they are brilliant. (just dont go throwing your money on Strangles straight off the bat you will lose) Everything you could need to understand Options is in those two places reddit and TT. take the time to watch and understand and learn. I began my jounrey in March and took me two months to even start a trade or have a clue wtf was going on. Now I am learning the more complex strategies. but be careful. learn and do paper trade first. dont rush in. read read read. watch watch watch, ask ask ask. all for free. google is your friend.
Also IBKR I found to be awful and clunky on my machine. Tasty Works (The aussie portal to Tasty Trade) is much more suitable for me, but you need to use CurrencyFair to fund your account from Aus to the US else you get hammered for fees on the way in (instructions how on their site). Unfortunately we are limited in Australia and cant access ToS, but if you need more info hit up people on reddit as well as here, and avoid anyone trying to sell you the answers.
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How's it going mdkb
Some good points you mentioned there, must admit I went through a phase watching TT videos, found a lot of their content pretty good.. Got any favourite options books you can recommend here ?
With regard to IBKR can't really say I'm having those issues, I'm operating a 2008 iMac as my main computer, I've ungraded the hardware within it over the years ( HDD/RAM ), still runs TWS like a dream.
Some good points you mentioned there, must admit I went through a phase watching TT videos, found a lot of their content pretty good.. Got any favourite options books you can recommend here ?
With regard to IBKR can't really say I'm having those issues, I'm operating a 2008 iMac as my main computer, I've ungraded the hardware within it over the years ( HDD/RAM ), still runs TWS like a dream.
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100% agreed
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My option journey started with Covered calls.
Try to play with that concept and always analyse the exits in 2 scenarios
- Option was exercised (early or on expiration date)
- did option become very very ITM? (stock went through your strike price all the way to the roof?)
- expired worthlessly
- Option was not exercised
- did option become very OTM? (stock plunged)?
- which strike price and WHY? (ITM, OTM, ATM) ... (or which delta you prefer)
- which expiration date and WHY?
- is the underlying stock ... the right stock for this strategy?
- what kind of premium do you desire?
- what are you planning to do if the stock goes waaaaaay down?
- what are you planning to do if the stock goes through the roof with Warp5?
Value Collector
Have courage, and be kind.
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I don’t consider myself an options expert, but I do use them very effectively in my portfolio.
In my opinion options work best when they are part of a larger investment strategy, and are used as kind of a “bolt on” addition to improve your overall investment strategy rather than the primary focus.
for example what I mean is, my overall strategy is to find undervalued companies that will make good long term investments and then a accumulate them, steadily building a larger and larger portfolio of top companies over the years, as an extension to this over all strategy I conservatively sell naked puts over a list of companies I am seeking to add to my portfolio.
so my question to you would be, what is the ultimate goal you are trying to achieve, what are your opinions about the market etc,... and how are you using options to move you towards this ultimate goal.
your ultimate goal can’t just be “to make money”... you have to get specific, visualise the exact wealth level you want to reach and write it down.
Eg
$ X own home
$ X share portfolio
$ X cash at bank
$ X what ever else you want
Then come up with a credible savings and investment plan that will get you there, and figure out an options strategy that will be a good fit with your personal savings and investment plan that will assist you in getting closer to those specific goals.
wayneL
VIVA LA LIBERTAD, CARAJO!
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Unpopular opinion:
Know thy Greeks. Everything can thusly be quantified.
Know thy Greeks. Everything can thusly be quantified.
Hi Cutz. I am also looking for a trading mentor. My group is going through the US courts at the moment (Raging Bull). They were very well set up with live daily pre market presentations. Nathan Bear (probably not his real name) is a very down to earth options trader using a combination of indicators producing a decent return. His principle was TPS - Trend, Pattern, Squeeze ie following the trend, looking for a pennant flag with the price in a momentum squeeze. Anyway .... it is so hard to find mentors or Aussie forums focused on options trading the US market....
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Was there even a review or consensus on Bunney's book?
The best free options learning materials are available on tastytrade. Look their website online and it is North American. That said, the concepts are applicable to any markets. It's a financial network for options trading and they have tons of free crash courses with various options strategies and it's easy to follow along. Happy to help if you have further questions.
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