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3 Tips for Successful Options Trading

Posted by Pete Stolcers on August 18, 2009

Option Trading Question

I Want To Trade Options - Where Do I Start?

Option Trading Answer

Most people want to start off successfully with options trading, but it can take years to get to the point where you are making great trades. There are a few ways you can increase your success early on, however.

1. Research, research, research. There’s a lot to learn about options and the stock market and you’ll find endless resources online. Take full advantage of them and study as much as you can. You can learn a lot from other people’s experiences.

2. Get some help. There is nothing like having a mentor when you are learning something new. Finding someone who has the experience under their belt to give you a hand and you’ll improve your trading by leaps and bounds.

3. Keep trying. Rather than give up when you aren’t successful the first time around, keep trying. Analyze your mistakes, the failed trades and the ones that lost you money. It’s not failure if you learn from it, so take the time to look at how you can do things differently next time.

Like anything you want to get good at, options trading requires time and knowledge. You can speed the learning process up, however, by educating yourself on the techniques and strategies that successful traders are using.

I offer a free live trading event where you can see exactly what criteria I use to find the hottest option trades. This is bound to give your trading education a drastic boost, but space is limited, so sign up here.

Option Trading Comments

  • On 01/16, Brandon said:

    I am trying to be approved for straddles and strangles but I am already approved for covered calls. How much money do you have to have to be approved for straddles and strangles?

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