I'm a current student in the Sheridan program. I've been trading ever since I got out of college a few years back, but it was this mentoring course which really organized my objectives in order to derive a majority of my income from trading. Best, Redeye
After going through the Sheridan program, do you feel that you're actually more prepared for the markets as they are today, or does it even matter? Would you have been adequately prepared either way, no matter the condition of the markets?
I have found that being a professional trader is similar to being a professional salesman whereas your final results are about 60% dependent on your action and 40% dependent on the product you're selling/trading. I think this is the same for myself. Its difficult to make money in a crazy whipsaw market just the same as it is in a watershed month such as Oct 08, but I think that programs such as Dan's good for the following reasons. 1) Perspective. What should you expect, what should you hope to gain, when is it time to get out of a position because your earlier expectations of either the marker or your position are no longer possible to meet. Trading is a skill set, similar to cooking. Your broker is your kitchen, and they might give you some great tools, but that does not make you a French chef. 2) Risk management. The market will move, guaranteed. Assuming you have no idea where its going on a tick by tick basis, how will you react. Its easy to build a risk management habit, but sometimes its good to bring it together into a whole portfolio management program. 3) Community. I've studied the market since I was in grade school and I also have a BA in Economics, so nothing in derivatives trading was totally new to me, however, you can spend years gaining knowledge and the above mentioned perspective, or you can get down to business and bring yourself up to speed in a more organized and speedy fashion. So what's time worth... to each his own. There is nothing Sheridan will teach you that you can't get from reading a series of books and spending hours on the internet, but when I signed up for his program I was looking for the inferred perspective from an experienced trader, not explicit advice from books. I want someone who will say 'um...well... I'm not sure if I would be comfortable with that' when I come across a new trading idea. Some people don't need or care for that, but for 6K, its a small investment to start one of the best businesses you'll ever find. (now that i'm done blabbing, I should say that I'm not affiliated with Sheridan's program other than a student.) Good luck, let me know how it goes.
I guess I should have answered your question...lol. Yeah, I trade every month, and have positions on at nearly all times, so I'm comfortable with the craziness. Understand, that unlike a directional futures market, for instance, the options market will pay you more for your negative gamma positions when volatility gets really high. So, theoretically, you're assuming the same risk all the time....theoretically.
the course helps no matter what. the strategies that are taught are not as useful in an extremely volatile market, but the overall education is well worth the price.
Right, trading is like any small business - your success is made by a number of decisions exhibiting excellent judgement while operating under multiple variables and constrained information about future expectations.
Thanks for the thread. I got out of an options apprenticeship program as I was not understanding some foundational market information. I saw Sheridan's site but like another poster, I am not far enough along tp put it to good use. I am at the tail end of Steenbarger's, Enhancing Trader Performance, which I highly recommend. It goes into mentoring, specifically what to look for and lays out a self-mentoring plan for those that are not ready to opt into a program like Sheridan's. I am new to trading and here is my analogy. Reading books and papertrading are very good. However, doing alot of that is like watching batting practice at a Major League spring practice. You sit there and call balls and strikes from the cheap seats. It is an entirely different perspective when you step into the box, with your heart in your throat, palms sweating and fear slapping you in the face. The value of a mentor is that they have had their feet to the fire. Steenbarger talks about elite performance and rehearsing. He mentions athletes, performers, SWAT teams, etc. I am a police officer by trade and this perspective is valid. When I was on SWAT, we would practice the same room entry 15 times, with slight variations so that real time performance was automatic. The important point was that the person setting up the training had been in the fire. Thanks for your thread.
Lol, that's very interesting. I think that most traders secretly want to be on a SWAT team... Thank you for your service. You're absolutely correct, it is not uncommon for me to backtest/back trade an idea from 2001-2008, or even 1996-2008. There is no substitute for "practicing a trade", and really, how else is one to keep their cool when they are exposing their golden goose to the market each month in order to produce income!