Options mastery is the Jiu-Jitsu of trading.
If you can successfully trade options, not only will you be a financial karate master, you will be quite rich.
Over the years I have found a number of resources that will help increase your profits, decrease broker fees, and automate your trading:
Step 1: Decrease Fees, Get a Better Broker with Better Tools & Service
Over the long run, trading fees can eat away your profits, spending 10 minutes to open a new brokerage account could save you thousands.
has a number of serious advantages:
- Rated #1 in Customer Service by Kiplinger's 2008 & SmartMoney 2008
- Rated #1 Online Discount Broker by Smartmoney 2006 & 2008
- Barron's gave TradeKing 4 out of 5 Stars in 2009
- Ultra low commissions: stocks: $4.95 per trade (even broker assisted) & options cost $4.95 + .65 per contract
- Ability to Autotrade Newsletters (takes the emotion out of trading)
- Trader's Network: Don't be a lonely trader anymore, see what other traders are doing including today's hottest trades & the rationale behind them
Step 2: Make Your Trading as Mechanical and Unemotional as Possible
1. Make sure you have clearly defined your trading strategy – if you haven't written it down, it isn't defined.
2. Write down your reasons for entering a trade and the triggers/signals you will use to exit a trade.
3. Find a mentor who is much better than you who will help you when you are in a confusing trade.
4. Consider autotrading newsletters – make sure you setup a demo account and trade the newsletter for as long as you can before using real money. This way you will have a good feel for how realistic the newsletter's promises are.
You can register for a free trial of a service that ranks 242 Trading Services here: http://www.pro-trading-profits.com/subscribe/free_trial.asp
