My experience or anyone else's for that matter is or at least should be irrelevant to you. This is a hard thing to learn and most people never learn, I suspect. Draw your own conclusions by living your experiences... Unfortunately, in almost everything in life, this is the most effective, yet painful way to learn.
Sang Lucci Day trading Master Course
- Thread starter kp95
- Start date
I was thinking the same as well that he doesn't trade, but rather just calls trades out having an idea. In the Master Course, it comes with 4 live trading sessions so you exactly what he sees in the eyes of Sang Lucci. It is pricey for his room, but it comes with a lot of cool features such as unusual options activity, sweepers, and context analysis which can be helpful in finding who the big players are in the market. Kind of like detective work finding the footprints of the people with the real money or smart money to say.
Sounds like you are already sold despite everyone saying don't. Buy it and let us know what you think of it, and come back in 6 months and let us know how your trading went.
You're right, at the end of the day its me making the decision not anyone else. But hey making decisions is a risk in life. Ive been through a lot trying to find the right strategy, and mentor but your 100% spot on you live and you learn. Maybe this decisional risk will be one I can learn from and use to my advantage for years to come. Do you have any other recommendations for instructors or mentors that might fit my criteria?
I think I will have to give it a shot. "Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime." I feel like if I'm trying to find a strategy that works it will take years to figure out and a lot of time, but if I pay for a mentor or instructor with a winning strategy already, it will save time and I can get a head start on my career. Have you had any experiences from any mentors or instructors, or have you learned from building your own strategy?
You make a valid point, haven't found a successful teacher yet, but learned a lot about the market. It is frustrating, but there has to be someone that teaches you or at least gives you a better direction to how to analyze the market? I just want a strategy that will save me time and mitigate future losses. I have a decent strategy but its not something I would drop out of school or quit my job for. Im currently up 5k since beginning of the year paper trading on realistic account size and positions with either trading 1 contract and or 100-200 shares at a time for mid cap stocks. Trading both equities and options.
I don't know of that is such a good idea... You sound like you want something that kills you by a 1000 cuts... Maybe it would be better to look for a working strategy... But nobody is going to give you that... You'll have to figure that out for yourself.
There simply is no incentive for someone to just give a money machine for someone else... That would be something priceless, LITERALLY.
I understand, what do you think I should do? Where should I start? Do you think a trading mentor is just a waste of time and money?
Hopefully it will work for you.
What worked for me are the following: Understand the basics of options principles (rights, obligations..); how options are priced (no arbitrage pricing, etc.); what drives the prices (underlying, strike, interest rate, dividends, time and volatility); how to establish an opinion and how that affects the option outcome; develop your own method of trading (most of the populars you see in books or in courses don't work very well).
With the exception of the last point, you can get everything and then some by studying Larry McMillan's book. As for the final point there is no short cut and you are on your own. In general, the option market is very efficient and neither buyer nor seller has an edge.
Best wishes.