Thursday, March 22, 2012

Learning about options for Newbies

If you are trying to learn about options either because you are trying to trade full time or part time while at work to get some extra cash, here are some FREE sites to go to. First and foremost you have to dedicate some time to learning, consider how much time you spend talking, watching,reading about sports each week.. cant you dedicate a couple hours a week to learn how to make money? how much are you making on sports? and i dont mean the $40 you made on your gay fantasy football league.

First, watch all the free webinars you can, i made it a point to try to watch at least one a day when i got serious. they are usually about an hour each so its not a lot of time to commit. Watch it at night if you work before you go to bed, TIVO all that gay stuff you watch on the Bravo channel if you have to.  Sources for free webinars are:

a. your brokers website.. Trademonster has dozens, Ameritrade has dozens, etc

b. try , lots of free stuff there. some sites might require you to login but who cares..its free.

c. also , lots of free webinars, podcasts, online classes... you can download to Ipod and watch whenever..probably on ipad / iphone as well

d. you dont have to pay to get educated so if you are thinking about signing up for a $599+ class...well you are probably the greater fool..too much free info out there

Second, you should read a few books about it.. my top 3 list is here

Investing books to read

all are available either at libray or free pdf download.

Third, follow successfull traders on twitter.. look for ones that mention their losers along with winners. Avoid the ones the are cheerleaders, constantly humping their stocks. if you watch a trader carefully and after a while think "this MF'er always makes money" he is either a paper trader or very good at being a hindsight trader convincing his followers he was in it all along. The best ones will post their technique / methods for getting into trades, post their entries and their exits.

Take the successful technique and apply it to the stocks you like.. dont keep asking "what do you think of this trade" .. paper trade it first until you are comfortable.

no she doesnt have anything to do with options