Anyone Here Trading Options?

MediaBuysEyez

MediaBuysEyez

dialin' for dollars
Jan 27, 2011
451
1
0
LV, NV
I've recently opened a paper trading acct to start picking up the ins and outs of options. I have a lot to learn to say the least.

Anyone have any experience with options? Any books/sites/blogs you'd recommend to help?
 


Have you tried mastering none leveraged securities yet such as stocks?
 
health2012 said:
TryIncomeTrader.com/v2t3/ - teaches income strategies with regular tutorials to model trades
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^^^ Your site? If not, you've personally gone through their program?

Jeeta said:
Have you tried mastering none leveraged securities yet such as stocks?
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I don't want to get into leverage. My business partner's dad lost $5mm+ by trading on margin. I can see already that you need to be adept at stock analysis to make good choices on what you buy/sell along with call/put options (or more advanced trades) but I'm not going to borrow to play the options market.
 
McMillan had a good primer - 20 years ago.
Wade Cook - Wall Street Money Machine.

Niederhoffer is good to read for the opposite end of the spectrum.

OK - Wade Cook - that was a joke.
 
First thing you want to do is starting writing options. Don't be a pussy just do it.

Disclosure: If you read any option book they will tell you not to sell options (ie. write them) because you are new to the game and you will most likely fuck yourself. After reading a total of 3 options books I was a certified expert in the field of buying and selling options.....First thing I did was write options. Made $500 dollars in a few hours. I sold some RIMM puts for a Max profit of $625 the next day I lost $5,500. Lesson learned from that was not to write before earnings come out. Either way I have made more than enough to cover my loses. If you want to be somewhat conservative do covered calls.
 
Cut said:
Lesson learned from that was not to write before earnings come out.
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earnings are just news. the lesson you should have learned is not to write options before news comes out. and since you don't know when news is going to come out or what that news will be, the real lesson is that you're guessing on something completely unknowable, which makes you just another gambler. you might as well play roulette, the house odds are better and you don't have to read 3 books to become certified to 'pick black'.
 
drave said:
earnings are just news. the lesson you should have learned is not to write options before news comes out. and since you don't know when news is going to come out or what that news will be, the real lesson is that you're guessing on something completely unknowable, which makes you just another gambler. you might as well play roulette, the house odds are better and you don't have to read 3 books to become certified to 'pick black'.
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$100 says you haven't ever traded options...

mGrunin said:
I've been trading options lately. I'm actually making a couple videos a week on my progress. Feel free to take a look at them, I'm sure they'll be interesting for anyone looking to get into it.

Trading to Riches - June 29, 2012: +$30,830 in ONE DAY! - YouTube
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Holy smokes...I expected a dickroll, but that really is you...nice job! I'll go through these vids. I really like the Think or Swim platform. Plus rep.
 
MediaBuysEyez said:
$100 says you haven't ever traded options...
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you're right. i worked on wall street for years & run my own investment firm, but i don't trade options... not because i don't understand them, but because i don't need them. options are a financial tool to use in very specific cases. people who trade options without understanding the underlying securities are degenerates & losers, they really don't get it. when trying to explain how silly it is to trade options to one of those types, they get that glazed over look that slots players get when confronted with the math behind every pull.

$100 says you have that glazed over look on your face right now.
 
Cut said:
First thing you want to do is starting writing options. Don't be a pussy just do it.

Disclosure: If you read any option book they will tell you not to sell options (ie. write them) because you are new to the game and you will most likely fuck yourself. After reading a total of 3 options books I was a certified expert in the field of buying and selling options.....First thing I did was write options. Made $500 dollars in a few hours. I sold some RIMM puts for a Max profit of $625 the next day I lost $5,500. Lesson learned from that was not to write before earnings come out. Either way I have made more than enough to cover my loses. If you want to be somewhat conservative do covered calls.
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What 3 Books?
 
Last two weeks have been great for me. I've made back my $48k in losses and am now $3,000 in the green. Over $50,000 gain in less than two weeks. Today I made a commentary together with my trading partner.

[ame="http://www.youtube.com/watch?v=o_oy0OS6DSg"]Trading to Riches - July 6, 2012: Joint Commentary with Zakir! +$12,000!! - YouTube[/ame]

- Best viewed in larger format and 720 HD quality so everything is viewable.
 
MediaBuysEyez said:
I've recently opened a paper trading acct to start picking up the ins and outs of options. I have a lot to learn to say the least.

Anyone have any experience with options? Any books/sites/blogs you'd recommend to help?
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Books?

"Technical Analysis of the Financial Markets" by John T Murphy

ALL of the "Market Wizards" collection by Jack Schwager

"Options Trading 101"

and MANY, MANY more...

Being an active trader allows many more opportunities to make money than you can probably imagine as of right now.

My advice to you is to try and get a job with a Prop Trading firm for the training. It's hands on and to the point.

Personally I'm working on opening up my own fund by the end of next year. It'll be my personal Magnum Opus...

If you want to PM me w/ any questions feel free to shoot me a message.

Options are a good way to either build a fortune or lose your shirt. It'll behoove you to learn all that you possibly can about becoming a technician before putting down real money. Also... check out "Options Action" on CNBC, it's one of their better shows.
 
mGrunin said:
Last two weeks have been great for me. I've made back my $48k in losses and am now $3,000 in the green. Over $50,000 gain in less than two weeks. Today I made a commentary together with my trading partner.

Trading to Riches - July 6, 2012: Joint Commentary with Zakir! +$12,000!! - YouTube

- Best viewed in larger format and 720 HD quality so everything is viewable.
Click to expand...

Firstly I want to congratulate you on taking the plunge head on, but I think you might want to slow down and learn to become more of a technical trader. I watched all of your videos and while I see you're enthusiastic your reasons for making trades aren't necessarily the best thought out of plans.

Good luck though!
 
drave said:
you're right. i worked on wall street for years & run my own investment firm, but i don't trade options... not because i don't understand them, but because i don't need them. options are a financial tool to use in very specific cases. people who trade options without understanding the underlying securities are degenerates & losers, they really don't get it. when trying to explain how silly it is to trade options to one of those types, they get that glazed over look that slots players get when confronted with the math behind every pull.

$100 says you have that glazed over look on your face right now.
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LOL. You mad bro?

No glazed look. Just:

1-dozen-krispy-kreme-glazed-donuts.jpg
 
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