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I also promote TastyWorks/TastyTrade. They have YT videos on everything options, even 2nd and 3rd derivative greeks. They do daily live shows walking through some different trade ideas, other commentary. A lot of great content.
Main downside (for me) is they promote option selling, which has a statistical higher chance of profit. I sell options on occasion, but I mainly play long.
Best practice in real time is paper trading. I've been trading options for 2 years, and it wasn't until this year that I was consistently profitable winning more than 50% of option trades. It takes time to figure out your style and discipline
The best advice I would give you is...
don't TRADE OPTIONS....
You will never feel the real stress but literally watching your options ALL DAY until your eyes bleed.
You'll sign up for TradeWiz, OptionsMaster, WizGuru, etc. etc.
all them are literal scams that charge a monthly sub fee, which they probably use to fuel their gambling addiction known as the OPTIONS market.
You want the safer route, write options.
See a stock you can afford 100 units of?
Write a PUT, think it's going to climb up?
Write the strike to your target, and it goes beyond that, guess what?
You keep the Premium and the money because you weren't forced to exercise.
Forced to exercise?
You now have 100 shares per contract of said stock, which you paid the strike minus the premium.
You can now write covered calls.
Think the stock is still going to drop and want to secure the price?
Write a covered call for next Friday on the price you think it will drop below.
Example:
AAPL 150 current price, think it'll drop to 143.5 next week
Write a covered call for 144, you get 6*100 + theta for the contract and if it is 143.99 on expiry then you get to keep the premium and your shares.
If it hits 138 (or if it gets exercised)
the premium covers some of the cost (the break even point is where the price and strike even out)
then you repeat the previous step if you want back in at a discount, strike at where you think it'll hit but go just below.
Repeat for weekly gains, and the risk is much less than betting on the options because when you own the contract, TIME IS AGAINST you.
When you write the options, worthless expiration is your sugar cube
The guys that founded Tasty Trade previously founded Think or Swim, now part of TDAmeritrade. Both have great videos and daily training and paper trading.
Tasty Trades has a greater emphasis on options trading. TDA has that support as well as options and futures trading for investing and for hedging.
Don't try to use all the strategies. Pick 2 and master them.
Enthusiast
https://joinfishbowl.com/post_g576pfm3z2
Mastering the Trade