Trading at the next Level

For option rookies, the process is fairly straightforward. Learn the basics. Understand the details. Get your questions fully answered. Experiment with a practice account. Continue your education with books, blogs, webinars etc. Expand your horizons by occasionally adding a new trade strategy to your arsenal.

Pay close attention to managing risk, and especially to position size.

You may decide t add technical analysis and use charts to help time your trades.

However, the important part is to be certain that you understand the material you are learning and not to grab onto the hype that urges you to seek quick riches.

What Next

This process takes time. However, there eventually comes a time when the student begins to look for extra trading edge. If we can, we don’t want to do what everyone else does because we would like to find some small advantage that we can use in our trading.

If you are a diligent and hard-working back tester (with reliable data), you may indeed find something that has not been publicized and increase your earnings.

For clarification, I am not pitching to become that mentor. My job is to provide that solid foundation and to see that you learn more than enough to understand options trading and be able to use options to make some decent money. That’s one reason why I have decided to offer my Introduction to Options Course at no charge to Gold Members (at least current members).

Or you may decide to hire a personal mentor to refine your trading skills. This is a big step – not only financially, but it is mandatory to work with someone with whom you can establish a warm and trusting relationship. It’s important not to jump into a mentorship before you are ready. In other words, if you get one-on-one personal attention before you are ready to move to the next level, much of it will be wasted.

Getting that firm foundation in place is very important for your long-term success. Then if and when it is mentor time, try to conduct a careful search Interview a few possibilities. If the potential mentor shows ‘attitude and suggest that he/she’s the best and that all of his/her clients earn spectacular sums, walk away. You want someone who works on your needs and does not have an ego that overpowers the trader.

Looking ahead

I want to be clear. I am not looking to be that mentor whom you hire. My job is to help you build a solid foundation with options and help you learn to understand the basic concepts, some of the obscure but important details, and to have a firm understanding of how to use a small number of strategies that suit your trading style and risk tolerance. As time goes on we can add additional strategies.

However, it is more important that you understand why a specific strategy works and how to trade it (them) successfully. Much of the onus is on you and your skill set. I will do what I can to answer questions, share what I know and explain the details.

To that end, Ive decided to offer the Introduction to Options course to current Gold Members at no cost. I’ve already published the introduction and three chapters (videos). If you are not aware of these videos, now is the time to get started.

Find the introduction, plus links to the first three chapters in this post.

Good viewing and, as always, feel free to raise questions.

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