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Options for Rookies Premium. Planned Content

Premium Content

This page is where the premium content begins. Below is a description of current plans: 

The idea behind the premium site is that it allows members to have greater access to an experienced trader and teacher who can offer answers to your questions and provide more personalized service.  Please understand that this does not include telephone calls or hours of e-mail questions.

I'll be available for live sessions, answer questions, follow trades in detail, offer courses and write blog posts.  The blogging emphasis is on 'follow that trade' posts.

Blog Posts

1) The primary posts will involve 'Follow That Trade' in which I initiate a trade (Members: please suggest trades at the appropriate time).  Then we follow the position – as often as necessary – with detailed analysis.  If I consider and reject an adjustment; when I make an adjustment; when I exit or plan an exit – each of those items gets described in a post. 

A trade plan with updates as needed – for each new trade.

In short, my decision-making process.  Questions and comments from members are encouraged.  Criticize, offer alternatives etc.

These trades are intended to be a learning experience, and are not trades specifically made to earn a profit.  I must repeat that the trades may not be as carefully chosen as one would when planning to earn money from the trade.  Some trades will be from my own portfolio (which will be disclosed when that happens), some will be in a paper-trading account, and some will be real trades from Members.

The plan is to follow 2-3 trades simultaneously, posting as needed.  If feasible, I'll follow a 4th trade.  But it's very important not to be swamped with too much diversification. If the market gets volatile, it's impossible to manage several trades (and write about each in detail) simultaneously.

2) Other posts on a variety of topics, just as I do here, at Options for Rookies.  But those posts will not be made available outside the Premium site.

Live Sessions

1) Question and answer sessions.  To begin, it's twice per month, one hour each. I'll offer more sessions if there is sufficient demand.

Sessions recorded for members who cannot attend.

Objective: For members to have access to ask questions, get immediate replies and have an opportunity to ask follow-up questions.  We will have to find the right format to allow the questioner to get a good reply plus allow time for as many people to speak as possible.

If questions cover too wide of a knowledge range, then I will offer beginner sessions and 'beyond beginner' sessions.  The idea is to find the right arrangement so that members get to ask their questions. 

I will always reply to written questions.  Members will be pleased with written replies, but the immediacy of live answers is lost.

 

2) Seminars.  These are very similar to the Q and A sessions.  The difference is that this time, I'll take a question or topic from someone in the 'room' and try to talk about that for about 30 minutes.  Audience participation and questions always welcome.

Sessions recorded for members.

 

3) Webinars.  No specific schedule.  I do not expect these to occur frequently.  These are prepared in advance and require a lot of time.  I'd prefer to devote that time to live sessions with members.

 

Discounts

Everything from Expiring Monthly, to my e-books and private consultation is offered at a discount. 

Non-members pay 50% higher tuition for courses.

 

Courses: Additional fee required

Some courses may be offered live, but most will be pre-recorded.

I hope to have one or two courses ready by the planned launch of March 1.

Shortest course will be a single 2-hour class.

Longest course: I'd guess it to be 10 to 12 sessions of about one hour each.

The only significant difference between a live and prerecorded class is the ability to receive immediate replies to questions and the possibility of adding a follow-up question

Each course has it's own question/comments page and I'll answer such questions as quickly as possible

You may take the lessons at your own convenience. If you prefer, you may repeat any class before moving on.  

As long as you remain a member, you may re-take each class as often as you want to do so.

If your membership lapses, so does your access to the recorded classes.

 

This site is intended to be for rookies, but that covers a wide territory.  Newbies to options are welcome, as is anyone who has been trading for a few years.  If enough more experience traders ask to join, I'll plan content for them as quickly as possible after launch.

I suspect more material will be added per member request, but this is an outline of what I will offer at the beginning. 

This is a different approach.  Most experienced traders who offer access, do so with individual mentoring (and of course that must be more costly).

There will also be a pre-launch special price for the month of March.  It's too soon to talk about those details at this point.

I'm currently working on building the web site/blog.

 

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Following Live Trades

Mark,

Out of curiosity, if we're following one of your own trades at Options for Rookies Premium, 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 a lot of us would be extremely interested.

***

Hi davmp,

When writing Follow that Trade, I hope to make it as realistic as possible.  And I'd want to provide information that is of interest to members.  But consider what you are asking:

'At most once per day.'  On most days I NEVER look at the position.  Not even once.  During some weeks, I never look at the position.  Unless I have a position that is very sensitive to theta (and that's a soon to expire position), I see no need to take the time – unless something has happened to the price of the underlying asset.  Sure, if there is a huge decline in implied volatility, I may take a peek to see if the position is worth closing.

When I own an iron condor and the market doesn't move, why would I want to look at the position?  The answer is that there is no reason, and part of good risk management is knowing how to use investing time effectively.  When a position obviously requires no attention, that is what I give it.

I do not make a decision to hold every day.  Holding is my default decision.  I know when to look at the position to see if things are still okay with the trade.  I know that dull markets and positions that gain by collecing theta can be very dull to follow.  The compensation for that is the huge probability of making money on the trade.

More exciting markets make for more interesting opportunities to make adjustments and use those as educational opportunities for readers.  On the other hand, they are often – but not always – money losing situations.  Thus, I'd welcome those with very mixed feelings.

davmp – there are alternatives.  I may initiate a (paper) trade that is far from neutral – a trade that will likely require an adjustment soon.  That's good for educational purposes, but wrong from the persepective of attempting to manage a winning trade.  Thus, I have decisions to make, and that's why reader input is important. 

Consider an adjustment

When I look at the position and believe there is some reason to consider an adjustment, I'll write about that – even when I don't make the adjustment.  And it cannot be only a sentence or two because there is nothing valuable I can pass on in that type of post.  If you see nothing, assume there is nothing to report.

davmp – who would want to see this day after day: "nothing done"?  That would be a major turn off and not at all helpful.

I am hoping that no one will actually enter into the trades I make – for reasons I've stated before, but will offer timely comments when the comment is useful.

davmp: I want to provide information that interests you.  But try to look at this from my perspective:  I would never take the time to calculate: how much the underlying moved, how far it is OTM in either percentages or standard deviations, or comment on whether the reward was worth the risk. [You may assume it is, or else I would be out of the trade].  I don't do that now and I want this to be a realistic experience.

The trades I make and follow on OFRP (and Members will be encouraged to submit trades) are not to be actively traded.  It is necessary to be aware of what the market is doing, but if the underlying moves 0.1%, I do not bother to look at the position.  I want FTT to be realistic, so I will not look at positions for the sole reason of being able to issue a report. 

Follow the Trade is real life.  It requires patience until action is needed – or at least considered.  That's why I hope to follow more than one trade at one time.  That will eventually present a real problem when the market gets volatile (and that is the reason why I trade only one underlying asset) and there are several positions at risk simultaneously

I try to never turn down a request, but what you ask is not possible.  It's not in the best interests of readers. 

858

December 2010 issue of Expiring Monthly was published yesterday.

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