Wednesday, June 3, 2009

Re: [TheOptionClub.com] Is it worth it?



I started trading stock when I was 16, from there I took on options at the age of 20.  I lost my shirt at first because I didn't know what I was doing.  I got my Bachelors in Finance, that didn't help.  A masters degree didn't help either.
 
It wasn't till I became a securites trader I started to really get it.  I worked for a couple different firms.  Keep your day job and swing trade with options till you have a really good system down.   Practice different methods with virtual trading.  I wish virtual trading was around when I started trading.  Get comfortable trading and build confidence.  Stick to a system and stick to a group of stocks or group of ETF's.  Try to trade large volume stocks or etf's with close range bid and ask prices of a dime or less.  You don't want to get stuck in a box trade and then you blame the MM, he/she is just doing their jobs. 
 
It takes awhile, have real expectations of your trading.  You don't become rich overnight.  Start with simple goals.  25% to 50% in a leap swing trade.  I have been trading options for about 12 years now and I have retired from the main stream rat race.  I trade ETF options for a living and it is very good money.   When start making good money, you might want to think about starting a LLC out of Wyoming, alot of major benefits.  Good luck in your venture.
 
Cheers!

--- On Tue, 6/2/09, a a <Praesto12@yahoo.com> wrote:

From: a a <Praesto12@yahoo.com>
Subject: Re: [TheOptionClub.com] Is it worth it?
To: OptionClub@yahoogroups.com
Date: Tuesday, June 2, 2009, 4:51 PM

Thanks a lot for the info, from 2 weeks ago, Greg.

--- On Tue, 5/19/09, Thao Tran <ttran@ifcproperties .com> wrote:

From: Thao Tran <ttran@ifcproperties .com>
Subject: Re: [TheOptionClub. com] Is it worth it?
To: "OptionClub@ yahoogroups. com" <OptionClub@yahoogro ups.com>
Date: Tuesday, May 19, 2009, 8:32 PM

Greg:

I'm in Alameda.  Can I information on the SF Option
Club? Thanks

Thao


Sent from Thao's mobile phone 

Thao Tran
415/830-1590 (mobile)

Jann & Tran  |  IFC Properties
350 Sansome Street, Suite 200 ~ San Francisco, CA 94104
415/788-5900 x207  -  415/946-3474 (fax)

On May 19, 2009, at 9:08 AM, Greg Farber <gregfarber@gmail. com> wrote:

a a: is it worth it..? i asked this group the same question about a year ago. like you, i really wanted to know if there really were people out there making money trading options. I felt like little Virginia O'Hanlon, wanting to know of there really was a Santa Claus.

After almost two years of bumping around in the options arena, I can say Yes Virginia, there really are folks out there who trade options for a living. But out of all the participants I've seen, NOT A LOT make their living trading.

Maybe it's fair to compare this to poker players or bowlers or rock musicians. After many years of (possibly obsessive) study, focus and practice, some will be able to supplement their income (they still hold a day job) and some will be able to "quit their day job." And some will be able to earn enviable sums. Ask them is it all worth it? They will all probably say ABSOLUTELY because they are dong what they love. Do you love trading?

I belong to the San Francisco Bay Area Options Group. Joining this group was a breakthrough for me. I met and got to know a handful of the regulars that make their living trading. Maybe you can find a group in your area..? It does build confidence to see others who really (virginia) do trade for a living.

Of course, you need to be reasonable about your funding and your expectations. I recommend reading Van Tharp's "Trade Your Way to Financial Freedom" It will give you some good things to think about if you are considering trading as a career. 

My last observation is that trading is a game of knowledge, skill, strategy and risk. I believe that there are no shortcuts, autotrade programs or services that will "get you there." If options seems like a lot to take on, you might try trading equities. Compared to equities, I think that options is like playing chess in 3-D. Maybe 4-D.

hope this helps. best wishes,  ~gf  (still learning)






__._,_.___
The goal of TheOptionClub is to provide a forum for members to work together for the purpose of furthering our individual understanding option trading.  All messages and postings, and any materials circulated are provided for discussion and educational purposes only.  No statement contained in any materials from TheOptionClub should be considered a recommendation to buy or sell a security or to provide investment, legal or tax advice.  All investors are encouraged to consult a qualified professional before trading in any security.  Stock and option trading involves risk and is not suitable for most people.  There is no guarantee that any information provided is accurate and, may in fact, be wrong.  It is understood that the participants in TheOptionClub have varying backgrounds and degrees of experience in option trading, and that regardless of experience each member is considered a student.  As such, any information distributed through TheOptionClub should be considered with a critical mind and not relied upon as an authoritative source.

To unsubscribe from TheOptionClub, send an email to:
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