Optionetics: Good or Bad ?

Quote from guy990opl:

well i guess i am the sucker who will pay 3 k to attent the optionetics ict seminar next week

i have a feeling that some of you might be right because in the email they sent me they before the seminar they said...you can bring along your laptop with profitsource loaded in it, if you do not have profitsource yet you can still benefit from the seminar...


i cross my fingers, i am a directional trader i am very confident in my stock picking all i need is to find the " right " option for my bullish strategy, i hope they show me how to find such options and stop advertising and selling me stuff i didn't ask for

i'll keep you posted on how the ict seminar is

- g
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Perhaps you can get your money back:D I and EVERYONE here would tell you IF you are a bullish directional trader very confident in your stock picking ability ALL you need to do is BUY the option (call) of your choice (short, mid or long term) and ride the wave. Options are VERY labor intensive, slippage intensive and commission intensive...the best option strategies are for ppl who ARN'T confident in their stock picking prowess....good luck nonetheless!
 
Quote from Aardvark:

Perhaps you can get your money back:D I and EVERYONE here would tell you IF you are a bullish directional trader very confident in your stock picking ability ALL you need to do is BUY the option (call) of your choice (short, mid or long term) and ride the wave. Options are VERY labor intensive, slippage intensive and commission intensive...the best option strategies are for ppl who ARN'T confident in their stock picking prowess....good luck nonetheless!
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Well said. Most of my/our trades are either neutral or only slightly directional. The idea is even if you are wrong on direction, there is still a better than 50/50 chance you will make money.

Plus, from what I understand, the class you are going to and paying for teaches those types of non-directional strategies. If you're looking for directional trading strategies with options, this may not be the course for you.
fwiw
 
at the very expensive price of $ 3000 +

Now there is no" one size fits all" and in my case the seminar was totally worth it, in your case it might not be, I don't know.

It wasn't just about using the software but also a lot was about trading strategies the greeks, management, adjustments and if you read my other posts and my background I KNOW that $ 3000 is a lot but again there is NO WAY you can replace any book, dvd watching or internet browsing ON YOUR OWN with an experienced trader who takes you by the hand and shows you step by step exactly what he does.

Do you want to laugh ? Optionetics Elite students pay $ 30.000 per year to be able to attend as many seminars as they can plus some other goodies. You would think it is crazy right ? Well it depends how much do you want to be a trader full time ? How much money do you have to invest ? How much time ? If I could pay $ 30.000 per year I would and not for one second I think those students are crazy on the contrary I envy them

I won't make a dime if you go with Optionetics or any other service but I do believe that one will pay once for education and forever for ignorance. The majority of people who say that no 2-3 day seminar is worth $ 3000 are the very same people who don't do any serious trading and are always on internet board like this one because they are so smart that they can get it for free or can figure it out by themselves, well I can't.

I do not plan to give all my money to Optionetics however for me the seminar was totally worth it, now if I can make enough money to take a new one I will, but one thing is for sure, I am developing the confidence that I missed before and time will tell


let me know of any good trader who teaches and asks nothing back and i will forget all the seminars in the world

if you can learn it just by reading books and all by yourself more power to you, but since I can't don't tell me I am nut for paying for a tutor


thank you for your attention

- g
 
Well I won't quibble with $3000 but $30,000:eek: :eek: :eek:
Honestly I have enjoyed the TOS seminar's I've gone to and the $199 trade n learn and can understand the "feel good" nature of seminars and how you could get hooked on them. But NONE of them have made me a "better" trader. Learning by doing and learning how to manage positions is what has made me a better trader. Its very hard work and always you do question yourself, but come on spending $30,000 a year to attend all the seminars you want? How much can that really add to your bottom line?
 
30K or whatever is not what really bothers me. Although anyone spending 30K on seminars year after year after year should probably stop trading as they obviously suck at it. :D

What I don't get is people spending 5-10K on the seminars and software, which for the most part they don't even know how to use or judge whether it is useful at all, and then have only 1-2K to trade with!?:eek:

I never attended any Optionetics seminars and never will as I honestly think it's a rip off, but I have some friends who did and they say that over the years the seminars have changed into software selling seminars.
 
This is a timely thread, they're coming here to Milwaukee next week. I figured the two hour freebie was to pitch their wares.
I'd be able to make the Monday afternoon gig.



I wonder if they'll talk about my flip of the coin strategy.......




:D
 
Quote from Arnie Guitar:

This is a timely thread, they're coming here to Milwaukee next week. I figured the two hour freebie was to pitch their wares.
I'd be able to make the Monday afternoon gig.



I wonder if they'll talk about my flip of the coin strategy.......




:D
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no , they will not talk about it , but their results will be , lol
 
George is the walking talking defination of a CON MAN.

If you see him coming RUN in the other direction - FAST

This is from personal experience many years ago. A little over 10 to be exact. He was giving seminars with George Angell. Mr. Angell authored West of Wall St.

Save you money from whatever bullshit this guy is now selling. I would guarantee you its not worth the paper its printed on.

You best bet pick up some books. Educate yourself and take it slow.

If you put any of his "strategies" to an out of sample walk forward test it fails. Well at least what he was selling way back then.
 
I don't trade options (yet), but conceptually they're pretty fascinating in terms of their ability to quantify and manage risk, the multiple ways that a trader can make money trading them (as compared to the pure directional plays that most stock and futures traders are limited too.

Having taken an expensive course myself I can see both sides of the argument, and basically it comes down to this:

a. if you need the spoon feding, hand holding, and want to have someone "standing beside you" while you learn how to trade, take a course, but don't expect it to deliver "untold millions", because that's not going to happen.

b. if you're independent and self motivated, try doing it by yourself, but it is going to take a LOT OF WORK just to get to intermediate level.

On that note, here's an interest list that I found, if you can work through the list, add in Charles Cottle and his wave spectrum diagrams, and you'll be set :eek: :D :cool:

Options booklist
There are some excellent books available if you would like to further your knowledge of options. Please note the prices are an indication only and you need to check with your local bookstore for availability.

Beginner (an introduction to options for beginners)
Options: A Complete Guide for Australian Investors Guy Bower $39.95
Derivatives in a Nutshell William S. Harper $19.95
Understanding Options Trading In Australia Christopher Tate $29.95
Getting Started In Options Michael Thomsett $39.95
Options in a Nutshell Brad Booth Review by Daryl Guppy $19.95


Intermediate (expands upon the basics and and introduces the reader to more involved strategies)
The Secret of Writing Options Louise Bedford $37.95
Options for the Stock Investor James Bittman $70.95
Options as a Strategic Investment Lawrence McMillan $139.95
Trading Stock Options and Warrants Chris Temby $37.95


Advanced (for experienced options investors)
Trading Index Options James Bittman $75.95
Options A Personal Seminar Scott H Fullman $52.65
Options Volatility and Pricing Strategies Sheldon Natenburg $115.95
***
General (for general interest)
The Disciplined Trader: Developing Winning Attitudes Mark Douglas $69.95
Market Wizards: Interviews with Top Traders Jack D Schwager $42.90
The New Market Wizards: Conversations with America's Top Traders Jack D Schwager $36.95

Note: I haven't read any of the options books, so I can't vouch for'em.

Best,

Jimmy
 
nlslax wrote: "Most of my/our trades are either neutral or only slightly directional. The idea is even if you are wrong on direction, there is still a better than 50/50 chance you will make money."
I don't think that's quite right. Your chance of making money with credit spreads or flies/condors is no better than with straight calls/puts/debit verticals. Iow you are looking at a negative expectancy event as soon as you open your position.
daddy's boy
 
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