# Options trading mentor/tutor



## Bob (28 July 2020)

I have been reading up on Options in the last few weeks.  Unfortunately, the more I read the less it seems to go in.....I have looked at some strategies and it just doesn't seem to connect with me....I'm giving up and I am seeking out a tutor.  I have looked on line without success as it is all geared towards on line learning.  Can someone please recommend a tutorial options trading mentor/tutor that does face to face tutorials?

Thanks


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## wayneL (28 July 2020)

Where do you live?


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## Bob (28 July 2020)

wayneL said:


> Where do you live?



My apologies.......Steak and Kidney (Sydney)


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## cutz (28 July 2020)

Bob said:


> I have been reading up on Options in the last few weeks.  Unfortunately, the more I read the less it seems to go in.....I have looked at some strategies and it just doesn't seem to connect with me....I'm giving up and I am seeking out a tutor.  I have looked on line without success as it is all geared towards on line learning.  Can someone please recommend a tutorial options trading mentor/tutor that does face to face tutorials?
> 
> Thanks




Hey Bob,

What has inspired you to get into options ?


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## Bob (28 July 2020)

cutz said:


> Hey Bob,
> 
> What has inspired you to get into options ?




Hi Cutz,

I read a book by David Bunney and basically I have read it quite a number of times and it isn't sinking in.....I'm not giving up


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## cutz (28 July 2020)

Bob said:


> Hi Cutz,
> 
> I read a book by David Bunney and basically I have read it quite a number of times and it isn't sinking in.....I'm not giving up




Yeah now worries, I'm not familiar with the author you mentioned

In my case many years ago a close family member who worked in the finance industry suggested I should write calls against my stock holdings, that kicked off an obsession, just curious, what has triggered your interest ? What made you pick up that book ?

Have a read of this book https://www.dymocks.com.au/book/traders-and-guns-and-money-by-satyajit-das-9780273778363 , things may make a little more sense.

Then can I suggest this one https://www.goodreads.com/book/show/604696.Options_Trading ,  @wayneL put me onto it years ago, probably my favourite.


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## wayneL (28 July 2020)

Bob said:


> Hi Cutz,
> 
> I read a book by David Bunney and basically I have read it quite a number of times and it isn't sinking in.....I'm not giving up



Haha

I can vouch for the fact that unless you are a mathematics PhD, options pricing models are head**** territory.

It is exceptionally hard to grasp for mere mortals, no doubt about it. But once it's in there it is super valuable, so congratulations for your tenacity.


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## Bob (28 July 2020)

cutz said:


> Yeah now worries, I'm not familiar with the author you mentioned
> 
> In my case many years ago a close family member who worked in the finance industry suggested I should write calls against my stock holdings, that kicked off an obsession, just curious, what has triggered your interest ? What made you pick up that book ?
> 
> ...




Thank you.  If you want a copy of David Bunney's book then PM me......it might make sense to you..


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## Bob (28 July 2020)

wayneL said:


> Haha
> 
> I can vouch for the fact that unless you are a mathematics PhD, options pricing models are head**** territory.
> 
> It is exceptionally hard to grasp for mere mortals, no doubt about it. But once it's in there it is super valuable, so congratulations for your tenacity.



Yeah, I am not giving up

Thanks


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## cutz (28 July 2020)

Bob said:


> Thank you.  If you want a copy of David Bunney's book then PM me......it might make sense to you..




Hmmm, all good mate but thanks anyhow, I've got a bunch of old favourites which I revisit now and again.


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## NoFOMO (29 July 2020)

The best option(US) trading mentor and trader is Patrick Ceresna at BigPicture trading. Over the last 3 years he has returned over 70%(my estimate) to his published portfolio. I have done his course and traded in his room. Patrick is by far the cheapest as whilst his course costs $6k US you will make good money. He teaches all strategies, theta harvesting both covered calls and stock, breakouts, long term positions,
I have also studied with Anton Kriel, ITPM. Antons trading group are long short hedge fund traders but have an options course. Several of his mentors have extensive option desk experience. courses and mentoring $22-5 US
Look them up
You can't really trade options with any great choice in AUS, you really have to trade US. Anyone who tells you differently please explain ?
Best platform AUS is IBKR


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## NoFOMO (29 July 2020)

IBKR Best platform in Australia to trade US stocks and options


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## Bob (29 July 2020)

cutz said:


> Hmmm, all good mate but thanks anyhow, I've got a bunch of old favourites which I revisit now and again.





NoFOMO said:


> IBKR Best platform in Australia to trade US stocks and options




Thank you.  I have been doing some research on Interactive Brokers in the US.  They have some good free resources on their website. I will look at IBKR


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## NoFOMO (29 July 2020)

Bob said:


> Thank you.  I have been doing some research on Interactive Brokers in the US.  They have some good free resources on their website. I will look at IBKR



I trade on Tradestation and have a SAXO Aus account. SAXO to epensive if you trade alot. All of them are something you have to learn how to use. Options have a lot of info that doesnt fit onto a platform that is just Long, or Long/Short.
The best thing about IBKR(or Saxo Aus) Aus is you don't have to currency hedge, just have an AUD account. My tradestation account I use 30% hedging as I live and bank in AUD. 
I looked for 5 years for a option platform and although I don't use IBKR is the stand out.


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## Bob (29 July 2020)

NoFOMO said:


> I trade on Tradestation and have a SAXO Aus account. SAXO to epensive if you trade alot. All of them are something you have to learn how to use. Options have a lot of info that doesnt fit onto a platform that is just Long, or Long/Short.
> The best thing about IBKR(or Saxo Aus) Aus is you don't have to currency hedge, just have an AUD account. My tradestation account I use 30% hedging as I live and bank in AUD.
> I looked for 5 years for a option platform and although I don't use IBKR is the stand out.




Don't listen to me because I know nothing, however, IBKR have a margin account where you can borrow up to 75percent...the lending is low around 1 to 3 percent.  A little bit different to others.  My understanding is that the commission on each trade is $2.50.  This is what I am looking at way in the future (way in the future) when I get a handle on Options


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## NoFOMO (29 July 2020)

When you have time sign up for 2 week FREE trial with 
bigpicturetrading.com 
info@bigpicturetrading.com
you won't find any better, option trader, macro eco, mentor, accessible 
IMO in the world 
Yes his live stuff is 11.30pm to 12.30 but it's al recorded everyday
Patrick is partof the biggest option traders community in the world, and respected. Anton Kriel and nearly all the others I have met a snake oil salesmen


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## Bob (29 July 2020)

NoFOMO said:


> When you have time sign up for 2 week FREE trial with
> bigpicturetrading.com
> info@bigpicturetrading.com
> you won't find any better, option trader, macro eco, mentor, accessible
> ...



Thank you.  I will


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## makteb (30 July 2020)

G'day Bob

I trade aussie options.  I did optionetics some 16 years ago and found it quite useful as i use the the knowledge to today.  They have 'dissolved' into various formats. Since this, i've done reading and trial and error, not always the best approach, but i'm still trading options as it fits my style.

I'm aware the US market is far more liquid and competitive.

Nonetheless, if you have questions during this quest for knowledge, happy to assist if i can.


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## Bob (30 July 2020)

makteb said:


> G'day Bob
> 
> I trade aussie options.  I did optionetics some 16 years ago and found it quite useful as i use the the knowledge to today.  They have 'dissolved' into various formats. Since this, i've done reading and trial and error, not always the best approach, but i'm still trading options as it fits my style.
> 
> ...




Thank you, much appreciated.  I think I am reading too much about Options.....too much going in but not staying there !!!!!!!  I did a course through a mob called "Gryphon" here in Sydney around 2008 which mainly was concerned with candlestick investing.  I have only recently got in Options.....I like them, I don't think they like me.  I have an Options strategy that I read in a book which I am trying to understand.  I have read and re-read the book....but nothing is happening.  Thank you again for your offer, much appreciated.


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## cutz (30 July 2020)

Hi Bob , what's the name of the strategy ?

You're best downloading a copy of Hoadley's Modelling Tool just so you can at least visualise things, I don't think courses are the way to go, with options you need to find your own way, start simple and build from there, you won't be making huge coin just because someone who's running a course/seminar say's so..


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## Bob (30 July 2020)

cutz said:


> Hi Bob , what's the name of the strategy ?
> 
> You're best downloading a copy of Hoadley's Modelling Tool just so you can at least visualise things, I don't think courses are the way to go, with options you need to find your own way, start simple and build from there, you won't be making huge coin just because someone who's running a course/seminar say's so..




I will PM you a copy and I would be interested in your thoughts


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## cutz (30 July 2020)

Bob said:


> I will PM you a copy and I would be interested in your thoughts




No worries mate, I'll have a look, haven't got much planned for today.


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## tradefloor (6 August 2020)

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


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## mdkb (26 August 2020)

Bob said:


> I have been reading up on Options in the last few weeks.  Unfortunately, the more I read the less it seems to go in.....I have looked at some strategies and it just doesn't seem to connect with me....I'm giving up and I am seeking out a tutor.  I have looked on line without success as it is all geared towards on line learning.  Can someone please recommend a tutorial options trading mentor/tutor that does face to face tutorials?
> 
> Thanks




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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## cutz (27 August 2020)

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.


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## MickStanciu (4 December 2020)

NoFOMO said:


> IBKR Best platform in Australia to trade US stocks and options




100% agreed


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## MickStanciu (4 December 2020)

Bob said:


> I have been reading up on Options in the last few weeks.  Unfortunately, the more I read the less it seems to go in.....I have looked at some strategies and it just doesn't seem to connect with me....I'm giving up and I am seeking out a tutor.  I have looked on line without success as it is all geared towards on line learning.  Can someone please recommend a tutorial options trading mentor/tutor that does face to face tutorials?
> 
> Thanks




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)?

Also you will need to have a trading plan:

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?


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## Value Collector (5 December 2020)

Bob said:


> Thank you, much appreciated.  I think I am reading too much about Options.....too much going in but not staying there !!!!!!!  I did a course through a mob called "Gryphon" here in Sydney around 2008 which mainly was concerned with candlestick investing.  I have only recently got in Options.....I like them, I don't think they like me.  I have an Options strategy that I read in a book which I am trying to understand.  I have read and re-read the book....but nothing is happening.  Thank you again for your offer, much appreciated.



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.


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## wayneL (5 December 2020)

Unpopular opinion:

Know thy Greeks. Everything can thusly be quantified.


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## Patcash (18 February 2021)

cutz said:


> Hi Bob , what's the name of the strategy ?
> 
> You're best downloading a copy of Hoadley's Modelling Tool just so you can at least visualise things, I don't think courses are the way to go, with options you need to find your own way, start simple and build from there, you won't be making huge coin just because someone who's running a course/seminar say's so..



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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## ducati916 (20 February 2021)

Patcash said:


> 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....





What exactly are you looking for in a mentor?

jog on
duc


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## HedgeTrader1 (8 September 2021)

cutz said:


> No worries mate, I'll have a look, haven't got much planned for today.



Was there even a review or consensus on Bunney's book?


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## tugga82 (14 October 2021)

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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