A question for Option Traders

Discussion in 'Options' started by jjf, Mar 25, 2009.

  1. Ask yourself this: Why do you want to trade options? You mentioned that you trade FX and Futures (but not the specific contracts). Personally, I have always used options in some strategy. Initially, I did lots of covered calls. Then I traded some covered puts, then naked puts, then bull put spreads, short straddles and butterflies, and IC's. I have no interest in FX, so I don't bother to learn it. I don't like speculating with futures, for I ahve to be right on direction, and I know I am lousy at that. If you are really accomplished at FX and speculative futures, then stick with it. My philosophy is that is is better to be a master of a small niche and an amateur of everything.
    #11     Mar 25, 2009
  2. nitro


    You are going to hate my answer. There is no book that will teach you to trade options, only books that will teach you technique and fundamentals. If you allow me an analogy with Chess, what you will learn on ET is how to move the pieces. Strategy, tactics, and the real science of option trading I have never seen on ET. That is a long long way from trading with skill.

    You will not find answers on ET because most if not all real option traders would answer anything other than the most fundamental questions on a public forum. Even worse, unfortunately for most people, the firms you want to be trained at to be an options trader now look for certain types, and have a blind eye towards most others no matter how smart they are. What are those types? Ivy League educations (or Chicago equivalents like UofC or Northwestern), and usually with some sort of science background.

    That said, just about anyone can learn to trade options profitably with the right training. You will not find that training in a book or on ET, or any other website for that matter.
    #12     Mar 25, 2009
  3. I would say options for rookies and the natenberg book should pretty much be all you need.

    plus the free stuff you can get on the internet.


    Thats it have at it.

    Trade small number of contracts of course in the beginning, I would look at SPY as a good underlying to get the hang of it. And dont try to get all fancy in the beginning.

    Then you can take my course on selling Penny Options at the Wynn. :)
    #13     Mar 25, 2009