New to the site, forum and to trading

Discussion in 'Options' started by rondwyer, Jun 11, 2013.

  1. rondwyer


    Hey guys I just wanted to post here and introduce myself. My name is Ron Dwyer and I'm new to trading options. I've decided to give it a try and open a paper account because I've always had an interest in the markets. I started playing the stock market but I have decided its not as efficient and cost effective as trading options. I opened a paper account on ThinkOrSwim. To my surprise, I'm actually making money but so far I've only bought outright calls.

    That is what I understand from trading stock. You buy low to sell high. I don't know if this will work for trading options however. What I still have trouble figuring out is what strike price to buy at. I look forward to learning a lot on this forum.

    Anyways, thanks for reading guys! Happy trading!
  2. Lucrum


  3. At the end of each trading day they(TOS) have a chat called the "wading pool" for those new to might give it a try. You also have access to "Tastytrade" which has a feature where a young gal is learning to trade with her own account.
  4. rondwyer


    Hey guys thanks for replying. I went ahead and checked out some of the sites you suggested and found some useful stuff. I'm definitely trying to read up more on my greeks. Theoretically I know what some of them are but I don't know how to read them when they are constantly changing real-time. So that's one thing I'm still working on. Thanks again for the reply!
  5. CBC


    Ron, stop the paper trading and just take $1K out for a spin on the market.

  6. rondwyer



    My goal is to day trade and you can't do that with 1K! I wish you could because I would dominate then haha

    thanks for the reply :)
  7. CBC


    Ay Ron, glad 2 meet u and best of luck with it. :D

    However I'm a tad confused about what were talking about?

    I "day trade" with 1k all the time when starting something new, in and out in each session. Infact I have 1k on NDX at the moment as I'm trying something new. U know, to get the hang of it.

    I didn't mean all the time.

    Just a thought.....
  8. rondwyer


    Hey yeah no what I meant is that I don't even have the 1K much less the 25K require by the SEC to actively day trade.
  9. CBC


    Oh, right. Yea I don't av the $25k either. I got up to $30k. Then I went back down to $17k after my broker stuffed up, now I'm at $20k. I think u are capped at 5 trades per week or something like that. Thanks for reminding me. I look it up now.

    C u there
  10. Just be aware that options are much harder to trade than stocks and are full of pitfalls such as time decay.

    In general, they are not a good vehicle for day-trading unless you are using some very fancy techniques based on the Greeks.
    #10     Jun 18, 2013