I need a journal to keep track of my trades. The ones I found on the net are only for stocks, and I only trade options! Most of them are an Excel spreadsheet, which is fine. Some of them are paid software.
Does anybody have one or know where I can find one? Better yet if it’s free!
basicsoftrading.com
optionsnerd.com
“You will reap what you sow”. This Bible passage can be very applicable even to Forex Trading. I say so because your success in the industry of foreign exchange depends largely on the amount of work and effort you are willing to exert. No shortcuts. Currency Trading is not lottery. You do not earn millions from nothing. A great deal of sacrifice is needed in order to get positive outcomes. And learning the business is continuous, it is dynamic. Becoming a professional trader is indeed no easy task. It would take thorough education, time, psychological stamina and a deep pocket to enter an intricate but financially gratifying line of business. No great forex trader is a lazy trader.
The very basic thing before anybody should consider himself a trader is the education that he should first obtain. Forex options and tradings are quite complex. To equip oneself with proper forex education is going to take some time and even money, but this is necessary to succeed. Forex trading requires would-be traders to be proficient in a number of disciplines, i.e., sentiment analysis, news trading, mental analysis, technical analysis and a lot more.
For those who intend to become forex traders but does not have the time to devote to this business, then it is advisable to just look for another career. Forex trading is hardly a hobby. Treating it as such could be a life changing mistake for a trader.
The capital or funds that are initially needed to become a trader could roughly range from $50,000 to $100,000. There are other expenses that may be incurred even before actual trading such as the education but eve that could be done free through information from the internet. It is advisable to save up first if there is still not enough for capital than fail because of undercapitalization.
Lastly, a trader should be strong psychologically. Many successful traders are separated from the failures by their ability to handle pressures of risks and are able to handle their emotions. They are confident with their systems and methodologies and consider losing as a temporary setback and just a part of the business.
Although becoming a trader is no easy task, the rewards are definitely worth all the trouble.
Timothy Stevens
http://www.articlesbase.com/currency-trading-articles/forex-options-trading-success-in-forex-trading-is-no-easy-task-711973.html
I want to learn everything that there is to know about “Options Trading” What are some good resources? Are there any really good books you could recommend?
The CBOE has a learning center with free tutorials at
http://www.cboe.com/LearnCenter/default.aspx
The OIC has free podcasts at
http://www.optionseducation.org/seminars/podcasts.jsp
Both of these are reliable sources.
Once you have gone through the freebees from these sites, I still recommend you read one or two good books before you start trading. Any of the books in the bibliography at
http://www.cboe.com/Institutional/Bibliography.aspx
will have good, accurate information but be sure to scan the book at a bookstore, library or amazon.com to make sure it is written in language you can understand.
Two books I recommend you consider are “Options as a Strategic Investment” by Lawrence McMillon and “Options Volatility & Pricing” by Sheldon Natenberg.
You might also want to consider the books shown at
http://www.mdwoptions.com/
because the author, Mark Wolfinger, answers questions on the message board at
http://messages.yahoo.com/Business_%26_Finance/Investments/forumview?bn=4686677
using the handle “dagnyt.”
I am 18 years old and I want to know more about Options Trading, and what factors affect winners and losers, i.e. what do winning options traders have that losing options traders do not have? Also, if I am to become successful at options trading, what do I need to be successful at it?
Most people lose. To quote Merton MIller: “People really think they are doing something purposeful, but they are really not” – when he addressed the subject of stock/option trading.
Actually, people really find it hard to believe that stock prices are changing randomly – hell even Einstein didn’t like the idea of randomness, but in a famous debate between Einstein and Niels Bohr – Niels Bohr proved Einstein wrong…
In the options trading there is one thing called a “fair price” – that is…a price whereas nor the buyer/nor the seller has advantage. Black-Scholes and similar models attempt to find such price and they are successful most of the time. Other than all that: Volatility arbitrage nowadays almost never occurs…so you are basically fucked.
Who makes money then??? The option brokers make money, people like me who lie to other people that you can make money . But…you cannot. My advice? Start your own option brokerage company! Do not bother trading, only bingo winners like George Soros make money…smart folks lose money unfortunately.
good luck.
I want to know what is the maximum leverage you can get when you trade options.For example say I have £2,000 and want to use it to trade options, how much stock could I control maximum if I use this to trade options? Please answer for 5 star best answer.
<<<say I have £2,000 and want to use it to trade options, how much stock could I control maximum if I use this to trade options?>>>
If I assume the U.K. is like the U.S., the minimum price you can pay for a listed option is normally a penny a share. So, with £2,000 you could buy options on 200,000 shares.
However, that does not answer the question “What is the maximum leverage you can get in Options Trading?” because I can increase the delta of a spread without increasing the number of shares.