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Past Experience with Wendy Kirkland


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Past Experience with Wendy Kirkland

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  #21 (permalink)
San Diego
 
Experience: Beginner
Platform: NinjaTrader
Broker: AMP / CQG
Trading: CL, ES, NQ
 
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jamusued View Post
Hi Beach Trader,

How was your experience with Optionetics? Does it teach any specific strategy that has similar performance to the QQQ system?


I took Optionetics a long time ago - probably 2001. Back then there were live classes. I am not sure how they do it now. I enjoyed the classes and don't regret signing up for it. However, I did not utilize it much as I got interested in day trading soon after that and my focus on options was taken away. Now I may go the opposite way. The classes I attended with Optionetics were mainly on verticles and calendars with some diagonals thrown in. There wasn't anything on trade adjustments which is what I am most interested in. That is what got me looking at OptionsAnimal (I am attending a presentation tonight), but I am still exploring Tasty Trade.

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  #22 (permalink)
Legendary Market Wizard
Cleveland Ohio/United States
 
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Cloudy View Post
yes, agreed it's a great thread on selling options. ron99 has been very generous, sharing, and helpful detailing how he likes to trade far out options on commodity futures and I believe his success. It requires a lot of premium and a decently big account to place the trades, then endurance of the nail-biting profit level dips of the position while waiting months.

I started options selling in Feb 2013 by just "dipping my toe in," with a $5,000 account, selling only 1-3 contracts per position. I did this, instead of my rigorous backtest process, because
1) it is hard to backtest options strategies,
2) in talking to @ron99, I knew he was the real deal (and that his method properly applied would work) and
3) fills are sometimes hard to come by with deep out of money options, meaning trading with real money is the only true way to see if the method is feasible.

After about 5 months, I went from sticking my toe in to sticking my whole leg in.

It can be scary, selling premium, especially if you are overleveraged. I follow the rules in the thread pretty closely, and I can sleep well at night...

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  #23 (permalink)
NYC + NY / USA
 
Experience: Advanced
Platform: "I trade, therefore, I AM!"; Theme Song: "Atomic Dog!"
Trading: EMD, 6J, ZB
 
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Posts: 798 since Oct 2009



Chrismind View Post
Wow. I'm signing up.

results like those used to be regular news for options and index options traders,


UNITL,

more derivatives were released and adopted by the common marketplace, which drained away participation by thousands of market participants. Every wonder why so many option (equity/stock, index, and futures options) advertisements have been all the rage for the last 8 months?

there is a firm in Las Vegas, that has a number of partner traders, founded by their head trader, who got one of his starts in the S&P pits, back when it was called a full sized contract, and was new to the industry.

there was a firm called First Options of Chicago that peppered NY's Wall Street, beckoning thousands of the back office and front office workers to come taste the rich life of the options traders on the CBOE. this was shortly after the CBOE became an exchange. previous to that, your broker would have to rolodex call the other firms who made markets in options, hence the term OTC options.

there was an interesting Oliver Stone 1987 movie that barely touched upon the burgeoning options's lifestyle and trading. in fact they even gave out the strategy of how the "Arbs"would corner a stock through options... we now call them hedge(s) and hft's.

back then, you could regularly take a $500 stake and end up with serious 5 figure balances in a short time, just like that advertisement...

the expression: "the internet changes everything" surely applies to the ECN's that have destroyed the purpose and need for pit trading anything. well, it also destroyed those massive profits from options trading.

there might still be some cases of large outsized gains, but not the norm....

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  #24 (permalink)
Legendary Market Wizard
Cleveland Ohio/United States
 
Experience: Advanced
Platform: Tradestation
Broker: Tradestation, DeCarley, others
Trading: futures
 
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Cloudy View Post
For newcomers, it's good to be aware that this type of trading is far riskier than traditional types and a lot of room in the account should be allocated for drawdown dips.

AGREED!

If done incorrectly, selling options will ruin you.

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  #25 (permalink)
NYC + NY / USA
 
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kevinkdog View Post
AGREED!

If done incorrectly, selling options will ruin you.

wow, selling options....you're kidding

in the US, since so many foreigners or international members read / participate on these threads, the changes in US margins on non-futures options trading were raised through the roof a few years ago, having a $50,000 account just to be allowed to consider doing straddles and such writing of options means you're wasting your precious capital...

one might want to consider some other form of trading than writing options,
perhaps that's why so many thousands have left those investments in favor of emini trading

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  #26 (permalink)
Diamonda Bar, CA/USA
 
 
Posts: 21 since Jan 2013
Thanks: 4 given, 7 received


BeachTrader View Post
I took Optionetics a long time ago - probably 2001. Back then there were live classes. I am not sure how they do it now. I enjoyed the classes and don't regret signing up for it. However, I did not utilize it much as I got interested in day trading soon after that and my focus on options was taken away. Now I may go the opposite way. The classes I attended with Optionetics were mainly on verticles and calendars with some diagonals thrown in. There wasn't anything on trade adjustments which is what I am most interested in. That is what got me looking at OptionsAnimal (I am attending a presentation tonight), but I am still exploring Tasty Trade.

Hi Beachtrader,

Please keep us updated on your experience with OptionsAnimal. The reviews from Bev Jackson were positive.

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  #27 (permalink)
San Diego
 
Experience: Beginner
Platform: NinjaTrader
Broker: AMP / CQG
Trading: CL, ES, NQ
 
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Posts: 310 since Nov 2011
Thanks: 153 given, 421 received


jamusued View Post
Hi Beachtrader,

Please keep us updated on your experience with OptionsAnimal. The reviews from Bev Jackson were positive.

I attended their webinar but did not sign up. They didn't say what their price was, you have to call them. But I assume it's expensive.

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  #28 (permalink)
Diamonda Bar, CA/USA
 
 
Posts: 21 since Jan 2013
Thanks: 4 given, 7 received


kevinkdog View Post
I wish the group that buys the product all the best, but I personally think you are going about it the wrong way (assuming a "group buy" approach doesn't violate Wendy's Terms of Service, which I am guessing it does - 7 people are benefiting from 1 subscription, which doesn't seem right )...

The alternative approach I'd recommend:

1. Learn all you can about options, through books (free from your library), the Internet (most basic info is free) and this website.

2. Decide on an approach (buying options, selling options, etc.). Research your desired approach. (here's a great thread on one approach to selling options: https://futures.io/options-cfd-trading/12309-selling-options-futures.html)


3. Once you have an approach that you think will work, paper trade it or (ideally) trade it with small size. You can backtest it too, but options strategies are tricky to backtest, due to lack of data, liquidity issues, etc.

4. Slowly build up size, and maybe add complementary approaches, as you gain confidence.


I followed this exact process at start of 2013, and am now trading options as detailed in the aforementioned thread. I am aiming for 40% annual return, and I feel this is well within my grasp.



Good Luck!

Hi Kevinkdog,

It is important to learn the fundamentals. However, you still need a strategy to put that knowledge to work and give you the edge in the market. It is much easier to learn from traders who have good proven past performance. I prefer to learn from others' mistakes as much as possible instead of making the same costly mistakes myself.

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  #29 (permalink)
Legendary Market Wizard
Cleveland Ohio/United States
 
Experience: Advanced
Platform: Tradestation
Broker: Tradestation, DeCarley, others
Trading: futures
 
Posts: 2,806 since Jul 2012
Thanks: 1,453 given, 5,418 received


jamusued View Post
Hi Kevinkdog,

It is important to learn the fundamentals. However, you still need a strategy to put that knowledge to work and give you the edge in the market. It is much easier to learn from traders who have good proven past performance. I prefer to learn from others' mistakes as much as possible instead of making the same costly mistakes myself.

I guess I did not do a good enough job explaining things in my response to you.

Good luck in any event.

Kevin

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  #30 (permalink)
McKinney, TX
 
Experience: Intermediate
Platform: ThinkOrSwim, NinjaTrader
Trading: The indexes, ES, YM, NQ & RTY
 
Posts: 169 since Aug 2012
Thanks: 216 given, 152 received


I wanted to check to see if the experiment to try Wendy's system panned out for you guys.

I'm an experienced options trader and have been doing it successfully for more than 10 years now. I did go back and look at the QQQ option trades on that PDF file and it was hard to really identify the actual trades since the option contract information isn't provided correctly. I did look for what option contract she could have been actually referring to and the closest match never traded for the price shown or it was a very lucky trade. I believe these trades are fabricated and most likely created after the fact. After all having 20/20 hindsight on the market moves makes everyone a very profitable trader.

Please use caution on almost every marketing program out there. I've tried many through the years and when the curtain is pulled back, there are very few that do as well as they lead you to believe.

For those that are interested, here are my two favorites

https://www.tastytrade.com/
ETF Credit Spread | Option Spreads | Iron Condor Strategy | Monthly cash thru options

Tastytrade is a good place to learn how to trade options and to learn option trading strategies. Listen especially to the market measure daily show. There are no cost associated with this site.

Monthly Cash Thru Options - is a paid for service. They provide two types of service, a news letter with trades or an auto trading service. I've personally used their service for more than 2 years. The return numbers reflected on their site are actual and matched the performance of the trades that I was making. The autotrading server really works out nice and is easy to do at many supported brokers.

I have a long list of sites and services to avoid and I'm not sure if I can post those here. PM me if you want to learn about a particular service.

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