in another thread, an individual posted an inquiry seeking comments, info about certain option education programs. I replied and because of the "noise" and posted by certain other individuals, suggested that the individual contact me by private email regarding the training source(I completed that training source's program and can answer both the downside and upside of the program) then another individual whos name/handle will be remain anonymous posted the following: re'" ........ I suggest you post any questions on the board. IVtrader is up to no good by requesting that you contact him privately. [/B][/QUOTE] now the interesting thing is this: the individual who posted the above could have e-a-s-i-l-y contacted me and determined whether I was full of s**t or not. they chose not to the individual "researched" the option training organization in question by apparently reading one of their internet ads(which mentioned the trading strategy Iron Condor)and then posted that the organization teaches such.of the many strategies the organization teaches, one is an iron condor. since the individual didn't know what an iron condor is, they went to wikipedia to find out. and posted the wikipedia link. as it it none of these postings would really tell you a single usefull thing about the organization. there are, unfortunately, alot of trolls offering "advice" in this Elitetrader forum. some are more obvious than others. the individual who posted the above reply just made themself more obvious
My advice to those seeking options training is...don't. Not for 6500 at least. Even if one has a 100k account, that is a huge vig to pay and will not be easily recovered. There is more then enough info on the web for free about options. And on ET alone, there is probably more talk about iron condors then any other strategy. Probably well over 5k posts. I know Dan Sheridan. I met him and actually had him come out to a "free" meeting that I actually do in Chicago. In fact, many of my friends actually paid Dan the 6500 for his course. I heard his sales pitch in person and I personally know people that took the course. I'm not hear to damage Dan's reputation. So I'll just leave it at don't take the course. There is nothing magical about iron condors or a secret way to do them or adjust them. There are plenty of books written about them. It has to be the most over hyped strategy in the history of trading. Selling out of the money verticals and then discover religion and pray every night that the market never moves. If one is going to "pay" for any kind of trader education, my advice is to make sure it's at least unique. Something off the beaten path, something different. Something that not every Tom, Dick and Harry are doing. Seldom is money ever made doing what everybody else is doing.
i agree with mavericks post above. while i am all for making money and all there seems to be no limit with the selling of a fantasy to a new trader that is clueless and therefore taken advantage of with the price of some of these courses/seminars. there is nothing out there that you cannot figure out on your own for free and with a paper account set up. and if you are not willing to put the time into this then you are not ready for taking this route. iron condors are way oversold as the way to riches but if you have traded them at all over the past year, you will understand there is much more to the equation and have no doubt lost a sizable sum. anyone reading this, i have nothing to sell you, just hang onto your wallet while searching for online courses etc. don't let clever marketing cloud your judgement.
meeting Dan doesn't mean you know him-it just means you met him. while you are may not be here "to damage his reputation, it also means you really can't speak credibly about the course-only his sales pitch. yes there are plenty of books written on option trades, and not just the iron condor. but that doesn't mean they provide the expertise to profitably trade any option strategy or adjust them. and respectfully I can tell that you probably don't know how to adjust them because there are ways of doing that to offset market movement and sustain profitability. they don't work all the time yet they give a person more wins than losses. and you would know that if you had actually taken such training or had a background as a marketmaker on the exchange floor.
I've been trading options for 15 years. I worked for the 3rd largest market making firm in the country. I was a floor member in good standing at the CBOT. I've been licensed in this industry for the past 11 years. I've been a prop trader for over a decade. I assure you, I know all about adjusting iron condors. Quit with the sales pitch dude. No one is buying it.
What is so magical about being a market-maker on the exchange floor? If anything, I would be reluctant to get any sort of instruction from a guy who has positive transaction costs and can frontrun the flow. How exactly does the fact that the guy is good at ripping peoples faces off make him a good proprietary trader? And this method, of course, is a great secret shrouded in mystery that is passed along generation to generation of floor traders...
Here's what people should do: Buy a computer Read the internet Go to the library Buy financial books (options, stocks, funds, trading, investing, whatever) Paper trade Trade real money (small account) Expand size upon success Here's what many do: Buy options Lose money Subscribe to expensive courses/trading rooms Lose more money Post on ET forever after
New traders need to recognize that trading results are often dependent on market conditions. Since 09 everything has been turned upside down. Thats the biggest problem with dropping thousands.
Maverick74 respectfully YOU don't have to like the choice of mentoring. and YOU don't have to like that others offer it or or that it didn't meet YOUR criteria . yet discouraging other individuals from looking into it or doing thorough due diligence into the training(beyond what might be posted in a forum such as this)is irresponsible. somehow I don't think you "know all about" adjusting trades(iron condors or others) condors because if you really did, you know what's being taught in books aren't quite as effective or profitable as what certain mentors will teach you and for the record I don't mentor people. but I can credibly comment on individuals that do
There's no special sauce for adjusting iron condors that you are going to learn in a couple thousand dollar course, quit trying to sell the dream.