Hi all Not everyone has access to a mentor, nor do we all learn equally well - some people can get by just with books, others need seminars and a very few can work it all out from basic principles, lol. Most traders work alone and that is why these type of messageboards exist - so we can help eachother. Which way works best depends on the individual. I think most would agree that one to one is the fastest (mentor to pupil) approach but by far the most expensive (unless it's a friend willing to share their time). This is followed by small group tutorials, then seminars and , last and slowest, books/dvd's. Most people require a combination of approaches. I've noticed some rather venomous posts in regards to the optionetics course. So, let me clarify a little, if I may. I have paid my $3000 or so and did the course about four years ago. I have since then reattended the course SEVEN times for free (and am planning to reattend many more times)! Why, you ask, would anyone need to reattend such an excellent 2 day course? Answer: because options are quite complex and take a while to master. As a matter of fact the more you learn about them the more complex they appear, until you reach a point where it begins to sink in. The seminars are a BARGAIN - who else lets you reattend for the rest of your life for free? The only valid criticism I have come across so far is that the course is presented in a too optimistic way initially - yes, one can make money immediately after the course but this entails a good grasp of what was taught over the two days (and one really needs to do some homework before attending - read the books and watch the dvd's beforehand) and not deviating from those basic concepts taught in the seminar. The seminars are important in many ways - fellow trader contact, motivation (very important), new ideas, refreshing of old ideas, review of material, an opportunity to speak to real traders and get your questions answered, accelerated learning, etc.. Finally, whatever happened to common sense? I notice that on this board many are quick to criticise and blame rather than taking some responsibility - surely noone is stupid enough to believe that you can become a proficient options trader after one weekend, let alone trading options for a living! Are people really that naive? If so then you should not even consider trading since you are obviously looking for a quick and easy buck. ra1
Mentors just dont fall out of trees you know. What happens at the point you need a trading secretary, or a basic programmer, i suppose thats the bit after a mentor..... or is it? It occurs to me, the biggest problem is with not being able to program, or the inadequacy of software that can do the job for a small investor (yes, small investor-very small) without some freaking gobbledygook software specific language. Or any farkin programming language. All indicators, obviously the price, all these things are basic mathematical concepts. Arent they? Should you learn mathematical statistics-programming-or what? Does it help? Curiously, poor old joe blogs is led to beleive they need a ridiculously expensive course in what is usually ta 101, plus some "inside information" which near as i can tell, most brokers would be happy to explain (some of them anyway 'this is how you do this kind of order, nobody knows about it, its called selling options!') and the end result is the unsuspecting but hopefull consumer is saddled with some peice of outrageously priced crap, which is about as usefull and reliable as a worn out but held together -with glue-sandal, and none the wiser overall . Mentors, well it sounds good, i want one!!! Id rather some functional f#n software, maybe new or low cap traders ( what am i talking about, EVERYONE could benifit) need is a software/pc mentor, not a trading mentor at all. You drill a few months of basic paper trading of any sort, you will learn more than any damn seminar, but guess what-if you REALLY want to make the process easier, via a little strategy implementation or partial automation, , well you are shit out of luck, because the software isnt available to do the kind of things joe average wants in a software package. Signed, metastock user (actually, it uses me, not the other way around) This may be a little off topic.
Actually during that time, seminars on options in my city/ country were very rare, they started spurting like mushroom all over in a short time. Prior to that, almost none. So it was a new thing. During that period, almost every once in a while there would be a seminar ads in the newspaper. So he went there....and btw I almost thought GIGO meant Go In Go Out, because he did just that during the seminar preview. He thought it was too elementary. But he did sign up for another seminar later on, which cost a few K....and he was very disappointed, he said I could read a book from a bookshop and save the money, so that's how it all started with me. He tought me instead. So...How can one find a mentor? I guess, I imagine if I were a salesman and I wanted a mentor, I would start from my warm contacts, friends/ family/ relatives/ neighbours/ old friends/ old colleagues/ etc... then if I cant find any, I try cold contacts, go to exhibitions, seminars, trading firms, stock exchanges etc.... Just imagine like you are a salesman trying to get a deal (mentor).
ra1, We pretty much have the same experience. I started attending the seminars----the preview seminars which are free and the actual seminar. Spent about $3200.00. Wizetrade, stay away from it----that sucker doesn't work!!! My friend got hooked on 4x Made Easy and she paid like another $3200. Paid $100 for a "supposed" 3 day seminar by 5 Star Trading (an expensive imitation of Investools) which consisted of mostly BS sales pitch, day on day. I learned a little bit but, most of it I already knew!!! Don't get me wrong, the website they have is full of information but, costs $8000!!! I also attended Investools and had to fork over $1600 (I split with my friend the total cost of $3200). They give you access to their website for the first 6 months free and give you access codes for family members. After 6 months, you pay $60.00 a month for each access code. I opted to renew an entire year for $595.00. The website is full of information that is not "readily" available elsewhere!!! I still use it to trade options, stocks, etfs. Let me make clear that I "do not work" for Investools but, would give a testimonial for free because this information helps me considerably with my trading. A cheap alternative would be to use the free sites like: www.stockcharts.com and www.bigcharts.com for charting. Learn to read charts and the indicators is what I would advise people starting out. Start out by paper trading so that, you can make a lot of mistakes and still be able to tell about it!!! Maintain a trading journal----you will be glad you did!!! Not only will you learn from your mistakes----you can do your best to minimize them!!! When you feel confident that you can trade be it, stocks, options, etc.----place a couple of small trades like 40 shares for a stock or 1 contract for options. I believe it was Oliver Velez who suggested this in his seminar and it seems like common sense advise. Most of all, study, study, study!!! One last thing, check this website out for books, DVDs etc. on trading. www.traderslibrary.com. They had a Katrina sale and DVDs costing $99.00 was just being sold for $9.99. I spent about $400.00 on DVDs alone. Key is to watchout for sales and give your e-mail so that, they can send you the weekly specials. You save a bit from the regular price. Take note, that I "do not work" for that site as well. I am just trying to be helpful!!! Good luck to everyone in their trading!!!
I went to one of their free preview and then signed up for the two day class with the understanding that if I wasn't satisfied they would refund my money as long as a refund was requested by twelve noon. I felt the material was very basic and not worth the money for anyone that has been trading for a while. A refund was granted with no hassle. I congratulate them on their ethics, but do not recommend Optionetics except for beginning option traders. :eek:
$3000. It must be kidding! :eek: What they teach is just bookish knowledge where you can get them cheap in libraries, bookshops. If you can read, learn by yourself and save $2950 or more! You can't grasp things fast in just a few days. You are just wasting your money.
Save yourself the aggravation of going to these "Free" courses. They are not free in the sense that once you give them your email and tel you will never be left alone. These teaser coarses are "roach motels" Once you go in, you can't come out w/o parting with some of your money. Most of the courses are superflous at best. Get the ff books from these authors to get a good basic to intermediate background in options, open an account and trade 1q lots, record your trades, the date, IV stock levels and learn from them. Starting from basic to advanced. 1. Mcmillan, Larry 2. Natenburg, Sheldon 3. Cottle, Charles Check out thinkorswim. They have online courses for free. Ask for materials from Option industry council.
Good point GATrader. There are so many good low cost books and free webinars (OIC, CBOE, CME, 888options.com, Chartbenders, TOS) that there is no reason to spend the $3k right out of the chute. I wish I had more time to sit in on all that is available. Take your time, and be patient. Don't be in a rush to pull the trigger.
well i guess i am the sucker who will pay 3 k to attent the optionetics ict seminar next week i have a feeling that some of you might be right because in the email they sent me they before the seminar they said...you can bring along your laptop with profitsource loaded in it, if you do not have profitsource yet you can still benefit from the seminar... i cross my fingers, i am a directional trader i am very confident in my stock picking all i need is to find the " right " option for my bullish strategy, i hope they show me how to find such options and stop advertising and selling me stuff i didn't ask for i'll keep you posted on how the ict seminar is - g