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“I’m Reading A Course By Bernie Schaeffer. Is it a Waste of Time?”

Posted by Pete Stolcers on May 22, 2008

Option Trading Question

I am reading Bernie Schaeffers course on 10 Days to Succesful Options Trading. Am on the right path? Is he reputable, or am I wasting my time?

Option Trading Answer

Bernie has a great reputation. If you are reading anything on option trading, it’s not a waste of time. You are doing the right thing. Read everything you can get your hands on and don’t overpay for expensive courses. In every book you will find things you agree with and things that you don’t agree with. Over time, your knowledge will grow and you will define your trading personality. From my perspective, if I can learn one or two new things in an entire book, it was worth the time. I have not reviewed Bernie’s course - let me know what you think. 

Option Trading Comments

  • On 04/23, Mike P said:

    If I sell covered calls against stock I own or deep in the money leaps calls I own and then turn around and buy deep in the money puts, isn’t this pretty riskless? I would buy deep enough in the money puts and calls so there is little extrinsic value and the stock price movement up or down is offset by each put and call i own. Then, to generate cash, I sell calls covered by the stock or deep in the money calls. As an example, I buy Lehman stock at $44, sell the may 44 calls at $2.50, and buy the Jan10 90 puts for $46.65. If my shots calls have a chance of assignment, I just roll them out. What do you think?? Then I continue this process for the next 18 months.

  • On 05/01, Pete Stolcers said:

    Hi Mike,

    Your strategy can be used. Just remember, with all of the hedging, your returns will be consistent, but small on a percentage basis.

  • On 09/07, GORDON SMITH said:

    I have been invited to learn the spread traders system (44 courses with exams.costs are $6,000)...it seems to be a good course for someone like me -newbie re: options.

    Where would you start out re: a good training program and a support system?

  • On 09/08, Pete Stolcers said:

    That is a lot of money. I would buy a couple options books and a technical analysis book for a total of $100. After you read them, spend time on analysis and gradually use the remining $5900 placing 1 lot spreads. That will be the best education you can get. 

    Most everything that is taught in a course has already been covered in a book.

  • On 09/26, John Francis said:

    I am looking for information on Jesse Webb, What is his reputation in the trading field?

  • On 01/12, Howard Hess said:

    I am looking for some one to recommend what option or what stock to buy or sell now Just say what one and when price wise?  who does this??  HHH

  • On 01/13, Pete Stolcers said:

    That is exactly what I do! This is just my blog. My research site is www.oneoption.com. I suggest you sign up for a Live Event or take the Free 5-Day Trial.

  • On 02/27, PETE said:

    DON’T THINK BERNIE SCHAEFFER IS A WASTE OF TIME.AFTER READING HIS BOOK MY TRADING HAS IMPROVED 100%.I PROFIT CONSISTANTLY.ALONG WITH MY IMPROVMENTS IN MANAGING RISK THIS HAS BEEN WORKING OUT WELL I ALL MARKETS.

  • On 02/28, Pete Stolcers said:

    Thanks for your insight.

  • On 06/22, California Game Design College said:

    Bernie Schaeffer’s advice is an excellent way to go from riches to rags quickly. I currently have a subscription to the super trader (money losing deal) and think that it might not be a bad plan to purchase it… as a contrarian. Currently he has 61 picks open and 34 are losing. This is a dramatic improvement from the beginning of the month where 21 of 27 straight picks were losers.

  • On 11/14, cindaella said:

    Hello, i think this is as good of a place as any to post and let you know. I went to subscribe to your RSS feed, and when i clicked it i got an error that said “Parse error: syntax error, unexpected T_CONSTANT_ENCAPSED_STRING” followed by other gibberish that scrolled off the screen. I had to force the page to stop loading because it locked up my browser. Cheers.

  • On 11/15, Pete Stolcers said:

    Hi,

    Thanks for the heads up. It should be fixed now.

  • On 01/28, Jerome said:

    Hello Pete - Do you or any of your readers know anything about “Achievers ChoiceQuest” run by Gary Williams. Is it worth the $8000 tag?

  • On 01/28, Pete Stolcers said:

    I have not heard of him. Everything that you can learn has already been written. I favor buying 10 books on technical/fundamental analysis and option trading for $1000 and opening an $7000 account.

  • On 01/28, Jerome said:

    Thanks Pete - doing the books thing and will heed your advice

  • On 04/23, nmk said:

    i want to get into options trading and am looking for a good brokerage house.  there are so many of them, im actually confused which to select.  they also make hot stock recommendations.  i wonder how right are they.  what is their success rate with recommendations.

    thanks

  • On 04/23, Pete said:

    Discount brokerage firms do not typically make trade recommendations. optionsXpress, ThinkorSwim, Interactive Brokers are good choices.

    Bernie Schaffer provides research, not brokerage.

  • On 11/21, Dalbir Sethi said:

    Pete Your Response to Gordon’s question on 9/8
    “I would buy a couple options books and a technical analysis book for a total of $100”

    Please suggest the name of books for me, a novice person, want to read and learn about trading options.

  • On 11/23, Pete Stolcers said:

    There are many good books. Martin Pring and John Murphy are two great authors for technical analysis. Larry McMillan is the best author for option trading.

  • On 04/23, Dwight said:

    Hi Pete. I noticed John Francis’ question on 9/26..."I am looking for information on Jesse Webb. What is his reputation in the trading field?” I did not see a response. I am also looking for information on Jesse Webb. Are you familiar with his Option Magic training manual? Do you know his background? Thank you, Dwight

  • On 04/25, Pete Stolcers said:

    I don’t know anything about Jesse Webb. However, I can make a couple of observations.

    1. I would be suspicious of anything called magic. After 20+ years in the business, I have learned that there is no holy grail. Success is a function of diligent research and dicipline.

    2. He posts track records that cover short time periods. Anyone can go on a run and give it all back.

    On the plus side, the course/book is only $49 and he does have a money back guarentee.

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