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Free General Options Training Resources
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MikeSullivan
Posted 8/1/2010 5:41 PM (#598)
Subject: Free General Options Training Resources


As I was pondering how to write an article about Options Basics I began to realize that I was in way over my head as far as the amount of time involved. So I did some online research. Lo and behold I came across a website run by the "Options Industry Council", whose sole purpose is to teach options to both the novice and established equity traders. As I explored it I saw that it provided a full options education from basics to advanced. The good news is that you don’t have to pay an outrageous fee for this training, because it’s absolutely “FREE”. They have nothing to sell. The only requirement is that you register. They have an extensive archive of very high quality webcasts (video), and podcasts (audio) that explain options in great detail much better than I ever could, so why reinvent the wheel. Besides, these are the experts. So if you’re interested in learning about options, and how they can magnify and leverage your trading; here’s the link:
"www.888options.com"

Mike
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RobKidwell
Posted 8/2/2010 10:00 AM (#604 - in reply to #598)
Subject: Free General Options Training Resources


I would like to offer a different perspective on training resources for options trading:

1. Buy the "Options Playbook" from Amazon.
2. Paper Trade: While you are waiting for the book to arrive, go to ThinkorSwim.com and go through the account opening process. You will not need to fund this account, but you will have access to their Paper Trading platform which has virtually everything that the Live Money platform has. I believe that the only thing missing will be their version of Lab Mode called "On Demand." The educational materials embedded in the program as well as the best trading platform (Barrons, not just my opinion) will be yours. Among those that I have trained I have yet to see TorS call to have you fund the account.

Then I suggest that rather than drilling down to the minutia that you simply use the Paper Trader for 3-6 months. Put on every type of trade possible (referring to the Options Playbook if you like). I would suggest that you concentrate heavily on Calendars and Diagonals. Alternatively, if you have an underlying that has fallen nicely, but is likely to stop falling, sell a Straddle or Strangle near the money and front month. You will benefit from higher IV on both the Put and Call and you will learn quickly about Theta (time decay).

Again, books, websites, seminars and mentoring are all valid. I have done them all. But, everything that I have learned that has stuck has come from trading (paper and live). As I have said elsewhere, it is tantamount to reading about flying vs. actually getting in the simulator.
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MikeSullivan
Posted 8/2/2010 10:35 AM (#605 - in reply to #598)
Subject: Free General Options Training Resources


I forgot to mention that once you register with the Options Industry Council (www.888options.com) for their free training they automatically set you up with access to a "Virtual Trading Platform" with Options Xpress where you can do your paper trading without having to set up an account.

Mike
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RobMoffat
Posted 8/23/2010 6:35 PM (#712 - in reply to #598)
Subject: Free General Options Training Resources


Spectator

Posts: 3
0
Location:
USA: NC, Wilmington
The Options Clearing Corp is not only the one calling the shots in many respects but has some great resources.

http://www.optionsclearing.com/education/options/

Lets not forget the worlds largest options exchange the CBOE. Again, they have many resources available free of charge.

http://www.cboe.com/Learncenter/Default.aspx
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PJDeluhery
Posted 8/24/2010 2:02 PM (#714 - in reply to #598)
Subject: Free General Options Training Resources



Friend

Posts: 35
25
Location:
USA: MA, West Springfield
This is great information. Thanks. Let's also not forget that the Nirvana Options Trader product lets you papertrade and provides some pretty useful tools - all within OT.
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DonSchuman
Posted 8/28/2010 8:02 PM (#724 - in reply to #605)
Subject: Free General Options Training Resources



Veteran

Posts: 212
100100
Location:
USA: TX, Mansfield
Thank you for the research and the website Mike. I look forward to learning from your Options experience. Don
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SalimHira
Posted 4/26/2012 8:57 PM (#3554 - in reply to #598)
Subject: Free General Options Training Resources



Veteran

Posts: 183
100252525
Location:
USA: MD, Columbia
Hi Folks,

Here's a free site which provides a real options trading platform to simulate all kinds of strategies and is quite robust. Also, has worldwide exchanges to choose data feed. Great educational tool for hands on option strategy building.

http://www.samoasky.com/protfolio/

P.S. I am playing with Options Oracle, have not tried the Strategy Builder.

Edited by SalimHira 4/26/2012 9:21 PM
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