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Are people taking her seriously? WTF? Here is another reason to keep on walking.
Are you kidding? Nothing to learn? And to make matters worse, it seems that she's marketing strictly to older retirees. I don't care what the system is. If you tell people you can turn "$600 into 78K in 60 days", say things like "no need to learn anything", and market mostly to elderly folks, then you are not doing ANY one any favors except for yourself. This type of marketing is what gives trading vendors a bad name. She should seriously feel ashamed of herself.
Folks, there's the free "Liz and Jenny" show, and all the archived shows are free with free registration. https://tastytrade.com/tt/shows/LJ
Yes, they don't teach enough how to gauge a stock or market directionally or when it consolidates enough for a delta-neutral spread to work out, but there are several modes of thought one can pick up elsewhere on that. What they go over is very effective spreads and single short puts and especially how to gauge the option chain spreads to find a "good deal" on a spread itself and they also watch volatility and have ideas for earnings plays. And they talk a lot about the risk in a position and why a naked call isn't usually a great idea etc. so at least they have an overall plan as they discuss each trade.
Long naked calls can work if you are a magically prescient swing trader i.e. always know where and when. Some also like to use long naked calls/puts for daytrading with leverage as an alternative to buying stock or futures contracts.
Just recommending while we hear the same old expensive newsletter deal which fall apart when the market goes out of whack!
Good point, another common vein about typical options newsletters and their marketing is they never say one can lose a LOT. With a single call or put maybe one could make $2k , but most likely it could also lose $5k (like > -150%) or more on a gap south and you find out when you wake up, or after coming back home during a weekday! And they usually say little or nothing about trade management like stop losses, or stop loss points.
Thanks mgtrader and Cloudy for the link to Wall Street, Mean Street and Me: Options Animal (Wall Street). Bev (who writes that blog) is really high on TastyTrade now and I have seen Cloudy mention them more than once. Great site! I learned options a long time ago from Optionetics and paid a lot of money to them. TastyTrade is free and has a ton of great education about options. Can't beat that.
The phrase "nothing to learn" is referring to Wendy's advisory service where she emails her trade alerts. If traders are not interested in learning her system, they can use the alerts for entry and exit. I am interested in learning her strategy and was told by the support that the complete strategy manual is included. I was also told that the manual will provide the complete system rules.
Thanks for sharing the tastytrade link. It offers great educational videos on complex option set-ups. The return and risk on these set-ups are usually much smaller compared to buying a call or put option. I am looking for a system that can accurately identify a stock’s direction within a short time period. The trading performance from the QQQ system shows a 90% accuracy with an average holding period of 3 days. It also has an average reward to risk ratio of 4 to 1. In addition, the risk of purchasing a call or put option is limited to the premium that’s being paid. The max I can lose is 100% of the premium plus any commission. I can manage my risk (maximum potential loss) by adjusting the number of contracts and/or the strike price. In the example you gave, are you referring to naked calls and puts?
As of right now, we have 7 people interested in the group buy which comes out to $142 per person. I will let everyone know within the skype group the final cost by this Friday. A new email and password will be created and send to everyone who made the purchase to receive alerts. If the strategy guide is in PDF I can easily email it to everyone, else I'll have to scan it then upload it. A skype group will make it easier for everyone to talk to each other and arrange future group buys. This will also enable people to trade or share materials they already have. On top of that, everyone can inform the group new materials they are interested in and have the group review them.
I've never traded options, but in any other type of trading a system with a long-term 90% win percentage and 4:1 ratio is pretty much impossible. Sounds a little hinky to me.
I wish the group that buys the product all the best, but I personally think you are going about it the wrong way (assuming a "group buy" approach doesn't violate Wendy's Terms of Service, which I am guessing it does - 7 people are benefiting from 1 subscription, which doesn't seem right )...
The alternative approach I'd recommend:
1. Learn all you can about options, through books (free from your library), the Internet (most basic info is free) and this website.
2. Decide on an approach (buying options, selling options, etc.). Research your desired approach. (here's a great thread on one approach to selling options:
I have been selling options on futures for years. But it is rare to find others doing it. I was wondering if there are others here doing it.
I have been doing it for 5 years. Learned it from James Cordier's book.
I have sold energy, grain, …
)
3. Once you have an approach that you think will work, paper trade it or (ideally) trade it with small size. You can backtest it too, but options strategies are tricky to backtest, due to lack of data, liquidity issues, etc.
4. Slowly build up size, and maybe add complementary approaches, as you gain confidence.
I followed this exact process at start of 2013, and am now trading options as detailed in the aforementioned thread. I am aiming for 40% annual return, and I feel this is well within my grasp.