Check out books by Natenburg, Cottle, and McMillan. Read each of them twice, get an option modelling software, playaround with option pricing matrix, what if scenarios on diff spreads, play around what happens to fly & box values when vol goes up/down, when exp day gets closer,etc Then... read the books again. then trade 1 lots, then... read cottles book again Good luck
BTW, if you can work through some of Hull's pricing models, you are very good! I say go to the Optionetics intro. Even sign up for the seminar but LEAVE at noontime of the first day. You'll get your money back as long as you return all the materials. This way you'll have time to go over their videos and read the materials before hand. Let me tell you this, George Fontanills and Tom Gentile are way too slick. Don't be fooled by their folksy appearances! Look around you. You'll see people who have NO right trying to trade options plunking down THOUSANDS of $$ (or pounds in your case --when are you guys going to switch over the Euro anyway??). They will then try to sell you more stuff. Newsletters, web subscriptions, more software. The newsletters are BULLSHIT. They SUCK! The Platinum web subscription is valuable. Advanced Get software is supossedly very good. If you stay through the first & second days, do not think it will be easy to take advantage of their guarantee of triple the cost of the seminar in six months or get your money back. It will be absolute hell trying to cash in on that.
Dude, read my lips.... Leave your wallet and checkbook at home. There are FAR better ways to learn optiosn and FAR better ways to spend yourmoney. You'd be better off opening a small acct., trade 1 lots ,put on diff spreads, watch them unfold like a hawk, find out what works, what does not... rinse lather and repeat... the winnings of course !!
I think it is an excellent option trading education. Problem is option trading is harder to learn than stock trading.
You are joking right? No knowledgeable person about options would say this. I suggest reading MacMillan, Natenberg and then Cottle. They cover more than enough to trade options. I seriously doubt Optionetics will ever cover more than these authors. Unfortunately, you must read these books about five times each. You'll save about $3800.
I still think they are good education source also.Books do not provide updated tools to use like the software to track option price or if the option is over price.. I guess I like to get a trading education to provide me with the step to step cookie cutter system.
I agree with Trajan. Have all the software you want, but, I do not believe it will help that much. Also, if you are trading from home, as a retail customer, do you really think you are going to be able to find an overpriced option in time to do anything about it, and do size? Reading Natenberg and Cottle, in my opinion, will help you more than any seminar or software package. Hell, if you do not understand Cottle's book, you can even call the guy up and ask him to walk you through it. It does not get much better than that.
I do not think it is bad since they guranteed you to make enough $ or the education $ is back. I do not work for or assciate with the company.
I will also add when starting off being a MM, my boss's idea of training was handing me the Natenberg book and telling me to reading it. Fotunately, I have already gone through it the required five times. I say this because a lot of education material, whether they are books or training courses, seem to offer little more than basic concepts and the hope of a magic bullet. Options aren't very difficult, it just takes a lot of work. I am not against all training courses as there is definitely a case for getting outside discipline to learn this stuff. However, I would be more inclined to pay somebody like MacMillan, who does have courses by the way and is a proven commodity. To pay somebody $4000 for, IMNSHO, nothing more than the knowledge included up through MacMillan and Natenberg is completely unneccessary. Cottle is an exception as it is fairly advanced, most of this books contents I learned through other traders and experience. Software can be fairly expensive. I don't use any of the off the shelf stuff typically available to retail traders so I can't really comment on their worth. There appears to be some value for scanning markets. However, these are merely tools used in the hand of knowledgeable traders. I would suggest losing the dependency on such stuff by gaining an understanding where they are merely facilitating trading rather than having to depend on them for trades. Takes time and effort but can be done.
Hey, give me $2000 I will teach u and if it does not work out and you lose $ , I guarantee you I will return it. Just give me a couple of months to get the money