Edward Day - Advanced Options Trading: Master the Advanced Trading Strategy and Boost Your Income From Home: 3 Hour Crash Course

Advanced Options Trading: 3-Hour Crash Course

Master Advanced Trading Strategies and Boost Your Income From Home

Edward Day

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Introduction

T he secret to being successful from a trading perspective is to have an indefatigable and an undying and unquenchable thirst for information and knowledge - Paul Tudor Jones

Most people enter the world of trading with high hopes. They do some preliminary work and then stake their capital in the markets, thinking theyre well on their way to becoming seven figure traders. Reality soon hits them in the face as they realize that the markets arent as simple or easy as they thought they were. Does any of this sound familiar to you?

If it does, Im sorry to bring up painful memories! However, the truth is that youve come to the right place if you wish to take your options trading skills to the next level. While beginner strategies work quite well when it comes to options, there is a different thrill to being able to make money by taking into account the various factors that advanced options strategies demand.

Im not saying that you need to be a genius to do this stuff. After all, most successful traders arent conventionally smart. What they do possess in abundance is the ability to pull the trigger on their strategies, when the time comes, and they possess the desire to learn more about their strategies, the markets and themselves.

Options trading, as you probably know, is one of the best ways of reducing your risk exposure in the markets. They provide you with safe leverage and being a derivative, the additional volatility often assists you in taking advantage of price swings. The issue that most traders have is that once they begin making money with the beginner strategies, they begin modifying those strategies.

What I mean is that as they absorb more knowledge and realize their own prowess when it comes to trading options, they try to assimilate this new information into those beginner friendly strategies. The problem is that a strategy like a covered call isnt designed to incorporate concepts such as volatility or beta. Neither does it need you to hedge against vega or take the delta into account.

The result is a bit of a mess and the trader is stuck in no mans land. Most traders develop a desire to switch to advanced strategies thanks to natural curiosity and this is perfectly fine. However, trying to trade advanced concepts in options is a bit like trying to drive a fully kitted out racing car when youve just passed your driving test driving the family sedan.

You will crash into something and its not going to be pretty.

Advanced Strategies

A nother reason you might have picked up this book is perhaps because youve found that the beginner strategies arent quite working for you. If this is the case, I highly recommend you read my previous book in this series where I walk you through how a beginner to options trading can make money starting from day one.

If youve already read my previous book and have jumped directly into this one, I recommend going back and practicing implementing those strategies. You won't be able to trade the ones in this book unless you have practical experience trading options in a live environment.

With any book that has the word advanced in its title, there are bound to be certain assumptions that need to be made. The first assumption I have to make, in order to deliver the information presented, is that you already have a live options account with your broker and that you understand the role the broker plays in the market.

Next, Im also going to assume that you have figured out how much capital you need to devote to trading options and that you dont have any issues with trying to circumvent PDT. If you do have issues then the best way to deal with this is to figure out how you can make the strategies in this book work best for you.