I am new

Quote from RichardRimes:

TOS has a new program that charges .95/no.. tkt chg (20contracts min) and no cancellation fees. Love the platform..ex Harris/Brownco/E-trade (for 10 minutes) user
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I looked at IB. But, their customer service is geared torward the professional and sophisticated. Whereas, TOS's customer service is geared torward the retail trader like me.
 
Quote from rallymode:

Horrible book review. I am pulling my hair in my chair over here reading this tuff. The four points were horseshit in my opinion. Whoever, the reviewer of the book was needs to do alot more reading on the subject of options before they review another book. Also, basic logic 101 would also help :eek:

1. Nothing wrong with directional trading. What should a newbie do instead? Delta neutral tick playing? Longshort straddles? And again, just because the implieds are higher than stats doesnt mean the option is overpriced and its a bad idea to buy it, ahhhh.*pulling hair*

2. buying OTM options = buying low probability options = port blowout. Again, horseshit, wont even bother touch the logic here. What do they suggest? Only buy deeply ITM? LOL

3. what is complex? is it ratioed combos? is it more legs? complex = bad risk/reward? Is a FLY complex? Horrible logic yet again, who is writing this stuff?

4. liquidity - i will give him that but i somehow doubt the new trader is looking at illiquids vs the amzn's, goog's and appl's out there. The illiquid options is where you will spot the inefficiencies if there are any to be found by Joe Retail.
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I had to go back and re-read since I value your opinion.

1) relying SOLELY on market timing. notice the word solely...I know you and everyone use a number of resourses including the greeks...NOT just charts????

2) Buying ONLY OTM options...no option trader buys ONLY OTM options...

3) Using strategies that are too complex. You don't agree that you do need to understand how the greeks affect the different strategies before you use them? Start simple and work your way up...

4) casting too wide a net on option choices...this actually is tied to #3 Again as you experience different markets and have experience trading different volatilities then you can manage more effectively multiple types of trades.

I think what the author is saying is novice traders DO those things to the exclusion of perhaps more profitable...higher probability trades. Look at your CTM trades...you use your charts to HELP time your entry...and you often leg into the trade to get a higher probability of return. Those are not the types of trades a NOVICE would do...or could do with the success you have.
 
Quote from JSHINV:

I looked at IB. But, their customer service is geared torward the professional and sophisticated. Whereas, TOS's customer service is geared torward the retail trader like me.
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trust me, its not that difficult. if you can get a handle on greeks, IB is pretty easy to deal with.
 
Quote from rallymode:

Horrible book review. I am pulling my hair in my chair over here reading this tuff. The four points were horseshit in my opinion. Whoever, the reviewer of the book was needs to do alot more reading on the subject of options before they review another book. Also, basic logic 101 would also help :eek:

1. Nothing wrong with directional trading. What should a newbie do instead? Delta neutral tick playing? Longshort straddles? And again, just because the implieds are higher than stats doesnt mean the option is overpriced and its a bad idea to buy it, ahhhh.*pulling hair*

2. buying OTM options = buying low probability options = port blowout. Again, horseshit, wont even bother touch the logic here. What do they suggest? Only buy deeply ITM? LOL

3. what is complex? is it ratioed combos? is it more legs? complex = bad risk/reward? Is a FLY complex? Horrible logic yet again, who is writing this stuff?

4. liquidity - i will give him that but i somehow doubt the new trader is looking at illiquids vs the amzn's, goog's and appl's out there. The illiquid options is where you will spot the inefficiencies if there are any to be found by Joe Retail.
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good reply , Rally
 
Quote from RichardRimes:

I had to go back and re-read since I value your opinion.
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Thats a mistake. I am just a poor schmuck trying to navigate through the sea of options. :)

Now that i know who the author is, it makes even more sense. Mislead the newbie with a bunch of bs in an effort to push services. Anyway, not going to take this any further off topic but just like mo said, that book is as good as a july spx 1300 call at july expiration.
 
Quote from fh2000:

This author is also a staff writer for Optionetics.
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Thanks for that! Assume was for informational purposes only.

Being a writer for Optionetics does not neccesarily lend credibility to his earlier published texts if that was the intention though. Indeed, some on ET would argue that an association with Optionetics implies the exact opposite! The pros/cons of Optionetics is an oft discussed topic here on ET so I'll defer to earlier threads on the matter.

If you are a happy Optionetics customer then that's all you need to know :)

MoMoney.
 
Quote from OddTrader:

Hi MM,

Are there any good sites/ books for plotting charts of the underlying's price/index vs the option's implied volatility? Your (or anyone's) feedback would be appreciated. TIA.
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Not sure if anyone answered your question but have a look at www.ivolatility.com

MoMoney.
 
stay away from the greeks...there is a much much simpler way to trade options with out all the complications of black and scholes, greeks, etc. youll find it...just remember...the simpler the better
 
Quote from optionsfreak:

stay away from the greeks...there is a much much simpler way to trade options with out all the complications of black and scholes, greeks, etc. youll find it...just remember...the simpler the better
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I know at least one ET member (Arnie Guitar) that will strongly disagree with you on the greeks statement.
 
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