Options for Rookies Premium

Options for Rookie's is a place to learn about options, ask questions, suggest topics for discussion, and most of all, a blog where we can exchange ideas and dialog about options.   The best part for me comes from intracting with readers who take the time to post comments or questions.

The focus is, and will remain: options education for individual investors. This blog will continue to be published in its current format.

Announcing:I plan to launch a new website: Options for Rookies Premium.  Launch date (tentative): March 1, 2011.

 

Options for Rookies Premium: Brief Description (more details at a later date)

Options for Rookies Premium is a membership site that serves a different audience.  It offers more traditional options education in a classroom setting.

Free sample I intend to offer free membership to everyone for two weeks. I hope that will be in mid to late February.  Once that two-week period ends, the site will be launched officially, and available only to paid members. 

What do you get for becoming a member?

* Live Question & Answer Session: One hour, 3 times per month. In a virtual meeting, members ask questions and receive immediate replies.

* Live seminars: Once again, a virtual meeting at which I'll choose one topic for a lengthy discussion.  Estimate: 30+ minutes.  These are spontaneous discussions, with no advanced preparation.  I'll take a topic from suggestions of those who attend. These sessions will be recorded. 3 times per month.

* Follow a live trade via blog posts.  We'll follow a trade from entry to exit, including all risk management decisions.  I'll be counting on members to suggest trades (no trade ideas now, please).  These are learning experiences and not intended to be money-making trade recommendations.

* Video posts when appropriate

* Discounts on almost everything: yearly membership, e-books, private consultation, courses.

* Webinar: An occasional pre-recorded webinar on a relevant topic.  Topic requests accepted. Frequency unknown.

* Written Questions and answers: I'll answer questions as I do on this blog.  The difference is that those questions should focus on topics covered on the Premium site.

I hope to offer more as time passes.

Guarantee: Unconditional, no questions asked refund of the month's fee – before paying for the next month.  If you pay for the next month, it's reasonable to assume you were satisfied with the current month's content. Limit: Once per person.

Membership cost: Undecided, but it will be reasonable.

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Courses: Extra cost

I'll be teaching courses for option rookies.  There will be basic beginner classes, as well as classes for traders with some experience.  I will leave more advanced education to other instructors and mentors.  As regular readers of Options for Rookies already know, the importance of risk management will be a major component of any trade discussions.

Non-members may take courses at the full rate.  Members pay 1/3 less.  Unconditional money-back guarantee: If you are not satisfied after the first session, just let me know and the refund is yours.

Your input

That's the plan and it's subject to improvement. The main purpose of today's post is to seek your input.  Please let me know your thoughts. Suggestions and comments requested.

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29 Responses to Options for Rookies Premium

  1. Stevenplace 12/16/2010 at 8:51 AM #

    Small world– just realized your “Create Your Own Hedge Fund” was the 2nd options book I read. Thx for the inspiration!

  2. Mark Wolfinger 12/16/2010 at 9:47 AM #

    Steven,
    Indeed it is.
    That book seems so outdated now.
    Regards

  3. drmark.draper@gmail.com 12/16/2010 at 10:10 AM #

    I’m looking forward to reading “Options for Rookies.” Right now, I’m slogging my way through Jeff Augen’s book on trading options at expiration.
    Mark, you said it was a good book for the “right trader.” Who is that right trader?
    md

  4. Mark Wolfinger 12/16/2010 at 10:20 AM #

    Dr. Mark,
    In my opinion it’s someone who want ‘action’ and can handle the emotional ups and downs that comes with that.
    These trades have a very nice profit potential – and the gratification is almost immediate. However, option owners face very rapid time decay and sellers face very high negative gamma. That can lead to quick gains and losses.
    Traders who have the ability to trade well under highly stressful considerations have a better chance to succeed with expiration trades than those who either panic easily or get too greedy. That’s true for all trading, but expiration trading multiplies the effects of theta/gamma.
    Of course Augen’s methods involve more, but in my opinion, the trader must be emotionally able to handle extra stress.
    I hope it works for you.

  5. sandeep 12/16/2010 at 10:25 AM #

    It sounds like it will be a valuable resource for a beginning options trader – I am presuming that is who the target audience is.

  6. Dave 12/16/2010 at 10:36 AM #

    I think it’s a winner Mark. Your book was great, the blog’s always been a good read… Recently I envisioned you waiving the keys-to-the-kingdom on a few of these posts. Maybe this is why. 🙂 Good idea.

  7. Mark Wolfinger 12/16/2010 at 10:37 AM #

    Yes. The beginner and those with trading experience but who feel as if they have a lot more to learn.

  8. Bruce 12/16/2010 at 11:41 AM #

    I may try Jeff’s book. I just hope it’s practical. His new (2010) book “Day Trading Options” was a real bear, no value whatsoever to me. Way over my head — and I consider myself a fairly knowledgable options seller.

  9. Bruce 12/16/2010 at 11:47 AM #

    Mark, I have only been reading your blog for about a week now. As high quality and focused as it is, I can’t wait to see Options for Rookies Premium! I am new at trading iron condors and I can’t believe how perfect your site is for my taste.
    To what extent will Options for Rookies Premium focus on Iron Condors and/or option selling (for income) in general?

  10. Mark Wolfinger 12/16/2010 at 12:53 PM #

    Bruce,
    I don’t recall just how practical it is.
    It’s very practical if you like his suggestions and believe you can use them to make money.
    It’s totally unrealistic if you don’t want to participate in the style of trading suggested.
    Regards

  11. Mark Wolfinger 12/16/2010 at 1:15 PM #

    Bruce,
    Thank you. It’s nice to have you aboard.
    The Premium site will not focus on a specific strategy – at least the courses will be more general.
    Income generating strategies is always going to be near and dear to me – but I hope to write and talk about whatever the members want to hear/read.
    However: When I Follow The Trade, I do anticipate that most of the trade suggestions submitted by members will be iron condors.
    Also the live Q/A sessions and live seminars can go in any direction, but I do write a lot about Iron condors and suspect there will be a much discussion on that strategy
    I will offer an iron condor class if there is enough interest.

  12. sandeep 12/16/2010 at 2:01 PM #

    Thanks Mark,
    I will definitely give your thoughts serious consideration about the calendar spread (Under the topic “Debate: Trading Iron Condors is a Death Wish” for anyone who wishes to read it). Part of the reason I put the trade on was because I wanted a trade that could benefit from increased volatility in the future, so an out of the money calendar seemed like a reasonable choice at the time. Your point is well taken though, a simple call spread would have done nicely.

  13. sandeep 12/16/2010 at 3:00 PM #

    Hi Mark,
    I had already “diagonalized” my calendar before I saw your remarks, but I have been thinking about what you said and the trade I currently have. I could exit my position with a profit now, but in thinking about it I still like my position.
    I view calendars/diagonals and debit spreads as somewhat similar in that I am buying a call (or put) and subsidizing it by selling a call. The big advantage of the calendar vs the debit spread to me is the positive theta with the calendar vs. the negative theta with the debit spread. As you pointed out the wide calendar has a lot more vega, but I like that in this environment also.
    That being said, I have just gone ahead and bought a call spread in the same entity – I’m comfortable owning and trading both positions and it should be interesting to see how they perform.
    Regards,
    s

  14. Pat 12/16/2010 at 3:36 PM #

    Mark, I would pay for a premium subscription if it follows your condor trades, something that had been mentioned as a possibility in the past. Pat

  15. Mark Wolfinger 12/16/2010 at 4:38 PM #

    I plan to follow some trades. I had not planned on following my trades. Perhaps I can do one of mine and one that someone else suggests.
    Thanks for the request

  16. Mark Wolfinger 12/16/2010 at 4:52 PM #

    Dave,
    You have me stumped. That’s an idiom with which I am unfamiliar.
    Thanks for the great support.

  17. Mark Wolfinger 12/16/2010 at 4:56 PM #

    sandeep,
    If you had two goals in mind: a bullish position and long vega, then that makes a difference.
    I still like the idea of the simple vertical spread for the bullish part.
    I would have suggested a diagonal (OTM) put spread as a bullish, positive vega spread. With strikes not too far apart. There are alternatives. But those 6-month spreads come with other problems.
    Regards

  18. Mark Wolfinger 12/16/2010 at 4:59 PM #

    s,
    If you liked he original trade, you should like what you have now.
    It’s similar. The difference is that you now own a lower stuck call that the short. You could go back to owning a 4- or 5-month calendar by rolling your long call down as many strikes as necessary to own the same strike as the short.
    That removes even more cash from the position and leaves you with an OTM call spread once again. But this time, you have removed cash from two different trades. That has to be good. It also affords some protection against a reversal.
    Good trading

  19. Bob 12/16/2010 at 7:59 PM #

    Mark,
    O.F.R. Premium sounds great. My comment is that I hope all you offer and the webinars etc. can be archived for access later in the day/evening. That whole “day job” thing you know. Thanks.
    Bob

  20. Mark Wolfinger 12/16/2010 at 8:27 PM #

    Bob,
    All live events will be recorded for viewing any time.
    I’ll also record classes so that those who take the courses can review them at any time.
    It’s good to have a day job.
    Regards.

  21. Mark Sebastian 12/16/2010 at 10:46 PM #

    Mark,
    This is such a great idea. Its about time the rookie trader’s had someone like you in their corner! I will certainly send those I see as too green right here to the best resource for new traders on the web. Congrats!
    -Mark

  22. Jesse 12/17/2010 at 2:19 AM #

    Hi Mark,
    As a non-US trader who trades only Hong Kong’s stock option market, pls let me know which course(s) should be most suitable for me.
    Thanks.

  23. Mark Wolfinger 12/17/2010 at 8:50 AM #

    Mark,
    Many thanks. Much appreciated.

  24. Mark Wolfinger 12/17/2010 at 8:53 AM #

    Hello Jesse,
    Will do. Have not yet decided on curricula because it’s too soon.
    Regards

  25. slait73 12/17/2010 at 4:08 PM #

    Mark, waiting for premium, great idea;
    I think should be really interesting to follow real trades and see live adjustements.

  26. Mark Wolfinger 12/17/2010 at 7:41 PM #

    Hi Slait,
    Sometimes it’s pretty boring. There won’t be trades every day. But we will have to wait and see how the trades turn out.
    Thanks

  27. Brendan 12/18/2010 at 7:43 PM #

    Looking forward to signing up this winter. Thank you, Mark.
    Respectfully,
    Brendan

  28. davmp 12/20/2010 at 8:16 AM #

    Out of curiosity, if we’re following one of your own trades, would you be able to writeup a quick sentence or two each time (at most once per day) you re-evaluate the position to describe why you decided to hold it, make an adjustment, or close? I understand most of the time, it would be ‘underlying moved X, still Y% away from shorts, reward still worth risk, holding position’ or some such. But still, I think alot of us would be extremely interested.

  29. Mark Wolfinger 12/20/2010 at 11:34 AM #

    Hi davmp,
    Yes. When writing Follow that Trade, I hope to make it as realistic as possible.
    More tomorrow as a full post