Options Software

Discussion in 'Options' started by paulo, Feb 3, 2002.

  1. paulo


    I was interested in purchasing the Optionvue software. If anyone using it could tell me their experiences I would be most grateful.
    Also, the offer a on line workshope given by Quantum Vision. Has anyone taken this cousre? If so what is it like and is it worthwhile to take?
  2. There are other software packages out there priced from $250 to $1500 BUT to my knowlege don't have the scanning feature of Optionvue which to me is important. I am currently under trial with optionvue for 1 month. Read the features very carefully, check out websites that might offer the same capabilities that any software offers such as ivolatility.com or optionclub.com.

    My suggestion re: taking courses is this. Take the $1000-$5000 you were planning to spend on a course and instead buy 3-5 best of breed option books out there by authors such as Natenberg, Mcmillan, know those books inside out, spend the remainder of your $ opening an acct and trading 1-3 lot options,making little mistakes, getting consistent. I think that is money better spent.

    Good luck.
  3. Private


    I have OptionVue 5 on order right now. The package should arrive in a couple days. I will be paying for the full product because it is exactly what I want.

    In regard to the training, I have decided to attend the $3,000 Optionetics class later this month as well as collect numerous books concerning options trading. Not everyone can afford that route, but I feel it is the best solution. All too often in trading I have learned that the cheapest solution is usually the least effective one. Maybe I will post a report after I attend the two-day seminar, assuming enough users here are interested in reading about it. I could not locate any pricing information for the Quantum Vision seminars mentioned in the earlier post. That worries me somewhat. They might want $5,000 for the training. I would not want to pay that much. Advanced classes add even more expense, so the cost of the first class should not be excessive.

    If you are on a budget, you might consider buying instructional videotapes. I collect these also, and find them very helpful in a number of areas.
  4. Dear Private:

    I wish you luck in your search for option knowlege.
    Just remember that my suggestion of opening an account and trading very small, experimenting with various strategies AFTER knowing the best of breed books should not be construed as the cheapest solution. In fact, it might be more expensive BUT would more likely be a better route.

    You could lose $1-3K doing it BUT if you are methodical in your "learning stage" you should be able to discern strategies that work FOR YOU, strategies that YOU are comfortable with, strategies that YOU can't make money in. By methodical, I mean taking down every aspect of the trade such as

    When I buy or sell premium am I buying IV > SV or vice versa?
    Am I buying cheap selling expensive vol?
    If I am wrong in my forecast, how much can I get hurt?
    Do I adjust my position or just take the loss?
    Where is IV in relation to where it has been the past x months?

    Take 2-3 months trade small , BUT trade a lot to gather a good sample set of trades. Have a mindset that you are trading small to learn not to pay the bills so be easy on yourself with regards to PNL expectations. Try different strategies-calendars, flies, put spread, strangles,etc. and chart your winners and losers-know why you made $, why you lost $.

    Here are the authors one must read to build a solid foundation.

    Sheldon Natenburg
    Larry McMillan
    Jon Najarian
    Charles Cottle-Options: perception and deception

    I really am not anti-seminar. I have attended a lot of them, however, when I was a floor trader in the softs pit for 5 years, I was amused at how the traders from Chicago Research and Trading (CRT) would guard their trading sheets with their lives. That guardedness shows that at least in trading anything of real CURRENT value tends to be not for sale.

    Just my 2 cents.
  5. Badkray