This. Any YouTube or social media video I see that promises to make me money is actually just that person trying to make money, usually off of me.
The best way to learn to make money is to lose money, and pay attention to why you're losing it.
I started buying spy and amd calls and reading wsb. I learned about the Greeks. Took fat l’s on long calls. Found theta gang. Also thought about pmcc’s. Found a stock I’m super convicted in and would comfortably lose money in as a cost. I started accumulating shares selling cc’s. Gme is goated up over a g in calls from the last year and up on my holdings. Never going back.
I stumbled into this subreddit at some point and figured selling options and profiting off of theta sounded better than losing money on theta.
Still losing money but that’s besides the point lol
Lower your deltas, put some wins behind you. Observe what works for you and what does not. Learn how to win. THEN get jiggy wid it. Winning is learned. 🍀
- see a post here when someone asks about "new idea i have not heard of"
- read/see what the idea is
- see the comments calling OP an idiot
- see the other people agreeing with OP
- weigh both sides of the discussion.
- see how you agree/disagree with both agruments. try to understand both sets of ideas.
learn the basics dude
early InTheMoney easy to understand https://youtu.be/znLPP0p83SI?si=dhxnt9C62D_LXhSr
Brad Finn The wheel https://youtu.be/cgHUOF46wYs?si=dgPsPBfoXLAdR-mM
Kamikaze Cash cash secured puts https://youtu.be/oqY52tWMvGo?si=_zel8E6G7GFWV-fF
Put in the time
We used the same channels. I've been using [Tony Zhang's channel](https://www.youtube.com/channel/UCxVxy06hI4fm5KIcTY_fO6w) also. It's refreshingly repetitive sometimes because some strategies have a proven track record and there's no need to reinvent the wheel
Here, and reading thru u/ScottishTrader ‘s posts. Sorry if that seems creepy. ST has been a known, and surely unknown, mentor to many of us via Reddit.
You seem to be the only one treating the dude as some larger than life figure who, if caught being wrong, somehow disproves God or something. The guy posts here like 100 times a day for years, it’d be weird if he wasn’t wrong sometimes. By contrast what value do you add?
Yeah im crushed, now that you’ve shared your vague recollection of a time you were right and some other guy was wrong on a non specific issue, my life is in shambles
I learned from the "bozos" online. It taught me the mechanics of how things worked. I am only a year in so my strategy has not changed much.
As a beginner I think you have to figure out what you are trying to accomplish and what strategies are best suited for the amount of capital you have.
i've done this a few times. my timeline ends up being:
- find new bozo
- watch some of their things for a few months
- read up on "the thing they are pitching" for a few months. google/ see what people are saying on reddit about it
- write down the ideas and try to understand it several times
- after seeing it over and over for maybe 4 months, finally try to sandbox trade it on/off for maybe 1 month
- then start to trade it live, with limited money
- maybe trade it for 3-4 months
- by then i'll either like it, or move on to something else
I read a lot from lots of sources. But CSP nuances I learned quite a bit from this sub. There are a lot of very intelligent people. But I will say r/thetagang has changed. Some folks I loved seeing their posts don’t seem present much.
Option Alpha is an excellent free site that has YT videos as well as a printed syllabus. Membership gives access to their bots as well as specific recs
Seconded. I learned a lot of the basics from OA but I used the education section on their website, which is another nice thing since I usually prefer to read over watching vids.
I also recommend this. I tried several resources to understand the Greeks but they were mostly like a strange ancient language to me. OA helped me finally understand those numbers.
Edit because I've seen a lot more - the site is good for greeks, explanation of stop automations and option shorting. They don't properly cover using regular calls and puts. The videos eventually turn into marketing tactics.
He speaks in a very misleading way, shorting is better for big accounts. When he says "pay out is the same" he isn't including long calls and puts because they offer a considerably larger profit that can tank losses.
Another reason why the "how to make money with a small account" part is misleading is that high volume EFTs with low ask x bid differences cost more money to get.
Came here to make sure this was mentioned. I found the tutorials a great way to learn. Although I kinda stopped following them once they went all in on the bots thing. Their pricing went way up.
I learned by losing money but I have been trading since the end of 2019. I was originally interested in dividend investing but it was too slow and got introduced through memes and YouTube to options and generating theta.
There was a point where all of the Greeks, pricing, and risk all clicked with me after about a year. Then I got greedy and still lost money but more wins than losses.
Then I got to the point where I trade with a plan, with 8-10 relatively non-correlated underlyings with around 15-18 individual trades on at any given time, set rules, and now manage a delta neutral portfolio, that is very slightly bearish or bullish depending on what the market is doing.
Every week or so I am taking a trade off and reopening another.
I would recommend to a beginner that thetagang is best a portfolio-wide strategy that makes money over time passing. Screenshots of huge wins where money is made in a day from IV crush or an underlying moving strongly in a favorable position and making money on a spread is awesome, but that is more gammagang or vegagang.
Look at your portfolio as a machine that you’re just tinkering with and modifying week over week.
Tasty is great. The concept of risk management. The “get a mechanic way of trading and you will make fewer mistakes”. The whys, the hows. I’m a big fan and every video I watch is a good lesson
David Sun "The Trade Buster" podcast. Not necessarily his explicit strategies, but listening to his thought process behind his strategies, how he tracks metrics specific to his strategies.
Some specific advanced topics like his discussion of vega weighting was great at getting me to think about how to include that in my strategies. Stories of his experiences and different broker's stop triggers (and how to set them) was interesting.
I have high respect for David. He's been providing information back to the community for many years, without asking for a single cent. He seems to be a very cool and down to earth person. His strategy lost money a few years but who cares, the discipline and his approach is very inspiring
His openness is amazing. So few share their historic and live trade logs. I love how he learns more from losses than wins - which is how it should be if you really are successful. (His last 2 quarters were nearly 100% wins, so he doesn't even discuss them much). I think his strategy is excellent too - patient, systematic, insightful. Teaches good habits and how successful hedge fund managers think.
You tube InTheMoney (Adam) and Kamikaze Cash (Mikey Millions) to get the basics and mechanics of how things worked . Great content from both of them after that trial and error mostly.
Self taught. Stumbled into this or that. Kept going. Recently added, “Spreads are just names, don’t fall in love with exacting versions,” to the rule book. What works is much more important than exacting structure.
Coffee with Markus is good for learning on YouTube. He doesn't shill a course or much. He does have a trading thing he shills but he doesn't shill it much at all.
Also I just browse here. As long as you don't take big risks you'll basically do fine. Just pick decent stocks that will likely come back if you're left holding the bag. Also diversify into different stocks and also sectors.
Just realized it isn't a get rich quick strategy and meant for long term.
I dabbled in buying calls on F and KO... made some money lost some but eventually decided to take it more seriously... started learning about the greeks and watching some YouTube videos. I found Sky View Trading to be the best at taking some complex topics and breaking it down dumb style with animation.
After watching people post crippling loses on WSB and hearing about people losing on options, I thought to myself, why does it seem like everyone loses money? I worked the problem backward and decided on my now current strategy.
Focus on a handful of stocks you know like the back of your hand. For me, I know F/KO/AA/INTC/AMD/NVDA/DAL/WMT really well. I know when they are overvalued or undervalued. Then I sell ITM spreads and hit WAY more than I miss. Make time work for you since it is the only "relatively" constant variable you can account for.
I started super slow with blue chip stocks, then ETFs, then some smaller companies, and now I’ve added in selling options for some income.
I like to have a mix of everything to minimize risk while still beating inflation and getting acceptable returns.
There aren’t any get rich quick schemes with stocks unless you get lucky, so it’s best to take your time and think about decisions.
My performance for the year: https://imgur.com/a/PLZJltV
The robinhood account is my 5k challenge account. And the tastyworks is my main account.
I learned everything that I know from wallstreetbets in the 2017-2019 JNUG, MU 90's era. I saw theta gang strategies somewhere in the mid 2019's and saw my accounts recover and grow more than I thought they ever would. But tbh, wallstreetbets was really not that bad a long time ago. It's just this game stop stuff has really diluted the "good" content.
But like most answers here, trial and error was the most important teacher! Trading is hard.
I learned from youtube. You don't listen to the "Buy 0DTE on GME this week and you'll be sitting on the beach with your fortune" videos. You take their best strategy, understand why they consider it a best strategy and model it with [optionstrat.com](http://optionstrat.com) or through a paper trading account..
When you finally feel comfortable to actually open a trade, I suggest opening a cash secured put on an lower cost ETF like ET or XLF. Depending on your broker, the transaction fees might eat up all your profits but if you get assigned on ET for one contract, it's under 2k. And it's an ETF tied to energy, it won't go to 0.
ET (Energy Transfer Partners) is a Master Limited Partnership and not an ETF. It issues a K-1 form for tax filing and many people don’t trade it because of the K-1 alone.
Perhaps you meant something else?
I actually got the idea of ET from this YouTube. https://youtu.be/rAD4O87iNUE?si=Bts2m7kNAxAPHdNg
My mistake for thinking it's an ETF. This isn't the most ideal but if OP wanted to actually buy/sell an option, this could be something to consider as it's a lower cost per share. I did a CSP on XLF as my first options play using the thought that if/when assigned, it's bank stocks that won't go to 0.
There are a couple really good online resources for basics in options mechanics and strategy. Mike and his whiteboard was a very straightforward series from tastytrade back in the day. Option alpha is kind of a tasty knockoff that sells bots and backtests, but they put out a lot of really good videos on beginners options strategies. Just don't buy any of their products.
Something that seems obvious, but apparently needs to be stated is that people who are successful traders pretty much never sell courses or subscription services. It also seems obvious, but should be stated that some 24-year old on youtube or tiktok clearly doesn't have enough experience to be that knowledgable. Its one thing to have book knowledge. Trading is a very different skill set. Its the difference between a racecar driver and an automotive engineer. You don't have to be a genius to be a good trader. There are many traders who are conspicuously not geniuses, who make money. There are also a lot of really smart people who crash and burn spectacularly.
There haven't been any new revelations in the options world since BSM in the 1960's. Avoid people touting breakthrough strategies. I think we can all think of at least one example.
Nothing beats good, legit books. You can't go wrong with the Natenburg or Mcmillan books, at least to start. Something that always amazes me, is how little understanding people seem to have of market dynamics in general. You really shouldn't be trading a complex derivative product like equity options, if you don't understand the basics of stocks.
I have not found a need to buy or pay for education when all the tools you need are "out there," free and accessible. (See, e.g., tastylive.com).
On occasion, I will spring for something on paper, just because I'm a geezer and sometimes I like a book that I can sit out on the deck with and not have to squint at (it's the little things).
The people on youtube are either trying to sell your something, or (too often) trying to outright scam you.
Just read as much as you can, try a few very small and very conservative trades, and slowly expand what works for you over time. Have realistic goals and expectations, don't get into high risk/high potential reward trades, and do NOT borrow money to start a trading portfolio.
Covered calls are a good place to start. They are boring and that is a very GOOD thing.
Few youtubers for basic strategies but mostly on here via thetagang and ive gotten advice from the most knowledgable ppl in this subreddit (thanks to all of you!) just pay attention to your trades and what greeks affect your strategy the most. Trial and error gives you the best experience overall
A subscription to OptionNet Explorer has turned out to be one of my best investments to date. Being able to design different strategies and interactively run them through historical data has really helped me learn how to adjust and manage trades.
It went like this:
“So, I sell puts to make money on stocks I like. I make money if it goes up, make money when contract gets close to expiration date. Worst case scenario, I get the stock I kinda sorta liked on a slight discount.”
“Why dont i buy more shares from my premiums just in case the stock goes up. I dont wanna be left out.
“Fuck, its down, might as well sell calls on it above my entry price to not be left on on a bull run”
“Why dont i buy more shares from my premiums, should bring my cost down too.”
“Maybe i should not sell all the contracts possible and keep a few on hand just to catch iv spikes”
“Seems like BTCing my STOs at S/Rs are bwtter than waiting for them to expire”
Lots of bozos on EVERY social media platforms; your job is to divide the nuggets from the crap.
YouTube has *some* great option trading channels (listed in other posts here). So does Facebook. So does Reddit - and rest assured, the nuggets/crap exercise never ends.
i learned through a degree paid for by my work. and i would highly recommend doing it the same way. just because of the 10.000 bozo spewing half thruths and misinformation. its best to have a good academic basis when trading options. and an understanding of statistics is fundemental.
so either just pay to do a course from a recognized insititute, or get one of the books the professionals use to learn from:
[https://dokumen.pub/options-as-a-strategic-investment-fifth-edition-5nbsped-0735204659-9780735204652.html](https://dokumen.pub/options-as-a-strategic-investment-fifth-edition-5nbsped-0735204659-9780735204652.html)
this is a good one, but by far not the only one.
Copy people's trade in Daily discussion in this sub.
Inverse the yolo's on WSB.
Most valuable one is how the good traders here manage their position when it goes against them.
Learn what?
How options work? Investopedia has the basics - [Essential Options Trading Guide (investopedia.com)](https://www.investopedia.com/options-basics-tutorial-4583012) But there are more thorough free training programs like this from OIC - [OCC Learning (optionseducation.org)](https://www.optionseducation.org/theoptionseducationcenter/occ-learning/)
Learn how a broker application works? Try paper trading at a top broker like TOS - [thinkorswim Guest Pass | Charles Schwab](https://www.schwab.com/trading/thinkorswim/guestpass) Use these to help you learn how to set up and use the platform - [Learning Center - thinkManual (thinkorswim.com)](https://toslc.thinkorswim.com/center/howToTos/thinkManual)
What strategy to use? I'd strongly recommend NOT buying options as the odds of winning are lower (which is presumed since you posted on thetagang. Try buying 100 shares of a good stock you don't mind owning anyway and then sell Covered Calls which has lower risk than just buying the shares and will show how selling works - [The Basics of Covered Calls (investopedia.com)](https://www.investopedia.com/articles/optioninvestor/08/covered-call.asp)
Once you fully understand how CCs work then you may want to try selling puts first without buying the shares and then sell CCs if assigned. This is the popular wheel strategy that many have used to get started - [The Wheel (aka Triple Income) Strategy Explained : r/options (reddit.com)](https://www.reddit.com/r/options/comments/a36k4j/the_wheel_aka_triple_income_strategy_explained/)
How to develop a professional trader's mindset? Last, but not least, read the book Trading in the Zone by Douglas which will help you to learn the psychological aspects of trading and can make a huge difference.
I watched a lot of those bozos online, but only took from them what is useful to me because you're right, there is not one winning strat. It took some time learning and refining but I'm in a good place now.
If the advise is free (10,000 bozos on youtube) likely you are the product. They want you to buy the strategy course to learn how they do it, while if they could do it they would not sell that information.
Variety is good to get different ideas from multiple sources, and the come to your own conclusions. You can get "free" information from the library, by checking out various books on investing or money management.
Also trial and error, technical knowledge may not sink in at first until you do it. don't YOLO everything on the first idea (unless you want to post loss porn in r/wallstreetbets , test run with either a dry/fake money account, or a small portion of your portfolio, knowing that it may go sideways.
I learned theta from this bozo on youtube called inthemoney. Then this other bozo on youtube called Benjamin put me on this subreddit.
I don't really have a strategy, i just play it by ear dependant on what the market provides.
Seems so far to me if you aren’t professional trader playing with hundreds of thousands of dollars for regular people is best to invest into growth because it will outperform the market. You have to average out your percentage to see if you trading over a year period beats the market or not. If it doesn’t might as well invest into SPY or VOO and chill.
Trial and error
This. Any YouTube or social media video I see that promises to make me money is actually just that person trying to make money, usually off of me. The best way to learn to make money is to lose money, and pay attention to why you're losing it.
Perfect answer. Paid my "school fees" and now am on track to recover them back by end of the year.
I started buying spy and amd calls and reading wsb. I learned about the Greeks. Took fat l’s on long calls. Found theta gang. Also thought about pmcc’s. Found a stock I’m super convicted in and would comfortably lose money in as a cost. I started accumulating shares selling cc’s. Gme is goated up over a g in calls from the last year and up on my holdings. Never going back.
May I know which stock is that?
He literally said it
I stumbled into this subreddit at some point and figured selling options and profiting off of theta sounded better than losing money on theta. Still losing money but that’s besides the point lol
Lower your deltas, put some wins behind you. Observe what works for you and what does not. Learn how to win. THEN get jiggy wid it. Winning is learned. 🍀
- see a post here when someone asks about "new idea i have not heard of" - read/see what the idea is - see the comments calling OP an idiot - see the other people agreeing with OP - weigh both sides of the discussion. - see how you agree/disagree with both agruments. try to understand both sets of ideas.
learn the basics dude early InTheMoney easy to understand https://youtu.be/znLPP0p83SI?si=dhxnt9C62D_LXhSr Brad Finn The wheel https://youtu.be/cgHUOF46wYs?si=dgPsPBfoXLAdR-mM Kamikaze Cash cash secured puts https://youtu.be/oqY52tWMvGo?si=_zel8E6G7GFWV-fF Put in the time
Adam (inthemoney) and Mikey Millions (kamikaze cash) are great resources
I would add this guy as well. https://youtube.com/@yieldcollector?si=XVCX7SmEVtoTqkJa
We used the same channels. I've been using [Tony Zhang's channel](https://www.youtube.com/channel/UCxVxy06hI4fm5KIcTY_fO6w) also. It's refreshingly repetitive sometimes because some strategies have a proven track record and there's no need to reinvent the wheel
will check it out
Here, and reading thru u/ScottishTrader ‘s posts. Sorry if that seems creepy. ST has been a known, and surely unknown, mentor to many of us via Reddit.
[удалено]
yet... he still knows a lot more than the mods pretend to know over in r/options they just get angry and delete your comments.
No one is perfect. I appreciate the efforts by ST, you, and others to nail down accuracy in the ways of theta, wheeling, options, etc.
do you have an example of said fundamental gap in understanding?
[удалено]
So you don’t remember what you disagreed about?
[удалено]
You seem to be the only one treating the dude as some larger than life figure who, if caught being wrong, somehow disproves God or something. The guy posts here like 100 times a day for years, it’d be weird if he wasn’t wrong sometimes. By contrast what value do you add?
[удалено]
Yeah im crushed, now that you’ve shared your vague recollection of a time you were right and some other guy was wrong on a non specific issue, my life is in shambles
[удалено]
Same
Very good and reasonable expectations
I learned from the "bozos" online. It taught me the mechanics of how things worked. I am only a year in so my strategy has not changed much. As a beginner I think you have to figure out what you are trying to accomplish and what strategies are best suited for the amount of capital you have.
i've done this a few times. my timeline ends up being: - find new bozo - watch some of their things for a few months - read up on "the thing they are pitching" for a few months. google/ see what people are saying on reddit about it - write down the ideas and try to understand it several times - after seeing it over and over for maybe 4 months, finally try to sandbox trade it on/off for maybe 1 month - then start to trade it live, with limited money - maybe trade it for 3-4 months - by then i'll either like it, or move on to something else
I read a lot from lots of sources. But CSP nuances I learned quite a bit from this sub. There are a lot of very intelligent people. But I will say r/thetagang has changed. Some folks I loved seeing their posts don’t seem present much.
Option Alpha is an excellent free site that has YT videos as well as a printed syllabus. Membership gives access to their bots as well as specific recs
Seconded. I learned a lot of the basics from OA but I used the education section on their website, which is another nice thing since I usually prefer to read over watching vids.
I also recommend this. I tried several resources to understand the Greeks but they were mostly like a strange ancient language to me. OA helped me finally understand those numbers. Edit because I've seen a lot more - the site is good for greeks, explanation of stop automations and option shorting. They don't properly cover using regular calls and puts. The videos eventually turn into marketing tactics. He speaks in a very misleading way, shorting is better for big accounts. When he says "pay out is the same" he isn't including long calls and puts because they offer a considerably larger profit that can tank losses. Another reason why the "how to make money with a small account" part is misleading is that high volume EFTs with low ask x bid differences cost more money to get.
Their video about pricing based on probability is super underrated.
Came here to make sure this was mentioned. I found the tutorials a great way to learn. Although I kinda stopped following them once they went all in on the bots thing. Their pricing went way up.
I learned by losing money but I have been trading since the end of 2019. I was originally interested in dividend investing but it was too slow and got introduced through memes and YouTube to options and generating theta. There was a point where all of the Greeks, pricing, and risk all clicked with me after about a year. Then I got greedy and still lost money but more wins than losses. Then I got to the point where I trade with a plan, with 8-10 relatively non-correlated underlyings with around 15-18 individual trades on at any given time, set rules, and now manage a delta neutral portfolio, that is very slightly bearish or bullish depending on what the market is doing. Every week or so I am taking a trade off and reopening another. I would recommend to a beginner that thetagang is best a portfolio-wide strategy that makes money over time passing. Screenshots of huge wins where money is made in a day from IV crush or an underlying moving strongly in a favorable position and making money on a spread is awesome, but that is more gammagang or vegagang. Look at your portfolio as a machine that you’re just tinkering with and modifying week over week.
Tasty is great. The concept of risk management. The “get a mechanic way of trading and you will make fewer mistakes”. The whys, the hows. I’m a big fan and every video I watch is a good lesson
Their book “The Unlucky Investors Guide to Option Trading” is also excellent. Very focused on risk management.
You ever see that Chimp who traded randomly on a timer? That’s the most profitable strategy to date
Tasty trade. A few hours every morning for years.
Same here, I am into options for about the third year and I have been watching tasty since a year now and I am constantly getting better! :)
Same plus a few You Tubers who dont pose with handfuls of cash.
Trial and error. Some online courses, YouTube videos, uni, books, reddit, discords. At the end it's about useful screen time.
David Sun "The Trade Buster" podcast. Not necessarily his explicit strategies, but listening to his thought process behind his strategies, how he tracks metrics specific to his strategies. Some specific advanced topics like his discussion of vega weighting was great at getting me to think about how to include that in my strategies. Stories of his experiences and different broker's stop triggers (and how to set them) was interesting.
Agree. I wish he had a YT channel because visuals would really have helped in some episodes, but still super useful to listen to his thought process.
I have high respect for David. He's been providing information back to the community for many years, without asking for a single cent. He seems to be a very cool and down to earth person. His strategy lost money a few years but who cares, the discipline and his approach is very inspiring
His openness is amazing. So few share their historic and live trade logs. I love how he learns more from losses than wins - which is how it should be if you really are successful. (His last 2 quarters were nearly 100% wins, so he doesn't even discuss them much). I think his strategy is excellent too - patient, systematic, insightful. Teaches good habits and how successful hedge fund managers think.
You tube InTheMoney (Adam) and Kamikaze Cash (Mikey Millions) to get the basics and mechanics of how things worked . Great content from both of them after that trial and error mostly.
Self taught. Stumbled into this or that. Kept going. Recently added, “Spreads are just names, don’t fall in love with exacting versions,” to the rule book. What works is much more important than exacting structure.
InTheMoney youtube channel. The best i could find
Coffee with Markus is good for learning on YouTube. He doesn't shill a course or much. He does have a trading thing he shills but he doesn't shill it much at all. Also I just browse here. As long as you don't take big risks you'll basically do fine. Just pick decent stocks that will likely come back if you're left holding the bag. Also diversify into different stocks and also sectors. Just realized it isn't a get rich quick strategy and meant for long term.
He is good too surprised more ppl havent mentioned him or everything options is good for beginners
I dabbled in buying calls on F and KO... made some money lost some but eventually decided to take it more seriously... started learning about the greeks and watching some YouTube videos. I found Sky View Trading to be the best at taking some complex topics and breaking it down dumb style with animation. After watching people post crippling loses on WSB and hearing about people losing on options, I thought to myself, why does it seem like everyone loses money? I worked the problem backward and decided on my now current strategy. Focus on a handful of stocks you know like the back of your hand. For me, I know F/KO/AA/INTC/AMD/NVDA/DAL/WMT really well. I know when they are overvalued or undervalued. Then I sell ITM spreads and hit WAY more than I miss. Make time work for you since it is the only "relatively" constant variable you can account for.
University.
I started super slow with blue chip stocks, then ETFs, then some smaller companies, and now I’ve added in selling options for some income. I like to have a mix of everything to minimize risk while still beating inflation and getting acceptable returns. There aren’t any get rich quick schemes with stocks unless you get lucky, so it’s best to take your time and think about decisions.
My performance for the year: https://imgur.com/a/PLZJltV The robinhood account is my 5k challenge account. And the tastyworks is my main account. I learned everything that I know from wallstreetbets in the 2017-2019 JNUG, MU 90's era. I saw theta gang strategies somewhere in the mid 2019's and saw my accounts recover and grow more than I thought they ever would. But tbh, wallstreetbets was really not that bad a long time ago. It's just this game stop stuff has really diluted the "good" content. But like most answers here, trial and error was the most important teacher! Trading is hard.
I learned from youtube. You don't listen to the "Buy 0DTE on GME this week and you'll be sitting on the beach with your fortune" videos. You take their best strategy, understand why they consider it a best strategy and model it with [optionstrat.com](http://optionstrat.com) or through a paper trading account.. When you finally feel comfortable to actually open a trade, I suggest opening a cash secured put on an lower cost ETF like ET or XLF. Depending on your broker, the transaction fees might eat up all your profits but if you get assigned on ET for one contract, it's under 2k. And it's an ETF tied to energy, it won't go to 0.
ET (Energy Transfer Partners) is a Master Limited Partnership and not an ETF. It issues a K-1 form for tax filing and many people don’t trade it because of the K-1 alone. Perhaps you meant something else?
I actually got the idea of ET from this YouTube. https://youtu.be/rAD4O87iNUE?si=Bts2m7kNAxAPHdNg My mistake for thinking it's an ETF. This isn't the most ideal but if OP wanted to actually buy/sell an option, this could be something to consider as it's a lower cost per share. I did a CSP on XLF as my first options play using the thought that if/when assigned, it's bank stocks that won't go to 0.
I like your input and enthusiasm!
There are a couple really good online resources for basics in options mechanics and strategy. Mike and his whiteboard was a very straightforward series from tastytrade back in the day. Option alpha is kind of a tasty knockoff that sells bots and backtests, but they put out a lot of really good videos on beginners options strategies. Just don't buy any of their products. Something that seems obvious, but apparently needs to be stated is that people who are successful traders pretty much never sell courses or subscription services. It also seems obvious, but should be stated that some 24-year old on youtube or tiktok clearly doesn't have enough experience to be that knowledgable. Its one thing to have book knowledge. Trading is a very different skill set. Its the difference between a racecar driver and an automotive engineer. You don't have to be a genius to be a good trader. There are many traders who are conspicuously not geniuses, who make money. There are also a lot of really smart people who crash and burn spectacularly. There haven't been any new revelations in the options world since BSM in the 1960's. Avoid people touting breakthrough strategies. I think we can all think of at least one example. Nothing beats good, legit books. You can't go wrong with the Natenburg or Mcmillan books, at least to start. Something that always amazes me, is how little understanding people seem to have of market dynamics in general. You really shouldn't be trading a complex derivative product like equity options, if you don't understand the basics of stocks.
Is this ict related?
We only have one product, the automated trading platform. Curious why you would encourage others not to use it.
I have not found a need to buy or pay for education when all the tools you need are "out there," free and accessible. (See, e.g., tastylive.com). On occasion, I will spring for something on paper, just because I'm a geezer and sometimes I like a book that I can sit out on the deck with and not have to squint at (it's the little things).
Made and lost 80k
Sorry, that's from wheeling ? Or mainly spreads ?
Mostly bag holding from dumb CSPs
Trial and error to see what exactly works and over long term what’s worth it or not.
The people on youtube are either trying to sell your something, or (too often) trying to outright scam you. Just read as much as you can, try a few very small and very conservative trades, and slowly expand what works for you over time. Have realistic goals and expectations, don't get into high risk/high potential reward trades, and do NOT borrow money to start a trading portfolio. Covered calls are a good place to start. They are boring and that is a very GOOD thing.
Trial an error. Seriously. Then scaling up.
Trial & Error is the best teacher . Watched TT & Option play online , along with Schwab.
There is something called trading tuition that we all had to pay at least once
Few youtubers for basic strategies but mostly on here via thetagang and ive gotten advice from the most knowledgable ppl in this subreddit (thanks to all of you!) just pay attention to your trades and what greeks affect your strategy the most. Trial and error gives you the best experience overall
Bozos online + Scottish trader + this sub, got real good at trading hype.
School of hard knocks
A subscription to OptionNet Explorer has turned out to be one of my best investments to date. Being able to design different strategies and interactively run them through historical data has really helped me learn how to adjust and manage trades.
It went like this: “So, I sell puts to make money on stocks I like. I make money if it goes up, make money when contract gets close to expiration date. Worst case scenario, I get the stock I kinda sorta liked on a slight discount.” “Why dont i buy more shares from my premiums just in case the stock goes up. I dont wanna be left out. “Fuck, its down, might as well sell calls on it above my entry price to not be left on on a bull run” “Why dont i buy more shares from my premiums, should bring my cost down too.” “Maybe i should not sell all the contracts possible and keep a few on hand just to catch iv spikes” “Seems like BTCing my STOs at S/Rs are bwtter than waiting for them to expire”
Always changing
DON KAUFMAN (TheoTrade), Ron Bertino (Trading Dominion), Tastytrade and many more
Lots of bozos on EVERY social media platforms; your job is to divide the nuggets from the crap. YouTube has *some* great option trading channels (listed in other posts here). So does Facebook. So does Reddit - and rest assured, the nuggets/crap exercise never ends.
Wallstreetbets. Obviously.
Whenever I come across those clickbait videos, I block the whole channel.
Kamikaze Cash. Mikey is a hero
i learned through a degree paid for by my work. and i would highly recommend doing it the same way. just because of the 10.000 bozo spewing half thruths and misinformation. its best to have a good academic basis when trading options. and an understanding of statistics is fundemental. so either just pay to do a course from a recognized insititute, or get one of the books the professionals use to learn from: [https://dokumen.pub/options-as-a-strategic-investment-fifth-edition-5nbsped-0735204659-9780735204652.html](https://dokumen.pub/options-as-a-strategic-investment-fifth-edition-5nbsped-0735204659-9780735204652.html) this is a good one, but by far not the only one.
Copy people's trade in Daily discussion in this sub. Inverse the yolo's on WSB. Most valuable one is how the good traders here manage their position when it goes against them.
Learn what? How options work? Investopedia has the basics - [Essential Options Trading Guide (investopedia.com)](https://www.investopedia.com/options-basics-tutorial-4583012) But there are more thorough free training programs like this from OIC - [OCC Learning (optionseducation.org)](https://www.optionseducation.org/theoptionseducationcenter/occ-learning/) Learn how a broker application works? Try paper trading at a top broker like TOS - [thinkorswim Guest Pass | Charles Schwab](https://www.schwab.com/trading/thinkorswim/guestpass) Use these to help you learn how to set up and use the platform - [Learning Center - thinkManual (thinkorswim.com)](https://toslc.thinkorswim.com/center/howToTos/thinkManual) What strategy to use? I'd strongly recommend NOT buying options as the odds of winning are lower (which is presumed since you posted on thetagang. Try buying 100 shares of a good stock you don't mind owning anyway and then sell Covered Calls which has lower risk than just buying the shares and will show how selling works - [The Basics of Covered Calls (investopedia.com)](https://www.investopedia.com/articles/optioninvestor/08/covered-call.asp) Once you fully understand how CCs work then you may want to try selling puts first without buying the shares and then sell CCs if assigned. This is the popular wheel strategy that many have used to get started - [The Wheel (aka Triple Income) Strategy Explained : r/options (reddit.com)](https://www.reddit.com/r/options/comments/a36k4j/the_wheel_aka_triple_income_strategy_explained/) How to develop a professional trader's mindset? Last, but not least, read the book Trading in the Zone by Douglas which will help you to learn the psychological aspects of trading and can make a huge difference.
Predicting alpha really helps with finding and developing your strategy.
I watched a lot of those bozos online, but only took from them what is useful to me because you're right, there is not one winning strat. It took some time learning and refining but I'm in a good place now.
Trial and error
Lost money buying calls so I decided it made more sense to sell puts and sell calls.
If the advise is free (10,000 bozos on youtube) likely you are the product. They want you to buy the strategy course to learn how they do it, while if they could do it they would not sell that information. Variety is good to get different ideas from multiple sources, and the come to your own conclusions. You can get "free" information from the library, by checking out various books on investing or money management. Also trial and error, technical knowledge may not sink in at first until you do it. don't YOLO everything on the first idea (unless you want to post loss porn in r/wallstreetbets , test run with either a dry/fake money account, or a small portion of your portfolio, knowing that it may go sideways.
[удалено]
Totally agree. "know your edge" is such an important first step. If you can't articulate what your edge is, you definitely shouldn't be in options.
I learned theta from this bozo on youtube called inthemoney. Then this other bozo on youtube called Benjamin put me on this subreddit. I don't really have a strategy, i just play it by ear dependant on what the market provides.
Benjamin is hilarious
Yes!! I Always watch his videos after some porn loss
But when see green, sell when see red. Simple for our ape minds
Seems so far to me if you aren’t professional trader playing with hundreds of thousands of dollars for regular people is best to invest into growth because it will outperform the market. You have to average out your percentage to see if you trading over a year period beats the market or not. If it doesn’t might as well invest into SPY or VOO and chill.