I'm out of the market now.

[Leaira]

I was skeptical at first.  But I have been taking the free online classes and talking in the Better Trades chat room (also free) to many other students, and most of them are making good money.  I'm impressed by the people I talk to that started this past winter after not knowing anything at all about the stock market, and they doubled or tripled their money since then.

Leaira

[rurouni]

Hi Leira,

I just want to wish you all the best with Option trading.  Thanks for pointing out the site.  I will check out option trading as you recommended.

BTW, can you tell me your experience level in trading stocks?  I am a newbie in stock so jumping into option trading without knowing anything about it is quite a change.  What is your advise?

Thanks in advance,

R.

[catrader]

check out profitstrategies.com for option articles, strategies, etc., which might be based on www.optionetics.com since Tom Gentile started there I think.  If you sign up for newsletter which is free at profistrategies, then they'll send you free passes to their AIM workshop.(well at least they did to me.)   I will be checking it out next week in Irvine, CA.

[rurouni]

check out profitstrategies.com for option articles, strategies, etc., which might be based on www.optionetics.com since Tom Gentile started there I think.  If you sign up for newsletter which is free at profistrategies, then they'll send you free passes to their AIM workshop.(well at least they did to me.)   I will be checking it out next week in Irvine, CA.

Thx for the info Cat

[Leaira]

BTW, can you tell me your experience level in trading stocks? I am a newbie in stock so jumping into option trading without knowing anything about it is quite a change. What is your advise?

R.

I've only been trading for about a year now.  I have very limited experience.  I have a strategy that works OK in a bull market, but terrible in a bear market.  If you're new to trading, you must paper-trade before using real money.  That will let you see where you went wrong and correct your mistakes for next time without putting any money at risk.  I'm definitely not the right person to ask for advice about trading!  But I'll try my best to answer. 

Good luck!
Leaira

[vic666]

If you're new to trading, you must paper-trade before using real money. That will let you see where you went wrong and correct your mistakes for next time without putting any money at risk.

Leaira

Leaira,

First up, congratulations to you on winning the recent stock contest edition 4. I also wish you the best in your "options" endeavors. But don't forget to come back when the market gives some confirmed bullish signals. The Fed does have a lot to do with it so stay tuned to what they r saying.

I beg to differ on the "paper trading" advice you give (and for that matter, that most folsk give to newbies). In strictly my opinion, all paper trading does is to get your feet wet into how to place buy and sell orders, and how to understand the basics of "placing a trade"...but it compeltely leaves you unprepared and surprised at what actually you are faced with when playing with real money..."EMOTION".

To be a successful trader, one has gotta keep his/her emotions in check and paper trading only leaves you thinking you are ready for the real thing, when you are not.

Where paper trading might work better is for investors that buy and hold for the longer term...all they need to do for the most part is place a trade, based on fundamental analysis and wait for the benjamins to fly around. they don;t go through the emotional struggles that a swing or day trader goes through.

The solution then?? start of with very little real money and get your feet wet in the real world, in the real markets....through real trading, not paper-based. in that way, you will understand much better what the "emotion factor" means, and at the same time, you dont risk losing a lotta money. but of course, emotion also has a direct relation to how much you have at stake...trading with $500.00 is not the same as having $10,000.00 at stake, as each of those amounts have a different emotional effect on your mind even when the % loss (or profit) is the same.

I say that because of personal experience. Take it for it's worth to you. Good luck! 

[rurouni]

BTW, can you tell me your experience level in trading stocks? I am a newbie in stock so jumping into option trading without knowing anything about it is quite a change. What is your advise?

R.

I've only been trading for about a year now.  I have very limited experience.  I have a strategy that works OK in a bull market, but terrible in a bear market.  If you're new to trading, you must paper-trade before using real money.  That will let you see where you went wrong and correct your mistakes for next time without putting any money at risk.  I'm definitely not the right person to ask for advice about trading!  But I'll try my best to answer. 

Good luck!
Leaira

Thanks for the advise Leaira but I don't believe in paper trading.  At least not for me because I don't have the discipline for it.  I tend to get careless when I paper trade and also paper trading does not account for the emotional factor of trading like VIC mentioned.  I do get emotional when I am trading (e.g. bailing out too soon) 

[rurouni]

The solution then?? start of with very little real money and get your feet wet in the real world, in the real markets....through real trading, not paper-based. in that way, you will understand much better what the "emotion factor" means, and at the same time, you dont risk losing a lotta money. but of course, emotion also has a direct relation to how much you have at stake...trading with $500.00 is not the same as having $10,000.00 at stake, as each of those amounts have a different emotional effect on your mind even when the % loss (or profit) is the same.

May I also add that another way to keep your emotion in check is by strictly adhering to your stop loss.

I made some trade last year and almost every trade that I made was a loss.  Of course, adhering or even putting a stop loss wasn't even part of my investment plan.

I am still reading and educating myself.  I think I will test the water again soon. 

[Leaira]

I strongly believe in paper trading.  Any good trading mentor or instructor will tell you not to even think of funding any of your trades until you are consistently profitable on paper and you have a good trading plan.  It is a good way to test your trading strategies without putting any money at risk.  In fact, this is what a lot of high school seniors are doing these days in their economics classes.  The teacher gives them assignments where they have to paper trade stocks for a few months and see who does the best.  That's how I got started in the market.

Leaira

[shesha]

Leira:  Please be careful with options,,I have been with Better Trades since they started. they are a great company but like all they make things look too easy.  I have made more money on stocks, ie covered calls then options.  I still play them but with caution.  About your losses on stocks, did you not get out when they were down 7-8%? That is the worst mistake we all make when starting..I know you have the capability..just be careful

[Leaira]

You must be either following Ryan Litchfield or Bob Eldridge.  They trade stocks more than options.  Bob only uses options to repair a stock trade that went against him.  But Markay Latimer and Darlene Nelson trade exclusively options, with Darlene focusing on LEAPS.  Most students that make thousands on single trades do so with options.  It doesn't seem possible with stocks.  Hundreds, yes.. but not thousands.  At least not with the strategies taught, unless you put a lot of money into one trade, which they also discourage.  I personally prefer Markay's trend-trading strategies that she uses on options.  I may also try LEAPS for a little longer-term trades too.

Leaira

[usedcasting]

I must say that I am very leery  about all this!
Have been for a while.
When something is to good to be true it generally is.

Good Luck!

uc.

Wow Leaira, you really seem to have done some homework on Bettertrades, great stuff.
Just thought I would reiterate, be careful.

uc.

[digdug42]

I would be careful with this site. Seems like all of the other trading software sites. http://www.ripoffreport.com/reports/ripoff176565.htm
I found that report too.  It seem likes they are making a lot of money just off of their software.  Don't get too hooked by a sales pitch. Just because they tell you it will work, it doesn't always.