Quote from temtbv:
First time user new to spread options trading doing WELL with TOS but they are":Giving" me the fish I want to learn to FISH !!! Can anyone give me their reall personal experience with John Onderson and his associates of the Options Mentoring program they have currently 50% off of the regular subscriber fee for lifetime service. they seem to SPECIALIZE in 3-5 spread trades for income. Has anyone subscribed and what do you think This would be MUCH appreciated since I just Retired and expect to get my first SS check in a week. Would like to do spread trading full-time now that i have 50 hours a week of "FREE' time !! Thanks Again. Tom Valentino
So, you want to learn to fish. That's good. TOS is an excellent broker and platform.
Now, be very careful as to whose advice you take. You can't afford to lose your retirement income. The program you're interested in may be fine but ask yourself "how come they're selling the program at a 50% discount?"
I will give you some free advice, which you can take or leave, it's entirely up to you and I don't have any product I want to sell or ego I need to feed. But I do know how easy it is to lose your money trading options if you don't know what you're doing and I would hate to see you lose yours, especially since you're retired.
So, here is my suggestion:
1. it's absolutely critical that you educate yourself (e.g CBOE website has some excellent webexe and material - all free; discussion boards) and study/read option texts (peruse ET posts as to which books, if you're having trouble finding the info get back to me). This is not negotiable.
2. then find a good mentoring program (peruse ET using 'mentoring' search term). This is not easy, there are a lot of well meaning charlatans out there but you won't recognise them if you don't understand options very well, and I mean VERY WELL.
3. then backtrade and papertrade the strategies you've learned
4. then do SMALL (1 to 2 contracts, e.g. 1 condor/fly, 1 to 2 calendars/dbl diag) live trades (5 to 6 positions per month) until consistent profitability, then, and only then, increase position size
5. most importantly, ignore most of the feedback you get on ET.
Good luck.
db
