How to be proficient in options

A

agras01

I have been trading sporadically options for some years now.
I bought calls, sold covered calls and bought protective puts anew times.
Also I spent some time here and there studying spreads and the "Greeks"

It looks that there is big room for improvement and I would like to learn as much as I can.

I am getting lost in the jungle of literature and the different websites, though.

I am not a day trader, I am trying to improve the performance of my portfolio.

I would appreciate any suggestions or references from proficient traders/investors.

Thanks,

Agras
 
Quote from agras01:

I have been trading sporadically options for some years now.
I bought calls, sold covered calls and bought protective puts anew times.
Also I spent some time here and there studying spreads and the "Greeks"

It looks that there is big room for improvement and I would like to learn as much as I can.

I am getting lost in the jungle of literature and the different websites, though.

I am not a day trader, I am trying to improve the performance of my portfolio.

I would appreciate any suggestions or references from proficient traders/investors.

Thanks,

Agras
More...

There is a lot of information about options and options trading. There is also conflicting opinion.

It's important for you to <i>understand</i> how options work. Thus, the idea that you should 'just buy calls when bullish' is a very bad idea.

Take a look at my blog for a bunch of comments on various topics:
http://blog.mdwoptions.com/options_for_rookies/

I appreciate that you are getting lost. What may be helpful is a beginner's guide that walks you through the information you want to learn - in a systematic way. With lots of details and examples that help you <i>learn</i> to make decisions on your own.

If you like the way I try to educate option rookies, then consider my book:
The Rookie's Guide to Options; available at Amazon: http://www.amazon.com/exec/obidos/ASIN/193435404X/mdwoptions-20

Keep asking questions.

Mark
 
Of course you should be willing to spend reasonable amounts on education, but it's not necessary or productive to spend huge sums. There's a company that offers an "options Ph.D." program for some $25,000 for example. If you want to spend that kind of money learning options, you'll learn lots more if you just lose it trading options!
 
Charles Cottle aka Riskdoctor is very good, read his book couple of times, worth every cent, and I highly recommend his book to any options trader.

If you are an income trader, then Dan Sheridan has free webinars which are archived at CBOE.

TOS website has also heaps of free archived chats.

Joe Corona, ex Tony Saliba' partner has options course, bit pricey, but very good if you are a technical trader and want to learn how to use options as an overlay for the underlying from tactical standpoint.

Tony Saliba has a book, but I'm bit disappointed with it, it seem rather basic and I would have expected much more from Market Wizard.

All the above are veteran market makers, they all have different trading styles, and they helped me to gain some inside from different perspectives and some additional edges.

I'd stay away from Optionetics.

All the best, and be prepared for a long learning journey :)
 
I strongly recommend opening an account at ThinkOrSwim. Their option trading tools are great especially when learning & analyzing possible trades and their outcomes. If nothing else at least sign up for a paper trading account with them and download the software.
 
Hi,

Thanks for your reply, some suggest option express or IB, but which is the better brokers? in terms of the features and minimum deposit or fees to paper trades?

Thanks

Joe
 
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