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I thought I would do a follow up to my last post on Trading Pro System (see post). It
have been pretty obsessed on learning everything I could about income option trading as the
information/technology is there now for the general public to be able to trade on a level
playing field with professional option traders.
I opened an account at ThinkorSwim because they seemed to have the best technology/tools
to evaluate your positions(they also offer free papertrading account if you want to test
it out). Trading Pro System will explain option basics including explaining all the greeks,
how to adjust trades, how to manage a portfolio of option position, and then provides details
about various trading strategies like credit/debit spreads, diagonal spreads, calendar spreads,
ratio spread, understanding how to use protective puts and more. The main strategies that Trading
Pro System goes into lots of detail on are Iron Condors and Double Calendars and how
to adjust them by managing your greeks.
The videos are very detailed and do a good job explaining the strategies. It is a series
of videos and a guide that explains how to evaluate your positions, how to adjust/exit
your positions, and a detailed understanding of how professional option traders evaluate/trade
options. At the bottom of this post is the summary of Trading Pro System training modules.
The more I read other options websites, books,etc….the more I find that I reference back to my notes
from Trading Pro System as it does a very good job covering a lot of information in
a understandable way(You could re-watch the videos after you have digested the basics
and learn more the next time re-watching the videos.).
I will say that you will have to put in some effort to really have a good understanding
of “The Greeks” which are the components that determine an options price and how they
move relative to eachother. The unique thing about options is that you can adjust your
position to stay in the trade and not have to take losses just because the positon goes
against you like you would with trading stocks/futures and the goal is to have the underlying index/stock
stay in your profit range so you can collect a profit on the time decay of the options
you sold.
Also, when I was researching for additional information about option income trading after
going through the Trading Pro System course I found that most option mentoring services
or day seminars cost over $5,000 so the content that you get in Trading Pro System is very
well priced.
You can also watch free webinar archives on the education section of many of the option
brokerages like trademonster, thinkorswim, tradeking,etc..(The best webinars I think
are everything you can find by Dan Sheridan of SheridanMentoring.com and Don Kaufman webinars
at ThinkorSwim brokerage) but you will find that the free content doesn’t explain how
to adjust positions and manage the greeks as clearly as Trading Pro System. If you decide
to make a commitment to option trading and want a complete mentoring/training for option
investing then my research found that Sheridanmentoring.com offered the best quality(I’m not a member
though because I didn’t have $6500 for it right now). I also looked at optioanimal.com
but they were a little too sales-pitch/hard sell for me and they are about the same price
as Sheridan Mentoring.
Anyways, after all the research I have done looking around at available free and paid
options training I still highly recommend Trading Pro System as a solid way to get a
detailed understanding of option trading but it is important to keep learning, trade small
initially(or papertrade) to learn how to adjust your positions, and have patience. You will
though have a new outlook on investing after going through the course and realizing the
benefit that options can have on your investment strategy.