Wasn't sure which forum would be the best home for this thread, but since it relates mostly to options, I figured I'd spawn it here... Ok, I recently attended a seminar by TradeSecrets.com, which intends to try to procure students for their options course, which heavily emphasizes the use of hedging and risk-aversion strategies to both grow and protect trading profits. Sounded like intriguing stuff, given the fact that most people are touting how they can make you zillions if you follow their trading methods, here's a group of people that are putting risk management ahead of profits. Of course they put up a few slides, and showed how with the use of a few fairly basic options strategies, how one could have made a nice % gain on some stocks that had fallen into the toilet, even if you were trying to swing trade them, etc., etc.. That's fine, I have no problem with their techniques, in fact, they fully disclose that technique wise, there is nothing particularly unique about what they do at all. So, why take the course? The allure as I can see it is two fold: First the teachers in their program are apparently made up of a bunch of very wealthy (and retired) former options market makers from the pits in chicago, so it's not like they are a bunch of hacks. The second component, (and this is the kicker), is that basically your $3000 tuition is buying you a set of genuine options trader 'reaction sheets' straight out of the trading pits. This book is 200+ pages that contains specific detailed instructions as to how to handle any given options trading scenario (so claimed the seminar instructor...). When to get in, what specific month, what specific strikes, weather or not to put a trade on if it meets or does not meet specific 18 point criteria, etc. The information in these pages are apparently designed to maximize your ROI (return on investment) and keep your risk limited so that when you win, you're winning by a larger percentage than when your wrong (well isn't that the necessary criteria that all successful traders must live by to survive these days??). Anyhow, These 'sheets' are supposedly so incredibly classified and top-secret to the professional options trader, that should he/she lose one on the floor, they would be fired instantly. The instructor mentioned that the options traders weren't daytraders, and that they would never be entrusted to trade millions of dollars worth of options based on their 'hunch' of where the market was heading, that the information in these sheets basically guided them as to what to do and when. So it seems to me that it's these 'sheets' that are supposed to get you to whip out your check book and sign up for first course. Of course they try to make you seem like it's a great deal because the course is usually 5K, and because you came to the course that night, they'll let you have in for $3650, and if you hand them your credit card on the way out the door, it's $3k, yada yada. Also, I found it rather deceptive, that nothing at all was mentioned about their level 2 course which comes after Level 1, and is another 3K. (I actually found this information out here on elitetrader..) Moreover, they want you to buy their expensive options trading software (not mentioned in the seminar) for $1500, and then there are monthly data fees on top of that. (supposedly the software and fee costs will be reduced when they merge their platform over with 'thinkorswim.com' who is partnering with them to clear trades) So why am I writing all this? Well, I am curious if anybody out there has taken the course, and can attest to the information contained in those options reaction sheets. Are they THAT good? Does it really provide some sort of edge? As I see it, the value in the course has less to do with options strategies than the coveted information in those reaction sheets. Can the information in the book really tell you what is the best month and strike to buy a put on some stock you own to maximize your ROI and minimize your risk in an optimal fashion? How much can they help you decide which strategy has the most profit potential given a set of inputs? What is covered in the level 2 course that you are missing out on in the level 1 course? What percentage of people taking the course have managed to profit successfully using the options techniques in conjunction with the reaction sheets? To me, 3K is a LOT of money to have to make up in trading profits, plus the 1.5K software, plus an additional 3K if you want to take the next course. So can anyone say that it's worth it?