Has any of you guys had any experience with this service? I think its $300 a month and it seems they know their stuff according to the website www.optionstrategist.com and I do own a book written by him i think he is best selling author. please feel free to comment.
In my opinion, anyone who charges a fee for their option selections do so cause they can't make a living trading options so they must rely on <strike>suckers</strike> people to fork over money to them each and every month is order to make a living cause they can't make one trading options for themselves.
Mc Millan is quite famous for his teaching on option I am not sure whether he got the money from the services which he provides. Maybe can try for a month and see the result, then we know whether he really good at trading or only good at teaching.
A couple of years ago, ThinkorSwim hired him for one of the RedOptions portfolios. He made a few recommendations, and the portfolio was discontinued after 2 months. Go figure.
Here is an example of what he offers in his newsletter, my biggest reason to wanting to sign up is so i can learn and see how to apply it in real life. http://www.optionstrategist.com/products/advisories/dtos/example.htm
Seriously? His "volatility trading" has 8 losers and 4 winners for a net of -$315. Read the 2nd post in this thread again, "nail on head" comes to mind.
Even if these guys know what they are talking about, theres a reason they teach and dont trade. You figure it out.
Many years ago when I read his book I found something that allowed me to make a lot of money with my trading style for a few years. In fact Jack hershey is currently teaching a laging version of the concept right now. McMillian does know his stuff but perhaps he currently has no edge.
Many years ago I tried a few of his services. Here's what I found: 1: There is too many open positions. It literally takes an "extremely large" trading account to trade everything he recommends. "If you don't take every trade, the trades you pass on will of course be the winners and the ones you take will of course be the losers (Murphy's Law)." 2: The Win/Loss record was only about 40%. That means you will lose on 6 out of every 10 trades. In my opinion, that's totally unacceptable. Option trading is difficult to begin with, if you can't win 2 out of every 3 trades, you basically won't survive. 3: Some of the losing trades are total losses or near total losses. That is also unacceptable and very demoralizing. It makes it tough to mentally continue on and even tougher to maintain financial momentum.