I just recently realized that the chat for this newsletter is found through the email. I will make sure to be checking it when you post positions to help those that are confused.
I am new to options and would like to start learning on how to make it work for me. I have TD Ameritrade and I believe they use TOS platform. Can I make sample bets prior to using my own $? thanks!
Yes, log into paper money side at log in, just switch the toggle over on paper side and learn how to buy and sell options and try out Greg's picks plus some picks of your own to brush up on your trading skills.
Armand, 1 contract controls 100 shares, so if you bought 1 contract of
XYZ 1(100) 19Mar21 (60 call) for 5.00 that controls 100 shares and cost $500. if you bought 2(100) 19Mar21 (60 call) for 5.00 that would control 200 shares and cost $1,000. each contract is 100 shares. I hope that helps!!!
Armond, when I buy an option on Think or Swim it always defaults to 10 contracts, so reduce your order down to the number of contracts you want to buy, and I always keep up with my purchases on paper ledger too so write each purchase down so you can keep track of your trades, because sometimes you could lose track of the actual amount of money you made or lost on a trade. Maybe I'm old school but here is how I keep up with my trades.
example : 6 contract purchase
XYZ 6(100) 19Mar21 (60 call)paid 5.00 sold for 6.00= 1.00 profit x6= $600 total profit @ 20% gain.
A just born cub here. Following Greg for at least a year, and started trading about 3 weeks ago based on Greg's picks. However, I am such a new cub, I had no idea what options were and was just buying and selling stock! Still, I made good profit. Now that I understand what Greg is doing and found the chat on the newsletter, I'm learning about options. My brokerage, however, is with Vanguard and I was surprised to learn that I need Vanguard's approval to trade options! WTF!! Had to fill out an application to boot. No word back yet. I simply can't believe I have to ask permission on how to spend my own money. That said, it has given me an opportunity to learn about option trading and with help from some Lions and a little experience, I think I'll grow up fast. If mommy Vanguard doesn't "let" me trade options, can one of you Lions recommend a better platform?
It's not your currency, it's the FED currency, you're a debtor ;o)
I think every platform ask you mandatory information about your financial knowledge. You need to inform that market platform about your experience. You need eventually some margin to trade so more risk in parrallel...
For the platform, I use "Interactive Broker / Trader workstation"... (it's not a particular recommandation from me)
So, know your Greeks, Put your Helmet, Buy your Trident and Call for the Odyssée...
I'm just about where you are in my development. I think all brokerages are about the same when when it comes to "permission" to trade options, and yes it is frustrating when you have to wait a few days before you hear something.
I soon found out that proper account management is the most critical part of your job. It's either going to make you or break you. When Greg says to enter a position, you got to be sure to get in as soon as you can because improper pricing will surely give you a problem when it's time to sell.
Hi Lions.Am new to chat and big shout out to Greg for this mornings email as it got me moving as been on market trading sideline.I hold some PM and BTC and would like to trade in gold/ silver and renewable energy stocks to begin with.Is Etrade best platform to get off the mark with as keen to move on trades ? ( not coming in completely cold as followed PM markets for last 6 months ) Thanks Matthew New Zealand cub.
How about a % of total position per position. That way we can judge how much to get. I kind of equal weight most thing now but usually double up if it drops 10% or more. I would say I am 4% each position most of the time.
I took Profit today. I was in NULGF at .0965 and sold on todays run at .124 it closed at .14 I used to feel sick at not making more, but you can not go broke taking a profit. Thanks for the change in perspective Greg!!!!!
I just recently realized that the chat for this newsletter is found through the email. I will make sure to be checking it when you post positions to help those that are confused.
Hey Greg,
I am new to options and would like to start learning on how to make it work for me. I have TD Ameritrade and I believe they use TOS platform. Can I make sample bets prior to using my own $? thanks!
Yes, log into paper money side at log in, just switch the toggle over on paper side and learn how to buy and sell options and try out Greg's picks plus some picks of your own to brush up on your trading skills.
Thanks William! When buying (call option) lets say company xyz at $60 would I need to buy a minimum of 100 contracts in order to execute that option?
Armand, 1 contract controls 100 shares, so if you bought 1 contract of
XYZ 1(100) 19Mar21 (60 call) for 5.00 that controls 100 shares and cost $500. if you bought 2(100) 19Mar21 (60 call) for 5.00 that would control 200 shares and cost $1,000. each contract is 100 shares. I hope that helps!!!
Armond, when I buy an option on Think or Swim it always defaults to 10 contracts, so reduce your order down to the number of contracts you want to buy, and I always keep up with my purchases on paper ledger too so write each purchase down so you can keep track of your trades, because sometimes you could lose track of the actual amount of money you made or lost on a trade. Maybe I'm old school but here is how I keep up with my trades.
example : 6 contract purchase
XYZ 6(100) 19Mar21 (60 call)paid 5.00 sold for 6.00= 1.00 profit x6= $600 total profit @ 20% gain.
I hope that helps!!!
got it thanks for the example!
the total purchase price for 6 contracts would be $3,000 total.
thank you for accepting this new cub.
A just born cub here. Following Greg for at least a year, and started trading about 3 weeks ago based on Greg's picks. However, I am such a new cub, I had no idea what options were and was just buying and selling stock! Still, I made good profit. Now that I understand what Greg is doing and found the chat on the newsletter, I'm learning about options. My brokerage, however, is with Vanguard and I was surprised to learn that I need Vanguard's approval to trade options! WTF!! Had to fill out an application to boot. No word back yet. I simply can't believe I have to ask permission on how to spend my own money. That said, it has given me an opportunity to learn about option trading and with help from some Lions and a little experience, I think I'll grow up fast. If mommy Vanguard doesn't "let" me trade options, can one of you Lions recommend a better platform?
It's not your currency, it's the FED currency, you're a debtor ;o)
I think every platform ask you mandatory information about your financial knowledge. You need to inform that market platform about your experience. You need eventually some margin to trade so more risk in parrallel...
For the platform, I use "Interactive Broker / Trader workstation"... (it's not a particular recommandation from me)
So, know your Greeks, Put your Helmet, Buy your Trident and Call for the Odyssée...
I'm just about where you are in my development. I think all brokerages are about the same when when it comes to "permission" to trade options, and yes it is frustrating when you have to wait a few days before you hear something.
I soon found out that proper account management is the most critical part of your job. It's either going to make you or break you. When Greg says to enter a position, you got to be sure to get in as soon as you can because improper pricing will surely give you a problem when it's time to sell.
Hi Lions.Am new to chat and big shout out to Greg for this mornings email as it got me moving as been on market trading sideline.I hold some PM and BTC and would like to trade in gold/ silver and renewable energy stocks to begin with.Is Etrade best platform to get off the mark with as keen to move on trades ? ( not coming in completely cold as followed PM markets for last 6 months ) Thanks Matthew New Zealand cub.
How about a % of total position per position. That way we can judge how much to get. I kind of equal weight most thing now but usually double up if it drops 10% or more. I would say I am 4% each position most of the time.
👍🤓
You got it Greg. Will do.
Yes Sir, you bet!!!
I took Profit today. I was in NULGF at .0965 and sold on todays run at .124 it closed at .14 I used to feel sick at not making more, but you can not go broke taking a profit. Thanks for the change in perspective Greg!!!!!
You got it!
Thank you for all you do Greg. Will do 100%
Will do!!!!
Yup, spreading the word best I can Gregory, and thanks for your integrity!
Thanks so much for the things you do GM! I am for sure a cub in this game.
will do Gm