Daily option alert recommendations?

[Newtotrading]

Hi, I am paper trading at the moment with Optionxpress and was looking for a newletter that issues daily option alert recommendations and management for low risk/low reward.
I am hoping to eventually have a monthly income. Can anyone recommend a website/company, here in australia, that does this, as I am not very experienced and wanted to paper trade and hopefully learn from them.

Thank you

 

[Trump]

Hi. Old post but I would be interested in learning what option alert service you ended up going with, and your experience. I did a number of courses and then traded options for a year a few years ago. I did OK (just under 20%) but it was very time consuming and I was working full-time with young kids as well. So I took my money out, put in real estate, and lost $$. Damn. I am planning to trade options again. But it seems to me someone who has spent a lifetime learning technical and fundamental analysis is always going to be better at picking options then me, so I am also considering using an option alert service.

 

[minwa]

Be careful with the word 'daily'. No system trades everyday, especially options. Even daytraders have many days where they don't trade. You won't learn much from most published recommandations, they are meant to be work already done for you for you to execute the trade, whether they are profitable or not is another story but you will not pick up any education from them.

I have not tried any but have read enough to STAY AWAY from company with initials TC, ET and PP/DK. I believe they all publishe recommandations for the Australian option market. I can name their full names if you really want to know but do not bother with them.

 

[Trump]

Hi Minwa.

Thanks. I am really looking for an alert service for their skill in picking direction, rather than for an education. I could also use a stock picking service as long as they made recommendations in suitable stocks or indexes and decide on the option strategy myself. My point in thinking this way is that I don't think people like me can catch up on the years of experience professionals have in picking directional moves. So why not find a good one and harness their experience? I mean if I use all the knowledge I have gained so far, and the few analytical tools I have access to, maybe I could be right in picking the direction a stock will move slightly more than half the time. Call it 55%. I expect a good professional may be able to increase that, say to 70%. With good option analysis and strategies, and risk management in place, that extra 15% accuraracy in picking direction would make a lot of difference over time.

I will be trading in the US market.

Cheers, Trump

 

[minwa]

Ahh, makes sense. Yes leverage off someone else's knowledge is good, as long as you can find it. US options market is awesome compared to Aussie, which I have found is untradeable due to lack of liquidity.

Schaeffer's research spams a lot of ads about their stock picking service, maybe you can do a research on them and see if they have positive review or do a very short term trial which costs $100 or something. Weiss research is another company you can have a look at although some of their performance sheets do not look very promising and they charge thousands.

Above two is some choices you can look further into, I have not used any of their paid picks so no first hand experience with them.

Below are two free newsletters and in my opinion, provide better picks than the above 2.

Oakshire Financial most of the time they recommend specific option trades in their weekly newsletters. The other is Tycoon Report and write a lot of free articles about the market, there are stock picks but not a lot of them.

Good luck but I am a firm believer that you should either take the time to learn and trade your own trades or put your money in a managed account if you want professional's picks. Taking a pick off someone else but trading it yourself will have conflicts as your beliefs do not match theirs and problems will occur during the trade execution process. Better yet, put some your money in a managed account and learn your own trading method at the same time and trade some of your money and see which one will perform better over a couple of years.