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Option Trading Blogs Worth Considering!

Posted by Pete Stolcers on February 22, 2007

As I continue to expand my blogging horizons, I have discovered other sites that provide great content. Early in my trading career I came to the realization that I will forever be a student of the market. I encourage you to develop as many resources as possible – you never know where you will find a useful piece of information. I will continually add new sites to my Trading Links so visit them often.

I just got off the phone with an old friend and it is time I introduce you. Brian Shannon founded a research company called Alpha Trends. In addition to being a successful trader for 14 years, Brian is a talented educator. His systematic approach is primarily based on technical analysis. During the last few months, Brian has been producing instructional videos on a daily basis. They are very complete and the delivery makes it easy to follow along. He is also offering trading courses online.

If you want to develop your technical analysis skills, visit Alpha Trends. The videos are free!

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Option Trading Comments

  • On 02/27, David said:

    Making money in stock market is always a difficult task. Every person had a problem of involving risk of loss. Some had profits also no doubt. But now with First Hour Trading buying and selling stocks has become easy. I saw a video at http://www.youtube.com/watch?v=BJv17zWzp6o in where Manny Backus shows us how one of his First Hour Trading members uses the system to generate profits at will in the stock market. After watching the video my friend joined the first hour trading and has been making regular profits.

  • On 02/27, Pete said:

    Hi David,

    I have to respond with skepticism. Manny might be a great guy, but when I hear words like easy, my guard is up. After day trading for many years as a pro, I will tell you that it is the most dificult hour to trade and pros consider it amatuer hour. I have never met a good trader that tags themselves as The Stock Trading Whiz Kid. Seasoned traders have had their heads handed to them a few times and they have a great deal of humility. If you want to learn from someone, my chips are on Brian Shannon from Alpha Trends. I mean no disrespect to Manny, but a year’s worth of brokerage statements could change my mind.

  • On 04/29, Jay said:

    Hi Pete and David,

    Pete that was the first time I heard that trading the first hour is for amatures. If that is true, dam it because I was wanting to trade that way. Seems 2 be many out there doing it successfully - or not?

    Manny charges $297 per month for his entry and exit live trading tips. The fisrt month you can do a free trail. Have you tried it Pete?
    I imagine Manny having bought the stock at 20 then he tells you that you should enter at 20.03 all his followers 250 do that same, some get filled some dont others get a bad fill, anyway the stock goes up, as 250 of Mannys members buy the stock aswell. And what do you think would happen when they all try to sell at the sametime.

    I don’t have live quotes, so I can’t trail it.
    Would love to here from anyone who is doing a free trail and can watch what happens to the prices and report back.

  • On 04/30, Pete Stolcers said:

    I don’t know Manny and I don’t know his track record or approach.

    In the first 30 minutes of trading, the market is trying to digest a mountain of news. There are many cross-currents and stocks that opened higher quickly reverse. By mid-day, you can determine bona fide moves. Instiutions start committing to the stock and you can evaluate the price/volume data.

    If you do not have real time quotes, don’t attempt a day trading approach. If you are not a seasoned trader, don’t try day trading. Having done it, I will tell you that it is a full time commitment. It is not something you can do for an hour a day. I also advise you to stay away from “get rich quick” and “easy” trading systems.

    The only way to tell if it is legitimate is to take the trial yourself. I also provide a free Live Event where I show all of my research. It is the best way for you to make an informed decision.

  • On 08/03, jay said:

    I bought xto calls 60 exp august 2008 two weeks ago.  But instead of rising as expected, the xto dropped big.  I am feeling horrible.  Can you please help what should be my strategy to recover of profit from the holding?  Thanks.

  • On 08/04, Pete Stolcers said:

    Losses always hurt. They are just part of trading.

    There is not strategy that can repair the situation, but there are valuable lessons that can learned to avoid future losses.

    They include a stop loss strategy. Once the stock broke horizontal support at $60, you should have gotten out. If the stock was below that level when you got in, you should not have taken the trade since it breached key support. If the stock was able to get back above $60 in a convincing way, you might have considered a long position (with $60 as a stop).

    There were other warning signs as well (moving average crossover, broken trendline...).

    Don’t beat yourself up too much. learn from the experience and move on. You will have many other losses in the future, hopefully they will not be of the same type.

    Good luck.

  • On 10/27, stock trading said:

    Thanks for the referral to Alpha trends, looks like a pretty good resource!

  • On 11/06, Ken said:

    Just another note about Manny Backus. He claims to have been a chess prodigy but I can find no record of a Manny Backus in the USCF (united states chess federation) nor the FIDE (world chess organization)records. It’s almost impossible that anyone can become a competitive player and claim to ‘beat grandmasters’ without participating in one of those orgs. And this statement made me laugh out loud - “He used his analytical capabilities gained from chess playing to devise unusual but highly successful tactics for stock market investing"… While I am sure that succesful traders could be successful chess players - I can guarantee that there is no direct correlation between trading and chess - unless Manny can see the future through the ‘king’s indian defense’. Either way - only lithium or jail time (or both) will shut Manny up. Avoid this scam like the plague.

  • On 11/06, Pete Stolcers said:

    As a former USCF member, you are right. Any decent chess player has a ranking.

    I have heard that hedge funds are hiring chess masters. They have to ability to see inter relationships and how they might play out into the future. They also have depth to their thinking and they can analyze many scenarios quickly.

    As you know, chess masters tend to have very high IQ’s and that alone makes them attractive hires.

    Again, you are correct. Being a good chess player does not guarentee trading success. These firms are looking for a bright minds that they can train from scratch.

  • On 12/13, leonard johnson said:

    As a USCF senior master and a Fide Master, I can definitely tell you that ANY master level chessplayer would be easily found through these orginizations. I cannot testify to Manny’s trading success but I can testify that he is lying about his chess background. I have an account on the internet chess club if you wish to prove me wrong, manny!

  • On 04/04, David Sligar said:

    A little late to be adding to this thread, but I took a trial subscription to First Hour Trading about 14 months ago.  Manny is excellent!  The intensity level during the hour is high, at least as long as there are open positions, but it’s actually finished in just one hour, unless you want to belabor a position longer.  The successful trades far outnumbered the losers during that month.  I don’t have a large enough account to day trade, but in my opinion Manny delivers what he advertises.

  • On 06/19, Cosimo Pittiglio said:

    I am trying to locate more resources for polishing my skills in options trading.  Selling put options with less than 90 days till expiration are very appealing.  Do you know of any blogs or chat rooms or websites that specialize with this kind of options trading?

  • On 06/22, Pete Stolcers said:

    Naked put writing is much more effective than Covered Call Writing. I have a complete online video course that covers this strategy from A-Z. It is 4 hours long and it has 230 pages of examples, charts and tables.

    Use this URL to get more information:

    http://www.oneoption.com/Products.aspx?product=8

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