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this is my collared XLU trade. utilitiy ETF yielding about 4% in distributions. so my game plan is to milk the calls and get the distributions and protect my downside with the puts. the risk profile has my greatest reward at 36. if it went to 36, sure; but I want the dividends and to write the March calls. protect 36. and we will see what happens.
I am not sure if the original question is still alive. But I couldn't help posting a bit about Education.
One to check out is Optionpit.com - The educator's name is Mark Sebastian. Mark is into details. He is into Volatility. Nowadays, he is on Bloomberg from time to time. He will be publishing a book soon. So, you can check him out in the book to see if you like what you read. The book title is The Option Trader's Hedge Fund. Or look for e-magazine called "expiring monthly". He is one of contributes.
The other guy is "Charles Cottle" His book is called "Hidden Reality (Options: Perception and Deception & Coulda Wouldda Shoulda"". The book is not an easy read. But He is the one who opened my eyes - for example, the way to look at IC. It is basically a bunch of BFs. He will disect positions and reveal what's there. Well, I am not there yet. I am thinking about getting his webinars.
Trading: Equities, index options and futures/futures options
Posts: 190 since Apr 2010
Thanks Given: 66
Thanks Received: 198
If you want a great education in options without spending lots of money then register at the CBOE website. They have an entire syllabus from beginner to advanced. There are lots of videos there including ones by Dan Sheridan and Mark Sebastian which will give you a feeling for their methods should you want to engage them for training.
This show on Tastytrade has good info on options and option spreads for beginners in options.
It's like a webinar everyday. 11AM to 11:30AM EST
Free if you already have a TOS/TdAmeritrade account then you can
watch the "tastytrade" channel. (one can get past the MTV styling of the promotional inbetweens; they try to be funny)
I can only find free tutorials on cboe, everything else looks like it costs money. Though its a bit of a messy site to navigate so perhaps the videos are hidden somewhere.
Thanks for all the other useful links posted to date, am new to options & reading books but welcome anymore free info/sites on options strategies.
You'll need to register for free first. Then get to their options "institute" section, webcasts subcategory. CBOE - Options Institute Webcast . Then click on "webcast center" tab. Then there are the archives by Dan Sheridan and the other gang. They're mostly former market makers on the CBOE.
So, jodistict, haven't seen any replies from you. Overwhelmed? I think the best suggestion for you right now is the CBOE idea. I've spent thousands learning about trading - most of it was a waste. Get some basics, register at CBOE, open a thinkorswim/TDAmeritade account and tap into their almost unlimited video library of knowledge.
I'm cheap and would rather save my money to trade with.
Sheridan is doing a free class on butterflies Monday, Sept 24th. yes, it's also the first part of a paid course, but Sheridan is a fun instructor and has many free archived videos on cboe.com :
