options training services

Abundance Magnet · Apr 30, 2018

Hi,

looking into different schools/training providers to improve my trading. Many options out there (haha) but which ones provide valuable education that is not already out there in books, internet, etc...

wanted to hear about your personal experiences with:

1) steady options
2) sj options
3) option alpha

thanks!

tommcginnis · Apr 30, 2018

https://www.elitetrader.com/et/members/kim-klaiman.321924/
is behind steady options --
-- ET site sponsor
-- solid contributor (actually, considering the BS he sometimes receives [for solid posts], he's an amazingly gracious guy)
-- posts material to ET, seeking-α, etc.
-- pretty good site (in steadyoptions).....

Sweet Bobby · Apr 30, 2018

Tastytrade.com is amazing.

stepandfetchit · Apr 30, 2018

#2 has emitted some negative responses from some. I have no first hand experience with them.

JackRab · Apr 30, 2018

tommcginnis said:
https://www.elitetrader.com/et/members/kim-klaiman.321924/
is behind steady options --
-- ET site sponsor
-- solid contributor (actually, considering the BS he sometimes receives [for solid posts], he's an amazingly gracious guy)
-- posts material to ET, seeking-α, etc.
-- pretty good site (in steadyoptions).....

Although I do think he makes a decent return... he lacks theoretical knowledge about what I would call basic stuff. But you don't always need to know all.

Tastytrade are better theoretically, because they were actual market makers on the floor. From what I've seen in their videos, they are pretty good at explaining how markets work etc.

Abundance Magnet · May 1, 2018

JackRab said:
Although I do think he makes a decent return... he lacks theoretical knowledge about what I would call basic stuff. But you don't always need to know all.

Tastytrade are better theoretically, because they were actual market makers on the floor. From what I've seen in their videos, they are pretty good at explaining how markets work etc.

hmmm... didn't know the TT guys were former market makers. I've read various books on options (McMillan on options, etc...) While I understand it in theory (to my knowledge level anyway), I do not have the knowledge to connect the theory to the actual practice of it. At least not as well as I read here on the boards. In particular, the IV skew/smile/smirk stuff and how to trade those concepts effectively. Where would you recommend I go to learn that and other concepts?

thanks!

JackRab · May 1, 2018

Abundance Magnet said:
hmmm... didn't know the TT guys were former market makers. I've read various books on options (McMillan on options, etc...) While I understand it in theory (to my knowledge level anyway), I do not have the knowledge to connect the theory to the actual practice of it. At least not as well as I read here on the boards. In particular, the IV skew/smile/smirk stuff and how to trade those concepts effectively. Where would you recommend I go to learn that and other concepts?

thanks!

Can't beat experience in trading options to get knowledge. But the main books from Hull and Natenberg are a good start I guess. But also TastyTrade has some decent insight I think.... at least in some of the videos I've seen. They blab on a bit too much, so I don't think I've actually ever seen a full video. But definitely educational and entertaining.

daniel5198 · May 1, 2018

Tradingdominion.com
smbtraining.com

tommcginnis · May 2, 2018

Sweet Bobby said:
Tastytrade.com is amazing.

JackRab said:
Tastytrade are better theoretically, because they were actual market makers on the floor. From what I've seen in their videos, they are pretty good at explaining how markets work etc.

JackRab said:
But also TastyTrade has some decent insight I think.... at least in some of the videos I've seen. They blab on a bit too much, so I don't think I've actually ever seen a full video. But definitely educational and entertaining.

Except for Tom Preston and Mike (of "Mike & his Whiteboard"), none of them could pass a basic statistics course, and their widely-broadcast miss-uses of basic statistical terms hurts those who most need the help. That said,
1) I haven't watched much in years, but I seem to notice less grating, needle-across-the-record sounds when I've watched in the last year or so. But, "small sample" and all that.
2) Of what's out there?? I don't know of any who compare. "Investopedia"..... OMG:

There are three glaring errors here -- one obvious, one mildly tricky, one pernicious..... So, that given, tastytrade wails on the rest in comparison.
3) Tom Preston, Al Sherbin
https://play.google.com/store/books...ow_to_Price_and_Trade_Options?id=szWkBgAAQBAJ
Tom Preston, oh, and Al Sherbin. The best four.

lawrence-lugar · May 2, 2018

Abundance Magnet said:
Many options out there (haha) but which ones provide valuable education that is not already out there in books, internet, etc...

wanted to hear about your personal experiences with
1) steady options
2) sj options
3) option alpha

All those option trading schools teach and preach the same thing, more or less.

They will explain technical trading textbook terminology. and give common illustration examples. and at the end of the day...will tell you to sell options for that instant small insurance premium collected.
Everything is fine and dandy...until that inevitable day comes when you get exercised. and just like that, your small fish profits gets wiped out by that relatively large tidal wave moment.
Understand market emotions and VIX, volatility index measure, yadda yadda. Buy/sell what that gauge is high/low.