It is also an issue that in order to make money from a trading idea what is important is entry and exit price... and thus timing. Risk management is another consideration. It si quite feasible to think os a service that predicts the price of 70% their stock pick will rise the next day, openm-to-close. A hepless trader may still make a consistent loss by using this service if they don't have a stop-loss or take too much leverage or weight positions incorrectly. If you are looking for signals that provide an edge in themselves as opposed to you as a trader creating an edge from publicly available signals, maybe you want to consider a trade signal service like collective2.
I don't know how successful they are yet as I just started using it but I'm having Red Option (an affiliate of ThinkOrSwim) trade a small account of mine with their Iron Condor and Double Diagonal services. They are only $20 a month per service and I was interested in following their trades to gain insight and experience with those strategies. Again, I just started so I don't know how it will go. One of the benefits of having them trade the account though is that they get better entries and exits than an individual trader. You don't have to have them trade the account to use the service. Cheers, S
I guess there are two sides to every coin.. I would think that if a person was really good at returns on options and it became known to the world... people would pay ALOT to have your picks and you, would have very limited risk on your income.. you can still do your option pick's but have a great FIXED and stable income on the side.. I do plan on growing my skills to the point that I can be self sufficient. I've been actively trading [paper only] for a few months now and having reasonable success [the accnt is still worth more than when I started.. & I've done ~ 40-50 trades..] but in being a member on a advisory list, I'd get to see what they are looking at and the how's and whys of their pick's and expect that this would further my education while giving me a edge over my current skill level. I've purchased the Hulbert Financial Digest and had a read there and find that there are few options traders listed and the ones that are... I'm not really interested in their results Oh well.. I'll just keep grinding away at my 'education' the way I've been for the last few months
these are 2 completetly different things. Paper trading is educational, but it has little to do with success.
Trader, I think I follow, but can you expound a bit more.. why would success [or lack of a significant loss] in paper trading be not concidered as a success in general terms?
Don't put too much money in there. heard they didn't do too well. I've come to believe that the ability to smell bullshit is the first step to succeeding in this business.
Thanks for the note hlpsg. It is a very small account so I'm not too worried about major losses and I'll be following it closely. I have my main trading account using the same strategies (not taking the same trades though) so I'm hoping to use it as another source of data to study. BTW, I was just reading the early part of your old thread talking about Dan Sheridan's mentoring service. I hope that is still working out for you. I've gotten a lot out of his CBOE webcasts and find the income strategies to fit my personal psychology very well. Not quite ready to pay for the full mentoring service but it is in the back of my mind.