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.
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...
If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
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results like those used to be regular news for options and index options traders,
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....
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
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.