Options Mentoring

[sumosam]

Quote from riskfreetrading:while I agree that McMillan is dry, I could not read him, he is considered the gold standard. Him and Fontanills.

Math in MacMillan? Are you kidding me. I love math. A math book is a book in which there are only theorems and lemmas, and I love theorems and lemmas. I wish he wrote it that way.

He writes ideas in words (not math), and what he says contains no insight, just description of tools. Dry, more dry than a desert.
I also read another of his books (new insights on covered calls or
something like that). The only insight is the word in the title of the book (and should be in singualr form), and there is better than CC. CC is a "loser" in my view (You earn a little in bull markets and lose a lot in bear markets). It is wrong headed.

Tell me just one insight you got from those books of his?
He is not an expert, but just someone who wrote books. And if his book is that good, why does he write other books (that contain nothing new, worst the may deviate people from the right path? Everyone can write books.

The question is: could one write original and insightful books!

 

[DanFan78]

Quote from codyhopkins:

Did anyone watch the CBOE webinar yesterday (Jan 24th) put on by Steve Lentz? I was wondering what others thought.

He wasn't as dry as some of the other guys the CBOE uses . . . some of them are brutal.

 

[danf]

I watched it and thought it was informative and not dry at all. I thought he tied the use of backtesting into a current trade very well.

 

[thinkplus]

(ref: see page 25)

Quote from artes:

To hegde your positions, just sell short (STO) 7/10 short term call options [20/45 days to expiration] against LEAPS [8/10 monts to expiration].

Hedge Leaps calls with leaps puts. 7/10 of the leaps puts are free.

Sell the leaps , into nice swings, when the expiration approach 2/3 months

Buy [Leaps] time value , at the money / Sell [short term] with intrinsic value ITM


LoL

Should we sell the time value in the short term ATM (or little OTM) call and pay less for the time by buying ITM LEAPS?

Your post says it reverse.

May be this will be clear if you can give an example.

My gut feeling is this is the best strategy (and I am planning to paper trade by adding the similar trade on the PUT side too).

Thanks,

 

[tvgram]

I did go to one of John's full day seminars in New York a couple years ago. He does trade on a daily absis himself and managing money for others is his primary line of work. I thought it was worth it to hear him talk.

He primarily deals with options in the index futures, SPX and DJX, with a lot of emphasis on nondirectional trading and detailed suggestions on entry/exit points and making adjustments

Quote from guy990opl:

Please do not tell me that I am a miserable idiot for spending money on info that I can find for free in option books.

I am looking for a good option seminar / mentoring and I don't mind paying for it.

I am considering signing up for a live options seminar by John Summa, 1 day for $ 900.

Anyone knows anything about him ?

Please reply to my post ONLY if you have had any experience with him or the services he provides.

Thank You very much

- g

 

[thinkplus]

hlpsg and others who were Dan students:

Does Dan talk aobut the strategy fro long term investments such as 401(k), IRAs? It looks like he talks more about the monthly income strategy vs. long term portfolio management techniques.

 

[danf]

Options are typically short term investments. Some firms do allow you to trade complex option types in an IRA, but you have to check with your firm 1st. 401k’s typically do not allow option trading at all. Unfortunately, most brokerage firms are still in the dark ages when it comes to option trading.

 

[thinkplus]

danf: I agree, I should not have added 401(k) as such.

To make it celar, I am curious about heding strategies for the long term holdings.

 

[danf]

I think most long term strategies will involve selling covered calls or buying puts. You can sell individual calls on your positions, or buy puts. Alternatively, you could buy puts on an index that correlates to your portfolio. There are so many indexes out there and I am sure you can find one that can correlate to your portfolio to some degree.

 

[spikeiii]

They sent me a blank DVD that will not play and does not show any files when browesed with Windows Explorer. I got into an email corresponsence with them about it a few of times. I keep getting these curt messages from some @aol address. First, they said that all videos were working now. Then they wanted to know the name of the DVD. Then they referred me to their subscription sign-up page and told me I would view the video there. I finally figured out that I was wasting my time. I never bothered to telephone them.