Advice needed on auto-trading options

Discussion in 'Options' started by tiffany07, Apr 16, 2007.

  1. tiffany07

    tiffany07

    Hey everyone,
    I am relatively new to option trading and would love to get some advices from you on auto-trading. I am thinking of subscribing to an advisory service from a reputable research house!

    Is it a viable way to invest?


    Thanks for the help!

    Best regards,
    Tiffany
     
  2. ryank

    ryank

    You should subscribe to some of the redoptions.com newsletters and follow them (not autotrade). You will learn something this way and then be able to trade on your own at some point.
     
  3. MaxLD

    MaxLD

    Tiffany,

    I would never be comfortable with an arrangement like that. Take a moment to google Terry Allen, who once operated (perhaps still does) Terry's Tips. This so called "reputable" advisor destroyed many of his clients' auto-traded accounts.

    Be careful. Nobody is more interested in your money than you are. Take the time you need to learn about investing/trading for yourself. If you haven't got the time or the interest to do so, consider a good no load mutual fund instead.

    Best of luck to you.
     
  4. Tiffany-

    Here is a site that analyzes the different auto trading sites and gives you the bigger picture of whether or not they are actually profitable. I wish I had seen this before I invested using Option Smart.

    I see that he now has a site that does the same for stock trading services. The link is at the bottom of the page.

    I've talked with him several times. He's a good guy, very knowledgeable.

    Good luck~

    http://www.pro-option-profits.com/
     
  5. tiffany07

    tiffany07

    Thank you guys, that was very useful.

    A friend of mine mentioned about Bernie schaeffers Alter service. Any thoughts on their performance?

    Thanks again!!!

    Tiffany
     
  6. You have to be VERY CAREFUL when looking at performance records. For instance, Option Smart was showing 100% success rate with their credit spreads, so I invested with them using that service. Come to find out, they were counting rollovers as winning trades!!!

    Write to Shyam at the link I provided, and ask him what he thinks. Or maybe subscribe for a month, it sounds like you could use his help.
     
  7. One piece of advice - STAY AWAY FROM BIGTRENDS.COM

    Their services are a joke and the way they account for trades is completely unreliable to say the least.

    Do your homework first before putting $ into anything. Use google.com to find reviews and sites out there that critique what you are looking at.
     
  8. Carl K

    Carl K

    Pick a broker with low commissions and ticket charge.
    Trade small, to learn (maybe 1 or 2 contracts per leg).
    Place your own trades, maybe from a e-mail.
    Multi legged AutoTrading with adjustments,
    gets confusing to follow the money, and it can get expensive.
    Save as much of your account, so you can stay in the game
    long enough to learn how it's played.
    Paper trading helps you learn the in's and out's too.
    Black Swans happen.

    Live Long, and prosper.

    Enjoy Life! You only get as much as you take...
     
  9. mavrovic

    mavrovic

    An inexpensive way to learn is to use virtual trading at http://www.optionsxpress.com. You open an account and test your skills for a while. It's real trading ! I've used it for a while and it's been a great experience at no cost. I liked also TradeStation with OptionStation system & brokerage because you build your own trading system. Although, you have to open an account with a minimum of $5,000, first month is free for using the software and then it's $99/month. Commissions are the cheapest I've seen at $1/contract no minimum. Good luck !
     
    #10     Apr 18, 2007