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Mentor/Mentee

I often find a list of trade suggestions and top-10 lists as I peruse various blogs on the World Wide Web. Most of these lists are written for the day trader and are not appropriate for us, as option traders who hold positions. Nevertheless, we can often find a nugget or two in any list. One such idea is the suggestion of using a mentor: For example

Find a mentor – It’s never been easier to find a mentor, even if it is a virtual one. I can’t emphasize how crucial this is because being able to interact with a seasoned trader on a regular basis will shorten your learning curve like nothing else. And don’t be averse to using a paid mentor via a trading service. The $50-$100 bucks a month you will pay may save you thousands.

NOTE: Most mentors whom I know charge much higher fees than quoted above. However, the cost is not the issue. Getting the most out of any mentoring relationship requires a special effort of everyone’s part.

I consider your membership in Options for Rookies to be primarily a program where lour relationship is teacher/student. However, if you play an active role as a member, we can develop a true mentoring relationship. That increases my workload, but my objective is to help each member become a more successful trader. If you seek that extra guidance, I will do my best to provide it.

I want each of you to be aware that as part of your membership fee, you can receive personal attention.

    The forum is designed for sharing experiences or raising questions that you believe are of interest to most traders.

    If your want to discuss a specific topic that relates to a lesson or blog post, then that blog post is the appropriate place to leave a comment or ask a question. If you have an issue that is too personal to share, then use e-mail.

    If there is a personal situation that you do not want to share, then use e-mail.

    Ask questions about your trades – real trades, virtual trades, or just something you are considering.

    Request that I offer my thoughts behind making a specific trade decision: a new trade, an adjustment, or an exit decision. I believe this offers an experience that is almost impossible for most newer traders to find. It is not that my thoughts are going to lead you to the promised land. However, when you understand some of the items that an experienced trader considers/rejects, it may help you discover ideas much sooner than when you do the step-by-step discovery alone.

    You never know when a specific detail may click with you may make a significant difference in your learning curve and performance. Some innocent comment may lead you to consider some aspect of trading that you had not previously thought about. And it is just as possible that a question of yours may alert me to something new that is worth a detailed examination.

    Members may request instructions on how to adopt a specific strategy – one that you are interested in learning.

    Take the video course, even if you are not a beginner. It is sure to include tidbits and hints.

    Pay specific attention to philosophical discussions. It is important to develop an general ‘way of thinking’ that makes trading more efficient and profitable. Even when your philosophy does not align with mine, the fact that you can adopt a consistent philosophy about trading is to your benefit.

    For example, I believe that when you have a profit on an any open position, it is your money. You earned that money and it belongs to you. Respect it and protect it. Other traders believe it is ‘house money’ and that extra risk can be taken because it is someone else’s money. Do not fall into that trap.

Options for Rookies is different.

I don’t have an agenda, other than to help each member learn to use options efficiently.

I always stress the importance of risk management from the very beginning of your trading career. It may be difficult for the novice to believe, but when trading anything (stocks, options, commodities, forex, etc), the essential factor that determines your long-term success is your ability to avoid losing too much money. The only way to accomplish that task is never to have more money at risk that you can afford to lose. It sounds simple and logical, but it is easy to forget when trading a position with a high probability of success. As traders, we must be prepared to survive those unlikely events.

We each have a comfort zone. When we discover that zone and reside within it, our trading is less stressful, Eventually, when we want to become far better – even expert – traders, that’s the time to expand our comfort zones. But as rookies, or traders with limited experience, we want to become consistently profitable before even thinking about trying to earn more money. Overconfidence can kill a budding trading career.

However, the major advantage of working with me at Options for Rookies is that I am available to you. The cost is low, the quality is high and I care. I want you to understand what you are doing. I never talk down to members. I remember what it was like to be a new options trader. It’s an exciting time – and if you are looking for guidance, give us a try. Thirty-day unconditional money-back guarantee.

Good trading.

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Profitability Expectations for Option Traders

I have a post from Options for Rookies Premium to share.

It’s an important topic for almost all option traders – especially those who are, or recently were, Rookies.

How much can you expect to earn as an options trader?

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Why pay when you can get it free?

Judging by the ongoing comments of readers, I know that you appreciate the efforts that go into maintaining this Options for Rookies Blog. That the content is free makes it even better. It’s reasonable to ask why I would expect anyone to subscribe to Options for Rookies Premium.

When I answer a question isn’t the answer the same, regardless of where the question originates? They are not the same. Because the questions come from Members, I pay extra attention to providing a reply that is more focused on education. For the newer options trader, that’s a big plus.

For $37, Members receive a full month’s content. And the best part for you – is that the first month’s membership fee is fully refundable if you are not completely satisfied. All I ask is that you request that refund within 30 days.

  • Live meetings – available on video if you cannot attend
    • Answers to questions
    • Sometimes a short prepared talk gets the meeting started
    • Discussion of specific trades. These can be your trades, if you want to share them
    • Conversations are similar to that on a forum, except that the conversation is live
    • Four meetings per month, minimum
    • Separate sessions for newbie traders, as needed
  • Blog posts on various topics. Not every day
  • Regular forum for discussion. Members only
  • Occasional webinars
  • Occasional lessons – via video – as part of an options education

The bottom line is that for a few dollars per hour, Gold Members get a chance to interact with me. My best skills are helping newer traders understand the concepts of using options and replying to questions so that you get a better understanding of some of the subtleties of options trading. If you are already a very experienced trader, I cannot help you become an expert trader. That’s the job of a mentor or coach.

Members work in groups. This is not one on one mentoring, but it does not cost thousands of dollars per year. Options for Rookies Premium is not for everyone, but if you want guidance, if you want to participate in group discussions or talk about specific trades you get useful feedback.

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Special Promotion: Free Copy of Rookies Guide to Options

Launch date is rapidly approaching and I want to make it as attractive as possible for you to join as a Gold Member

Here’s the deal of the week: Good through Friday, March 18, 2011

Join as a Gold Member this week and I’ll give you one free copy of full e-book version of The Rookies Guide to Options

I buy the book from the publisher, and they send information on how to download your copy.

Free to you, when you enroll as a Gold Member at Options for Rookies Premium.

To learn about a few of the benefits of membership, visit the pages that describe:

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Options for Rookies Premium

I’m working long hours to maintain this blog and prepare the new Membership Site for launch. The premium site will be ready to go full tilt as of April 1, 2011.

For now, the basic setup is in place. Additional information will be added and updates will be made. However, the descriptive material has been written and visitors can sign up, become free Bronze Members, and take a tour.

Logo

Coming April 1, 2011. Options for Rookies Premium

Incentive to join at the Gold Membership level ($37/month) now

I am offering a one-day promotion.

March 7, 2011 ONLY

The first 24 people who become Gold Members receive this guarantee: They will never incur a price increase, with these two conditions

  • They continue to remain a member
  • I (or someone else) continues to operate Options for Rookies Premium

To learn more visit the Join as a Gold Member page.

Become a Gold Member

No disappointments: To be certain that no one buys a membership, only to learn that the first 24 have already been sold, I will accept no more than 24 members on Monday, March 7, 2011.

If your credit card is declined, assume it is because the 24 slots have already been sold.

Memberships will become available again, using a different promotion.

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