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Options learning resources


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Options learning resources

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  #1 (permalink)
 Hulk 
Texas, USA
 
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Hello everyone,

I am looking for some advice on how one can learn about trading options. I trade commodity futures and spreads and understand them well but when it comes to options, I know next to nothing. I understand the contract components - put/call, premium, strike, expiration etc. I know what the greeks represent but I have no idea how to use them. I understand options can be used to express a directional bias on the underlying. That is, you would buy a put if you think the underlying market is going up or a call if you think its going down and limit your loss to the premium you pay to get into the long position. I understand selling options too, at least in theory. And, that's all I know about options.

I realize this is a steep learning curve and I am going to put in the time but with so much information available here and on the internet, I find it intimidating and difficult to figure out the right path forward. So far, I have enrolled in a specialization on Coursera by Interactive Brokers to go over the basics. It talks about equity options and its good enough to learn the basics.

Are there any learning resources you can recommend to get a solid grasp on options trading?

Thanks for your time in advance.

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  #2 (permalink)
Symple
Zuerich / Switzerland
 
 
Posts: 856 since Sep 2021
Thanks: 998 given, 1,942 received


Hulk View Post
Hello everyone,

I am looking for some advice on how one can learn about trading options. I trade commodity futures and spreads and understand them well but when it comes to options, I know next to nothing. I understand the contract components - put/call, premium, strike, expiration etc. I know what the greeks represent but I have no idea how to use them. I understand options can be used to express a directional bias on the underlying. That is, you would buy a put if you think the underlying market is going up or a call if you think its going down and limit your loss to the premium you pay to get into the long position. I understand selling options too, at least in theory. And, that's all I know about options.

I realize this is a steep learning curve and I am going to put in the time but with so much information available here and on the internet, I find it intimidating and difficult to figure out the right path forward. So far, I have enrolled in a specialization on Coursera by Interactive Brokers to go over the basics. It talks about equity options and its good enough to learn the basics.

Are there any learning resources you can recommend to get a solid grasp on options trading?

Thanks for your time in advance.

@Hulk

The following link is an entry to improve option trading on futures and even with equities. If you already know all about it what is presented in this link, then you will have difficulties to find more on the topic on the basic of open and free internet information about options.

https://www.discoveroptions.com/public/pages/education/tradingArticles.html

Symple

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  #3 (permalink)
 Hulk 
Texas, USA
 
Experience: Advanced
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Symple View Post
@Hulk

The following link is an entry to improve option trading on futures and even with equities. If you already know all about it what is presented in this link, then you will have difficulties to find more on the topic on the basic of open and free internet information about options.

https://www.discoveroptions.com/public/pages/education/tradingArticles.html

Symple

Thank you, @Symple. This is very helpful.

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  #4 (permalink)
Phoenixoboros
Paris France
 
 
Posts: 44 since Feb 2021
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What I've used myself to learn about options, I've stuck to the free stuff.

 
Code
https://www.youtube.com/playlist?list=PLPVve34yolHY43YaBegHMzN9WjrTnQfFr
https://optionalpha.com/courses
https://www.youtube.com/watch?v=uQLMSU2NNlk&list=PLhKnvfWKsu41G6LYhTv2kJmDYpgOSuNOi
https://www.youtube.com/watch?v=7PM4rNDr4oI&list=PL33AZa4cv-o6P9avMExhErYyVI1FosBCy
https://optionstrat.com/tutorials/options-builder

Symple View Post
@Hulk

The following link is an entry to improve option trading on futures and even with equities. If you already know all about it what is presented in this link, then you will have difficulties to find more on the topic on the basic of open and free internet information about options.

https://www.discoveroptions.com/public/pages/education/tradingArticles.html

Symple

Thanks, do you have anything that goes more in depth about hedging futures strategies with options on futures?

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  #5 (permalink)
 Hulk 
Texas, USA
 
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I have been going over this thread since yesterday, There is a lot good information shared and trading strategies discussed while being traded by FIO members: .

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  #6 (permalink)
Symple
Zuerich / Switzerland
 
 
Posts: 856 since Sep 2021
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@Phoenixoboros

If you ask for free stuff, then I can tell you that this what I and you so far showed, is the absolute limit on this topic, expect a few, even one books you may find as free PDF in the net. But even then that will it be. Why do I know it?

I was educated on this stuff over a few years. I have analyzed dozens of such strategies you ask for and we have traded them. You may ask one specific question to exact one strategy from your point of view over a worked out strategy and lets see what answers comes.

Happy Christmas day to you and your family.

Symple

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  #7 (permalink)
 Hulk 
Texas, USA
 
Experience: Advanced
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Posts: 360 since May 2014
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@Symple

Discover options offers mentoring and has a course specifically for options on futures. Do you have an opinion on that?

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  #8 (permalink)
Symple
Zuerich / Switzerland
 
 
Posts: 856 since Sep 2021
Thanks: 998 given, 1,942 received


Hulk View Post
@Symple

Discover options offers mentoring and has a course specifically for options on futures. Do you have an opinion on that?

@Hulk

First of all: Happy Christmas.

Now to my answer which is quit extended, as I try to put in different aspects. Means: I will stretch my answer to a certain bright which even goes behind your question, instead includes others at the same time.

Do I have an opinion on this?

Let me answer the question in this way:

I had my education with the help and implementation with this and other software programs. Means: I never had to ask or speak to any of the programmers from this software, as my partner was the chief educator, sitting right next by me in the office and sharing his screen with me on the trading desk.

If those guys from those software companies, which support them as users can, if they even want to give you clear, very dept in answers to certain questions you ask them, I can not answer as I never had to ask such guys from such companies any question regarding any of such questions.

I did read many option strategies analyses from "Paul Forchione" as well I also even went to seminars from "John Suma" in Singapore during the time I was working in Asia.

I studied dozens of books about option and future trading during my education, but only two books came to the level I was told from this guy beside me on the trading desk. But even reading this books and recognizing the high level of parts from, because a lot even in such books is not outstanding, needed a very deep understanding of the topic.

As you may see: I jump around a direct answer to your question as I do not want to say wrong about any educational program I by my self did not choose.

So my advise is: Write down what you exactly want to know from who ever, be prepared to show this person your existing knowledge in dept, so he has not to guess about this from your side and then lets talk about what the price of his educational program is. You do this with different persons who offer mentoring programs and then make your decisions when it comes to the topic of " Option learning on futures". If you go for a mentor on this level, fine and I guess the company you mentioned is good enough to go with on a payed level.

If you go for a more advanced approach, as you may know the basics very well and managed to understand the above level in dept, then you surely should consider the following:

Ask this person, who offer such mentoring programs on "Future Options Hedge Strategies", what he then offers in his course you at the moment not can find for free in the net.

Hint: If this person just comes up with: Buy four legs here at the same time for an Iron Condor,, then you may consider to find a more profound mentoring person. Go for mentors which show you how to leg into strategies, This are the real pros on the retail and even other sides with best risk management tools and understanding.

In banks, there are specific possibilities to do so like in hedge funds. Here I can hedge in seconds any leg I will take from or will take by my self or team. But here we get in a grey zone between Pro Retailers who know the business and the Pros from the banks, market makers, brokers, hedge fund traders and even the HFT.

Regarding mentors: Do this with different persons who offer mentoring programs on your level of trading you need and then make your decisions. It will cost money, as every education does, but when you have one such person at your hand in good favor, then it will be worth every penny of it.

Simple

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  #9 (permalink)
 AllSeeker 
Legendary Pratik_4Clover
Mumbai, India
 
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Well, if you know about the greeks, then there is not much left tbh. At least from shear trading point of view.

What you will find however is that, buying and selling options are completely different ball games. They require different kind of traders/capital/strategies and even sometimes ability to throw out all your knowledge on certain trading days.

I've personally listened to "Tastytraders" for general info.

However, if you want to learn about them hard way but build solid foundation, try to build/rebuild models.

US markets and Indian markets are very different and we don't have options of futures, I only trade options on our leading indexs.

Here is a sneak a peak on my options dashboard, will not share more than that but you can certainly refer to it to understand what a through and through option trader usually keeps track of.




Untitled

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  #10 (permalink)
Phoenixoboros
Paris France
 
 
Posts: 44 since Feb 2021
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Symple View Post
@Phoenixoboros

If you ask for free stuff, then I can tell you that this what I and you so far showed, is the absolute limit on this topic, expect a few, even one books you may find as free PDF in the net. But even then that will it be. Why do I know it?

I was educated on this stuff over a few years. I have analyzed dozens of such strategies you ask for and we have traded them. You may ask one specific question to exact one strategy from your point of view over a worked out strategy and lets see what answers comes.

Happy Christmas day to you and your family.

Symple

No specifically asking for free stuff, it's just that I have not bothered purchasing online courses because they often just gather informations you can find for free online.
Paying for good trading education is not a problem, it's finding a good mentor/coach/education that is a problem.

So, you had a mentor?

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