New to the site, forum and to trading

R

rondwyer

Hey guys I just wanted to post here and introduce myself. My name is Ron Dwyer and I'm new to trading options. I've decided to give it a try and open a paper account because I've always had an interest in the markets. I started playing the stock market but I have decided its not as efficient and cost effective as trading options. I opened a paper account on ThinkOrSwim. To my surprise, I'm actually making money but so far I've only bought outright calls.

That is what I understand from trading stock. You buy low to sell high. I don't know if this will work for trading options however. What I still have trouble figuring out is what strike price to buy at. I look forward to learning a lot on this forum.

Anyways, thanks for reading guys! Happy trading!
 
At the end of each trading day they(TOS) have a chat called the "wading pool" for those new to options...you might give it a try. You also have access to "Tastytrade" which has a feature where a young gal is learning to trade with her own account.
 
Hey guys thanks for replying. I went ahead and checked out some of the sites you suggested and found some useful stuff. I'm definitely trying to read up more on my greeks. Theoretically I know what some of them are but I don't know how to read them when they are constantly changing real-time. So that's one thing I'm still working on. Thanks again for the reply!
 
CBC,

My goal is to day trade and you can't do that with 1K! I wish you could because I would dominate then haha

thanks for the reply :)
 
Quote from rondwyer:

CBC,

My goal is to day trade and you can't do that with 1K! I wish you could because I would dominate then haha

thanks for the reply :)
More...

Ay Ron, glad 2 meet u and best of luck with it. :D

However I'm a tad confused about what were talking about?

I "day trade" with 1k all the time when starting something new, in and out in each session. Infact I have 1k on NDX at the moment as I'm trying something new. U know, to get the hang of it.

I didn't mean all the time.

Just a thought.....
 
Quote from rondwyer:

Hey yeah no what I meant is that I don't even have the 1K much less the 25K require by the SEC to actively day trade.
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Oh, right. Yea I don't av the $25k either. I got up to $30k. Then I went back down to $17k after my broker stuffed up, now I'm at $20k. I think u are capped at 5 trades per week or something like that. Thanks for reminding me. I look it up now.

C u there
 
Just be aware that options are much harder to trade than stocks and are full of pitfalls such as time decay.

In general, they are not a good vehicle for day-trading unless you are using some very fancy techniques based on the Greeks.
 
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