Asked by Anonymous
Asked on 30 Nov 2019
What are some basic courses/ skillsets that I can pickup when looking to trade options
Top Contributor (Jan)
I took up a course to learn. It did cost money, and I also fully agree that you can probably find the information you need for free.
For me, it was a matter of wanting to shorten my learning curve.
There are many option courses in Singapore, so you may want to pick up free information first before deciding if you'll be able to benefit from a course; some might be able to piece together all the information just from what they read online alone.
Youtube!! It's very insightful. But note: It's quite confusing, to be honest I had my friend to taught me a few times before I understood what it meant. As a start, you can read what is the difference between Buying/Selling both a Call or Put option. Also, if you have a paper trading account with TDAmeritrade or Interactive Brokers, you can also use that as practise just to get the hang of it. And also! Do take note and familiarize yourself with the risks of options investing as well :)
I paid a mentor to learn from him (because options are REALLY complicated as compared to stocks). But once you understand it well, it's such an amazing tool to leverage on when combined with fundamental studies.
If you want free videos, you can go on optionalpha.com.
I'm trying to understand options through books and youtube as well! Depends if you're more of a visual or auditory or hands-on individual but I would think the ultimate mix would be youtube videos followed by practicing it on virtual accounts
There are online courses/forum that speciliaze in option trading. You can go to the library and read on option trading as it is more complex than stock trading. Know what you are doing before you put in your first option order.
Take a course to learn, or you can self read by borrowing books at NLB. NLB especially bugis almost have a few shelves worth of trading books and teaching of options
I've personally paid for options training with a mentor. This allowed me to shortcut the learning process and learn from mistakes. Not to mention there's access to much lower commission rates with the broker. You can search for trainers here. Find one where you feel it can match what you want to achieve. Look at the trainers records, length of time spent teaching others so far, the size of the community built and the records of the members in the community. Try to avoid those trainers who are very ra-ra as based on personal experience they are more fluff than anything else. And if you find one that promises you fast profits in a very short time, avoid.
If you want to go at it without anyone guiding you, I'll suggest practicing via a lot of paper trades to ensure profitability before going live. Options can blow up your account and more if you are not careful.
It really depends on your passion/conviction. How much time and money u want to spend.
If u just want to know the gist of it, Google, books, youtubes u can find sufficient.
If u want to learn deeper, practical tips, avoid many pitfalls, you will have pay for it. Of course paid sources have its worthwhiles and worthless. Personal coaching will be best if u can find one.
Top Contributor (Jan)
YouTube, books, Google. You can also learn from simulation. =)
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