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In the video, there’s a comment about the Bronze Membership having a time limit. Ignore that part. You may visit as often as you wish.
Samples of premium content for guests
- The initial trade for one Track that Trade example
- A sample blog post
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If we are going to work together on your options education, then it’s important for you to understand my approach towards the basic aspects of trading options. That allows you to have confidence that we are on the same wavelength on important issues.
Please read about my responsibilities to you, as a Member. I’ve also added a few of your responsibilities to the other members.
I suggest reading about me. Not because I have all the answers, nor because I can turn you into an expert trader (I cannot). My objective is to provide a harmonious and efficient place for furthering your education, and if you don’t believe that working together, we can meet your goals, then it best to know that now.
Upgrade to Gold Membership @ $37/month
The major benefit of becoming a gold member is that it buys access to an experienced trader who can provide good guidance – especially in the early years of your trading career. And that ‘career’ can be as a full time trader or as an individual investor who has a full-time job and invests/trades to build a better financial future for him/herself and family. Or anywhere between those alternatives.
We are in this together
To learn more about the advantages of being a Gold Member, visit the information page
Part of my teaching philosophy: I show you specific situations and discuss how I handle them. However, I always encourage members to consider alternatives. I do not claim that my way of doing things is always ‘correct.’ Nor are they always going to suit your specific comfort zone, risk criteria, investment goals, or personality. If you are familiar with my work at Options for Rookies, then I assume you are familiar with my approach that provides good ideas. However, I seldom tell you that something is ‘best’ or what you ‘must’ do. If you are not familiar with Options for Rookies, then we can dialog on philosophical differences – allowing you to decide whether this is the best place to pursue an options education.
Please share your thoughts.
Hi,
I screwed up classic rookie style bought calls, everything is going south. I just found your site while surfing for advice on how to recover. I hope you can help here are my big mistakes, Just want to know if I should get out know with loses or can puts or selling puts/calls turn this around.
Bought AAPL JUNE $350 CALLS @ $13.30
Bought GS JUNE $160 CALLS @$2.20
Losing Big on GS and the AAPL is a seesaw.
Should I bail or can this be saved?
Appreciate any help and I will subscribe to your platinum asap.
Thanks,
Jo-Ann,
Platinum not appropriate. Gold is better.
The truth is I have no idea whether AAPL or GS are going to move higher, and that should be the sole reason for buying options: A very strong belief and the willingness to bet on that belief.
It is just so difficult to make money when buying options. I agree that the returns can be spectacular, and that’s what keeps people buying puts or calls.
Advice
1) It is always possible to turn any position around
2) Attempting to do just that often results is the loss of massive amounts of money. It is difficult to turnaround a ‘bad’ position. ‘Bad’ being defined as a position you no longer want to own.
3) I understand the urgency in your query, but please do not buy puts now. That would be a very risky hedge. Sort of doubling up on the idea of buying options to predict market sell some or all of the trade and take your time to find a better trade with a better chance for success.
That better chance is usually a spread – with limited loss and limited gains. But, it comes with a higher probability of earning a profit. That’s my rationale for trading spreads. It may not fit your trading style, need for ‘excitement’ or comfort zone.
But,if you trade to make money, and not for ‘excitement,’ buying options takes a great deal of skill and luck.
4) To reply to the final question: Yes, it can be saved. But how are you going to figure out the best way to do that. I don’t know.
Bailing now is safer and you can always reconsider later – with a better trade.
Are you still bullish? If yes, consider selling call options at higher strike prices. That turns your trade into bullish call spreads. I don’t know if that works for you, and if you make that play, you may not be able to recover losses to date. But in my opinion, that is not important. Your goal is to make money from right this minute into the future. If bailing is the best path (avoids losses), than do that. If still bullish, and if you TRULY want to be bullish now, the call spread is safer than your current position.
Regards
Thank you so much Mark for your quick reply.
My goal is monthly income as I am one of the many small businesses that no longer has business. So credit spreads and your Gold membership sound perfect.
I am trying to sign up but no matter what type of payment I use the transaction is getting declined. There are not any issues on my side as I checked with institutes.
I tried with 3 different AMEX cards and 2 Visa bank debit cards yet could not sign up with any.
Can you please check if there is an issue on the website side?
I received “merchant does not accept this type of payment’ with Amex and “transaction declined’ with the Visa debit cards. Please advise.
Looking forward to joining and finally understanding options.learning
Thanks
JA,
I’m tied up with a live event on twitter. Will look into this shortly.
I cannot take AMEX and I believe that debit cards are also not allowed. Will follow up in less than one hour.
Thanks and sorry for the problems.
JA,
I called authorize.net.
Yes you can use Visa or MC debit cards.
They say your bank (card issuer declined the transaction, yet you called them and they said OK. Obviously inconsistent)
Will check out website next. Have not had this problem before.
Thanks
Hi Mark,
I was able to join as it turns out it was user error. I was putting in the code on the front of my visa card instead of back code. I apologize I usually pay with my AMEX & that uses the front code.
Anyway I look forward to learning from you.
Jo-Ann
JA,
Welcome aboard