Will There be Live Trades at Options for Rookies?

Normal – options related – blogging returns tomorrow.

Thanks for bearing with me during my dilemma.


Due to numerous requests, I've been considering using Options for Rookies to post, and then follow, a specific, simulated trade.  I will not trade the position in my real account).  This is the plan:

  • Post a trade, with rationale for making the trade
  • Post periodic updates, as needed – if the position remains unchanged
  • Discuss any interesting aspect of the trade.  I anticipate that most of the discussion will involve adjustment or exit decisions
  • Readers comments are an essential part of this exercise – especially when you don't like an action I took (or decided not to take)
    • My recommendations should not be considered as gospel

    • Alternatives should be discussed.  Please fell free to express your thoughts

    • We each have a different comfort zone and that means the same position would be handled differently by other traders

    • If you don't participate in the discussion, it becomes less of a learning experience for rookies



I repeat: The purpose of the exercise is to provide an educational experience for readers.  It is NOT to suggest a profitable trading opportunity for you. 

That's the truth.  Please believe it. I suspect that no matter how often I repeat that sentence, there are those who will make the trade in their own accounts, seeking profits.

No records will be kept of profits and losses.  When the primary objective of a trade is to turn it into a lesson (when feasible), then earning a profit becomes secondary.  I don't plan to lose money on purpose, nor do I intend to take extra risk just because the trades are imaginary.  However, the need to have a winner is not as strong when an important lesson can be taught in lieu of grabbing a quick profit.

The primary purpose of these trading examples is to make it easier for rookies to think about, and understand how certain trading decisions are made.  Or least how I would make them.  If you participate, we all get to see how you would handle specific positions. Feel free to criticize. 

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That's the plan.

However,  I don't have time to add additional features to this blog.  I love writing Options for Rookies and communicating with readers, but have run out of hours in the day – as discussed three days ago.  I requested reader input and received some very welcome suggestions.

The readers who responded to the poll were split evenly.  The question was whether you would be willing to pay a small monthly subscription to have access to an additional blog.  Although 'no' received the most votes, there were two categories of 'yes' votes, plus another that represents an unhappy 'yes." 

The response convinces me that there is more than enough interest to make a premium blog viable.

There are no immediate plans to make changes.  It takes time to get a new blog up and running – especially when no content has been prepared.

Thus, for the moment, there will be no changes at Options for Rookies, and I will do my best to keep up with questions.   

Planning for an additional blog is ongoing.

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6 Responses to Will There be Live Trades at Options for Rookies?

  1. Daniel 02/08/2010 at 11:51 AM #

    Very interesting idea. I just found your blog last week and I’d check in regularly to understand better your rationale. I only buy straight calls and puts at the moment, but would like to understand other strategies better. Thanks for all your effort.

  2. Mark Wolfinger 02/08/2010 at 12:04 PM #

    Buying options is an easy thing to do.
    In my opinion, it’s very difficult to make money doing that.
    Please be careful

  3. Larry 02/08/2010 at 3:54 PM #

    Sounds like a good plan Mark. Look forward to following the live trade discussion.
    FYI, got your book Options for Rookies and read it over the weekend. I really appreciate your style; i.e. provide the information and let people decide the risks they want to take. Pleasant difference from the people who push one idea as the ONLY way to invest in options.

  4. Mark Wolfinger 02/08/2010 at 3:57 PM #

    Thanks Larry,
    To me, teaching is not preaching. I know that I do not have the absolute best solution to an options trading situation.
    We are all different, and if any reader understands the concepts, that reader is well-placed to make a good decision.

  5. Andy 02/09/2010 at 12:03 AM #

    Reading today’s blog reminds me of the phrase: Give a man a fish; you have fed him for today. Teach a man to fish; and you have fed him for a lifetime
    While bringing us through virtual trades could be seen as simply throwing fish onto our plates, I like your emphasis on reader interaction. Things are usually clearest by way of example, and I’d like to learn more about and discuss your thought process when entering a trade and when to make adjustments and when to exit.
    Hope we won’t have to wait too long before this is added!

  6. Mark Wolfinger 02/09/2010 at 5:59 PM #

    Andy,
    I’m swamped at the moment.
    But the big decision is whether I can add this to the regular site or if it’s something that must be reserved for a possible premium site.
    No decision has been made.