Please note that this is a VERY old post, and I have grown in my trading and moved on. Do NOT USE this post as the basis for spending your money on options training. Read my current blog (2013 and 2014) and see that I no longer believe in paying for trading training. It is available FREE in many places. Do yourself a favor and go to Tasty Trade.com and join the revolution.
I am starting my third year of study now. My first year of trading, I was quite successful with beginner's luck. My second year (after some kindly trader stopped by my blog and direly predicted I "would start to lose, just wait and see") I started to lose all my earnings, (making this jerk right) and of course the economy and the market went to ruin, which didn't help matters any.
But part of trading is not-getting-emotionally-involved in all this, so I am just biting the bullet and pursuing more education. Goodness knows I have been through a lot. In the beginning, I bought the DVD's of Darlene Nelson Powell on playing the Q's and trading LEAPS. I loved them, and think she's a very smart lady. I have made close to $100 a day on the Q's ever since, daytrading. I haven't 'done' the LEAP strategy that she teaches, mainly because it takes time and money, both of which I'm short on.
I took a half/program of mentoring with OptionsXpress mentor program, and came back later on a sales offer to do a little more with them. I'm underwhelmed. They mean well, but something just doesn't gel for me when I speak to them.
I'm a member of the esteemed Oxford Club which is really about stock purchases, but I glean a lot of fundamentals and trends from them, so I'm glad I have a membership, even though I'm not buying stocks. When my fund will accommodate spending excess dollars on stocks, I'll have the right support.
I took a two day program with Optionetics, and could have saved my time and money. It's all about buying their software, which costs thousands, and very irritating to get sucked in.
I've paid for several "newsletter" deals -- where people tell you what to buy and when to sell, but you learn very little that way. I cleave to the Kirkland Wealth Advisory because Wendy Kirkland, the founder, is not only a personal friend of mine, but one of the savviest traders I know. She has written three books to date and more importantly has created her own trading systems, P3 and T3 which are not used by anyone else that I ever heard of, and which work brilliantly. It's basically a Call (P3) and Put (T3) system however, and I want more.
So why so many teachers? How can there be that much to learn? I have a theory on this. I believe some people (like Wendy) are born traders and others (like me) have to struggle to learn it. And there's a lot more of me than Wendys. I had a successful career as an accountant and controller, but it did not come easily to me. When I first started studying accounting I thought I would NEVER understand how debits and credits worked. How Balance Sheets and Profit and Loss Statements 'balanced.' One day in class, the whole concept of "Assets equal Liabilities plus Capital" just slipped into my head, after hearing it hundred of times and never *hearing* it before. It was like fireworks went off. Accounting, after that, was a snap. I could do anything. And so I think it is with options. I am looking for that one little formula that is going to make the fireworks explode.
Yes, there's a finite amount of things to learn: fundamentals, technicals, basics, strategies, sentiments, psychology, trends, interpreting news, institutional trading pitfalls, timing, etc. ad nauseum. Maybe finite, but multitudinous. And most everyone teaches most of these things, some better than others. And they all teach how to use stop losses. A way of preventing yourself from losing ALL of your money in a given trade by stopping the trade when you've only lost a pre-arranged percentage of your money. They teach you how to limit your losses. They teach that everyone has losses, therefore you must stop them early, instead of letting the trade run, and lose it all. Sounds reasonable, no? But meanwhile, I have amassed MANY stop loss losses.
I poke around and watch free webinars whenever I spot them...always on the hunt for what will work for me. And FINALLY I found Options Animal. They teach all the same things that allllll the other people do (except maybe Wendy) BUT in addition they also teach something that NONE of the other people do, and that is HOW TO TURN A BAD TRADE INTO A PROFITABLE TRADE. A very tall order, but that is what they teach, on top of all the other things. When I first heard this, I couldn't believe my ears. So I signed up for another free OA Webinar with a different speaker. Sure enough, that is their claim to fame, and they SHOW you how it's done. Options Animal uses NO STOP LOSSES at all. If a trade goes bad, they ADJUST IT. This principle of adjustments is worth just about anything as far as I'm concerned. If you're an options trader, I think you'd agree with that. That's not to say that a trade can't ever go bad, but it reduces the likelihood drastically. It is that "aha" formula that I've been looking for.
So, I'm starting a new journey. I'm going to be an Animal too!!! I'll be checking in to share my experience.
P.S. In case you're wondering if I'm a naive fool, I thought you might like to see a review done by someone in answer to the question: Is Options Animal a scam?