I have been seeing a growing amount of confusion about the Trading Room
project that I launched back in April, so it's probably best that I try
to clarify things here.
Many of the videos that have been referenced were produced by David
Vallieres, which he originally sold through his "Tradingology" website.
Every year I review various books and courses for both my own potential
benefit and so that I can share my thoughts and opinions about them
here. I purchased David's video course and after reviewing those
materials had a favorable impression. While I was not in 100% agreement
with all of the materials, I felt that there was a good deal of content
that could help less experienced traders move their skill set forward.
I had an opportunity to license those videos from David, but the cost
was more than I was willing to spend and simply give the material away.
It provided me with an opportunity to do something I had been thinking
about for some time. There are so many trading courses, products and
services out there that many people get confused about what works and
what doesn't work. The covered call guys tell you that their way is the
way to make money. The married put guys tell you that the covered call
guys are wrong and that married puts are the "safe" way to make money.
The credit spread guys tell you they're both wrong and that you need to
trade spreads if you really want to make money. Still others will tell
you that buying calls and puts are the way to make BIG money...
It gets confusing.
The truth is that they all can make money and they all can, and will,
lose money. The trick is to limit the losses on the losing positions to
a level that does not out strip the gain being made on the other trades.
It sounds simple, but its devilishly difficult to put into practice.
Now, I had found a few courses like Options Mastery that did a really
good job of explaining what options are, how they work, how they can be
used for various purposes and in various strategies. What I had not
found was equally good training on how to apply that knowledge in the
context of a sound trading plan. I also saw people who were still
"learning the ropes" risking rather significant amounts of money in the
market.
I began considering how I could help people begin making the transition
from that point where they had learned the options basics to trading
real money in a responsible manner. For a number of reasons I felt that
the most effective way I would be able to do this was through a
membership website.
The reality is that my time is very limited between my law practice,
trading, family responsibilities, etc. So, rather than investing many,
many hours of my time developing training mateirals, licensing the
Tradingology video set made a lot of sense. It was a way for me to
provide a core set of training materials quickly, which gave me the
opportunity to see if this idea of mine was worth pursuing.
So, I licensed the video course from David Vallieres and began
beta-testing the membership site software in March of 20009. I then
opened the doors in April of 2009. Since April I have received a great
deal of feedback from members and have made numerous changes to better
address the needs and interests of those who subscribe. I intend to
make additional changes in the coming months, including the production
of our own curriculum to replace that which I licensed from Mr.
Vallieres.
The reason I intend to replace most or all of Davud's materials is
because after I licensed the course, the same course was licensed to
others. This has created confusion because people are seeing the same
materials being sold from different websites. It has been particularly
confusing when it comes to the Trading Room.
If all you want are the Tradingology or "Trading As A Busienss" videos
produced by David Vallieres, you can purchase them from a number of
different websites. I stopped keeping track of them, but if you spend a
few minutes using Google to search for them you'll find several places
selling them. You will be able to buy them for less on some of these
other sites.
What you will not get from these other sites is everything else offered
through the Trading Room...
Since April 2009, we have been routinely adding new video materials.
Most of these videos are recorded training sessions addressing specific
topics and typically feature a heavy dose of risk management principles.
In other words, in addition to talking about how to make money trading a
calendar spread or an iron condor there is a substantial discussion
about how to limit losses one these and other trades when they don't
work out.
Most every Sunday afternoon we hold a live one-hour training session.
The focus of these training sessions has changed since the Trading Room
opened based upon member's requests.
We also have a member's only forum. Here I track live trades that were
researched and planned during our live training sessions, then opened in
an account I set aside for this purpose. The opening trade, analysis,
adjustments, everything is documented there. Questions about those
trades can be posted in the same discussion thread and I and others will
respond. The forum also provides the opportunity to obtain support
beyond the recorded materials, so if someone has a question about some
aspect of what is being covered they have an opportunity to ask it and
receive a response.
I have even been known to do some one-on-one sessions when someone needs
a little extra help.
I expect that more will be added there. The cost of the service is
about as cheap as I can make it while covering routine expenses and
paying for further development. There is no up-selling, so when someone
joins they do not later learn that they now need to spend a couple
thousand bucks to learn the real secret to trading. I have also told
folks that once they subscribe the monthly fee will not be increased on
them so long as they remain subscribed.
The basic idea is that if I can help a member I will do what I can. It
certainly is not for everyone, but I think it provides a benefit to
those who have learned the fundamentals and want some help applying that
knowledge in the market without the commitment of a full-blown mentoring
program.
With a little luck, what you will see happening over the course of this
year is the replacement of the videos I licensed from David Vallieres
with our own materials. That will include the introductory videos
hosted on YouTube and on my servers. Before I remove David's videos I
will be allowing existing members to download the new materials and
provide feedback. I will not remove anything until the members feel
that the new materials are better than the old content they are
replacing.
So, that's basically it in a nutshell. The confusion is unfortunate,
but we'll get that taken care of in due time. If anyone has questions
about the Trading Room or what we're doing there, feel free to send me
an e-mail or you can post here and I will try to respond as promptly as
I am able.
Christopher Smith
TheOptionClub.
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