New to Options

[lionheart1]

Hi

I am new to options and I would like some advice if its worth going to sites such as optionetics.com or julecorp to pay money for training?

So far I am getting my training from http://www.888options.com (thanks to wayneL for that info)

Also http://www.theoptionsguide.com

Both these sites are free and I am getting lots of good information and learning a lot from these sites.

Now my question is why are these sites for free compared to optionetics or some other sites where they charge you a arm and leg for pretty much the same info?

I never signed up for these sites as I don't have the money and I assume the info is the same except maybe they throw in some extras and the usual marketing tactics/strategies they use claiming you can make millions bla bla etc.

Anyone who has a vast experience in this area can tell me if there a difference when you pay for options education?

Should I just stick to the training im getting from these sites?

Also is it possible to start making money from learning from 888options or any other free site? I'm not talking about lots of money - but enough to get the ball rolling and get some experience.

I do understand options is not a "get rich get quick" scheme and takes patience, years of practice, determination and lots of research and studying so its not a problem for me.

Can someone please shed some light in this situation as I am aware of the many dangers on the internet and as there are a lot of so called "scammers" out there and I don't want to waste my time or money if they aint the real deal.

Thanks for your help and time.

Regards
Lion

 

[Greg71]

Hi,

If you're learning, that's a good thing, whether you've paid for it or not.

The only way to find out if it's going to work is to paper trade it or back-test what you know on historical data.

I went to the optionetics intro. night and enjoyed the presentation, but got a shock when the price for the course was announced, 5k. Apparently, that's just the starter course as well.

It's basically about volatility spreads, which is where you buy both puts and calls, with a time-based stop. Probably a bit too complicated for a beginner, as I'm sure Wayne will confirm, at least until you know the Greeks etc.

My signature has a link to my site, where there are some more reasonable courses (one of which has a payment plan of around $80 a month for a year, and is by a well-known Aussie trader) that would be more suitable than optionetics at least. Hey, it's free to look.

The advantage with a paid course is that the info. is organized into a system, rather than you just sifting through tonnes of free info. at random and trying to find a trading system for free. Those sites are O.K., but like the ASX site, it's all general info. that unless you're especially clever won't make you a tonne of money.

Greg.

 

[lionheart1]

Hi Greg

Thanks for your response it has helped me a lot.

I to also attended the optionetics seminar in Sydney and yes it blew my mind, i thought it was awesome. The bloke presented it really well but the $$$ was something I had to think about

Money doesn't exactly fall out of the sky for me lol

That amount of money for the starter course, I am so glad I held back as that info is most likely the same as the 888options site I am currently learning from.

I agree with you when you pay for something its organised (hopefully) rather then looking for the info yourself and doing the hard yards.

I myself don't mind actually doing that as some of the begining stuff in options is pretty much self explanatory and common sense and you sort of know where to go next.

888options and optionsguide.com do a good job of keeping the flow.

I guess the million dollar question is the strategy. Now the free sites I go to show strategies on how you make money via options and they provide examples of techniques and strategies you can use to do that.

I guess what I want to know is if I paid for a options course what difference would their strategy be?

The thing is as good as optionetics is what makes their strategy to make money different to others? Can they guarantee exactly a steady flow of income by using their stategy?

I have heard from people optionetics strategy may be good but they cannot 100% predict the market and the strategy you use from them may not be accurate - correct me if i am wrong here.

Anyway i guess i shouldn't worry to much as I'm a beginner and I should learn as much as I can and like with anything it will become second nature with patience and practice.

If you have any other resources to throw at a newbie, let me know or PM
me.

Cheers guys and have a good day.

 

[wayneL]

You must look at options as an apprenticeship.

No 2 day course will ever have enough information. The only thing they supply more than a decent book, is motivation.

But that motivation can be a negative as the "courses" tend to sugarcoat option trading and mention little about money management, or even trade management.

There are no secret strategies. There are many non-standard strategies you can construct from standard strategies that you will never learn about in any book or course. This is stuff you must figure out for yourself.

For instance, taming short vega when you're short gamma, or deciding on the right amount of gamma versus theta when you are long etc.

Ask questions.

Good luck

 

[Grinder]

I'll second the response from WayneL and also add that the most useful info on options I have read has come from this site. I have spent countless hours reading past posts by WayneL, Sails, Mag & others and have found it to be an enlightening & rich experience... best part its all absolutely free.

Hope to return the favour by contributing to more posts as I continue my ongoing options education journey.

Keep up the good work fellow traders & investors

 

[cuttlefish]

For instance, taming short vega when you're short gamma

This is the thing with options ... I've been mucking about with options here and there for a couple of years now but it still takes me a good few minutes to digest and understand comments like that let alone comprehend putting together a strategy to manage it.

 

[dubiousinfo]

For instance, taming short vega when you're short gamma, or deciding on the right amount of gamma versus theta when you are long etc.

Comments like that should come with complimentary Panadol.

 

[mazzatelli1000]

For instance, taming short vega when you're short gamma, or deciding on the right amount of gamma versus theta when you are long etc.

Not only is the statement itself a headache - but when you understand it ---its even more of a headache

 

[Grinder]

For instance, taming short vega when you're short gamma, or deciding on the right amount of gamma versus theta when you are long etc.

I can spend hours if not days pouring over this jargon to no end, then when I finally feel Im making headroads into Waynes World, I go & do a stupid thing like start reading one of Cottle's books to send me certifiably insane.

Ahh... it's a love/ hate thing.

 

[wayneL]

I can spend hours if not days pouring over this jargon to no end, then when I finally feel Im making headroads into Waynes World, I go & do a stupid thing like start reading one of Cottle's books to send me certifiably insane.

Ahh... it's a love/ hate thing.

Welcome to the nuthouse.

 

[mazzatelli1000]

I can spend hours if not days pouring over this jargon to no end, then when I finally feel Im making headroads into Waynes World, I go & do a stupid thing like start reading one of Cottle's books to send me certifiably insane.

Ahh... it's a love/ hate thing.

Bad memories!!! --- dunno how many times i re-read that book, but once you get it, it is really rewarding. Best thing is to jump on his forum and post some questions, he is very helpful.

His story about the butterflies, I learnt it the hard way a while ago