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Newbie Looking At Options Advantage Seeking Advice
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Newbie Looking At Options Advantage Seeking Advice

  #1 (permalink)
Trading Apprentice
Milton, FL
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 4 since Jul 2015
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Newbie Looking At Options Advantage Seeking Advice

First, please forgive if this question has already been asked but I couldn't find a discussion. I am brand new to trading and studying different approaches to see what I want to settle into. I am very interested in options and am currently studying everything on CBOE. Next I plan to watch the Carley Garner webinars on this forum and then tastytrade. All for educating myself.
Does anyone have any experience with the subscription service called Options Advantage by Andy Crowder, also at wyattresearch? From what I read on this forum credit spreads seem to be a conservative way to invest in options, and that is what he does. Has anyone purchased his course, and would you recommend it?

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  #2 (permalink)
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  #3 (permalink)
Elite Member
Sydney, Australia
 
Futures Experience: Intermediate
Platform: Sierra Chart, IRESS
Broker/Data: IB, IQFeed
Favorite Futures: ES, SPI, ASX stocks, options
 
Posts: 399 since Jun 2015
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Conservative is relative, if you are new to trading, options is not that great of a place to start - it's quite complicated.

With straight directional trading, you only have to get the direction right which is already hard enough on its own. With options, you have to get direction, time, vol and target right depending on the type of spread (or not spread) you do.

Credit spreads can be conservative, or very high risk. If you do them far out of the money you could be risking 9 pts for 1 at 10 delta, which once you've had a google will find that is like picking up pennies in front of a steamroller, if you don't know how to pick direction.

In my opinion, you should learn to pick direction first, if you go straight into options thinking it's more conservative and sell spreads randomly you might as well just flip a coin.

In terms of education, everything you need to know about options is all over the net, just google it.

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  #4 (permalink)
Trading Apprentice
Singapore
 
Futures Experience: Intermediate
Platform: thinkorswim
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If you are interested on options trading, would suggest you to read and understand more on options trading via internet or books and practice what you learn using virtual trading platform before subscribing any services. Once you have started real trading (always start from small), then only you could consider exploring services that could further improve your trading edges. Enjoy!

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  #5 (permalink)
Market Wizard
Kyoto, Japan
 
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Go to dough.com and do their free doughjo course. It has a focus on defined credit trades and should take about 20 hours to complete.

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  #6 (permalink)
Elite Member
Dallas, Texas
 
Futures Experience: Intermediate
Platform: TOS
Favorite Futures: AAPL, /ES, IWM, SPY Options
 
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PeakGrowth View Post
Conservative is relative, if you are new to trading, options is not that great of a place to start - it's quite complicated.

With straight directional trading, you only have to get the direction right which is already hard enough on its own. With options, you have to get direction, time, vol and target right depending on the type of spread (or not spread) you do.

Credit spreads can be conservative, or very high risk. If you do them far out of the money you could be risking 9 pts for 1 at 10 delta, which once you've had a google will find that is like picking up pennies in front of a steamroller, if you don't know how to pick direction.

In my opinion, you should learn to pick direction first, if you go straight into options thinking it's more conservative and sell spreads randomly you might as well just flip a coin.


In terms of education, everything you need to know about options is all over the net, just google it.

+1 to that, good advice.

Especially with futures /ES using SPAN margin. Selling massive quantities of puts far out the money some think it offers protection and is the most consistent way to make money. IMO it is train wreck waiting to happen, unfortunately some are going to find out the hard way.

Volatility is good for the market and trading.

Preservation of capital is the most important concept for those who want to stay in the trading game for the long haul. - Van Tharp
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  #7 (permalink)
Elite Member
Dallas, Texas
 
Futures Experience: Intermediate
Platform: TOS
Favorite Futures: AAPL, /ES, IWM, SPY Options
 
Posts: 208 since Oct 2012
Thanks: 440 given, 101 received

If it helps, this has been my experience:

I will say that I have tried many different option strategies over the years including ratio spreads. I learn a pccrc (put call calendar ratio combination) method at a traders expo one year, a delta neutral strategy that profited from the increase volatility of equities before earnings. It worked great during periods of higher volatility with volatile stocks but required adjustments. At least for me, what I found was the put options that I was selling on iwm,spx, spy were consistently making a higher return with considerably less commissions and requiring less adjustments. So that's where I have been at for the last few years, it is boring and simple but that works better for me.

Volatility is good for the market and trading.

Preservation of capital is the most important concept for those who want to stay in the trading game for the long haul. - Van Tharp
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  #8 (permalink)
Elite Member
Sydney, Australia
 
Futures Experience: Intermediate
Platform: Sierra Chart, IRESS
Broker/Data: IB, IQFeed
Favorite Futures: ES, SPI, ASX stocks, options
 
Posts: 399 since Jun 2015
Thanks: 169 given, 446 received


blb014 View Post
+1 to that, good advice.

Especially with futures /ES using SPAN margin. Selling massive quantities of puts far out the money some think it offers protection and is the most consistent way to make money. IMO it is train wreck waiting to happen, unfortunately some are going to find out the hard way.

Seen a lot of people who did this which is basically selling black swan insurance. Since black swans are inevitable, blowing up is also inevitable.

Sent from my SM-N9005 using Tapatalk

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  #9 (permalink)
Elite Member
Dallas, Texas
 
Futures Experience: Intermediate
Platform: TOS
Favorite Futures: AAPL, /ES, IWM, SPY Options
 
Posts: 208 since Oct 2012
Thanks: 440 given, 101 received


PeakGrowth View Post
Seen a lot of people who did this which is basically selling black swan insurance. Since black swans are inevitable, blowing up is also inevitable.

Sent from my SM-N9005 using Tapatalk

Yes, not only that with futures leveraging it wouldn't even take a black swan just a good volatility pop.

Volatility is good for the market and trading.

Preservation of capital is the most important concept for those who want to stay in the trading game for the long haul. - Van Tharp
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