Shakakora With such an exorbitant amount of information, quick summaries at the end of each chapter would be extremely helpful for newer investors. This book is a classic and a must read for anyone who trades for a living or desires to do so in their lifetime. I read Trading Behind the Matrix based solely on bulslhit reputation of Dr. While Van Tharp is a master of trading systems, this book was a complete let down. Some of the books in the series have certainly been better than others, and Hedge Fund Market Wizards is now my favorite next to the original.
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Currently I live with my wife Alex and 2 children Zoe and Jake in Grand Cayman which is where we have lived for the past 8 years. It was a typical stock market tale of fear and greed, the two most powerful emotions in the financial markets.
This was a fictional story, but from that point on I was hooked. I bought my first shares when I was 13 and have been trading ever since, although more heavily in the last 8 years. I started taking an interest in options trading in and have bought just about every book you can think of on options trading. I also went back to school and completed my Masters in Applied Finance and Investment in August Still, there is only so much you can learn from a book and I have learnt so much more from actually trading options.
My first experience trading options was buying some put options on a retail stock. One of my next trades was even more disastrous. I owned a small portfolio of Australian shares and decided to generate some income by selling index call options.
I had no idea at this stage about delta or how to calculate my overall exposure in order to create an effective hedge. My portfolio was mostly low beta stocks and I had sold 2 WAY too many index calls for my exposure. The market rallied and my broker rang me that night to tell me I had margin issues. Instead of just selling the positions and admitting defeat, I held on for another day and the market continued to rally.
In the end, I had to send money to my brother via Western Union. A very embarrassing experience let me tell you. With this ebook, I hope to share my experiences and help you avoid some of those mistakes I made when I started out. However, in Finance we learn that the higher the reward, the higher the risk. Trading that way, you will eventually get burned. With this book I wanted to put together the best reference book on trading Iron Condors available. From years of research and testing, I have developed a system that makes consistent monthly profits while minimizing the risks.
Just cold hard facts and trading plans that are realistic. I will not pump people up with false numbers and false promises like some people do. Or maybe you are trying to develop as a trader and learn new strategies and techniques. Either way, I admire you for the learning you are undertaking.
I want to keep learning something new every day until I die. Either way, I admire you for taking control of your own financial destiny. I hit a lot of singles, and occasionally the fielder fumbles and I get a double or a triple. A lot of people are lured into options trading with the thoughts of making quick riches, but that is the last thing you should be thinking about.
Iron Condors are my favorite strategy to trade in my portfolio; I hope you enjoy my insights into the wonderful strategy that really helped take my trading to the next level. I also want to say a quick thanks to my friend Henrik Santander, aka The Lazy Trader, for helping review and put together this book.
We are here to make money after all. Would you start a business without a business plan? Of course not, so why should trading be any different? However, a trading plan is a constantly evolving thing as you continue to learn and test new ideas. Make sure you learn from your mistakes and avoid making the same one twice. If you suffer a big loss because you ignored your trading rules, hey, it happens.
What is my total risk on this trade? This is where a good trading plan comes in, as it takes the emotion out of the decision making process. Make good decisions and you are already ahead of the game. Personally, I absolutely love it and even when I have losing trades, I still enjoy what I do. I love the challenge of trying to outsmart other market participants. The money is just a way to keep score. There is a lot of information to digest and keep on top of such as GDP releases, jobs data and earnings reports.
So how can you apply this to your trading? Start working on your trading journal. Set aside a specific time each week and spend 30 minutes each week to fill this in with all your trades from the previous week. Also write down how the market behaved and how that affected you positions AND your emotions. For me, I do this on Sunday evening as I am usually home at this time. Gold, Silver and Oil. Keep in mind that consistency leads to habits.
Habits form the actions we take every day. Action leads to success. Homework Assignment: What systems could you set up to make your life easier? When choosing an options broker, commissions are probably the number one factor people look at, but that does not necessarily mean it is the most important.
There are a few different ways brokers charge fees, so you need to figure out which method works best for you. Check to see if your broker has a good online chat help, and ask a few questions to gauge their competence and wait time.
If you are just starting out with your trading, you may have a lot of questions on how to get your trades executed, margin requirements or any other aspect of trading. Having good quality of service can be very helpful if you need a little bit of hand holding early on. Generally speaking the cheap brokers will have less impressive customer service than the more expensive ones.
You get what you pay for after all. Being able to place trades quickly and efficiently can make a big difference to your stress levels. With a lot of brokers, such as Interactive Brokers, you have the ability to place trades with one click directly on the stock chart which is fantastic. These could be things like account minimum, inactivity fees and data access fees. Out of the below list, I have heard good things about the ones shown in bold. Interactive Brokers.
Bullshit Free Guide to Iron Condors - Options trading IQ
BULLSHIT FREE GUIDE TO IRON CONDORS PDF