Just upgraded my TD account to Standard Cash options trading. I want to be smart about trading options, but I also want to get some experience. Does anybody have any tips for prep work to do before making your first options trade? Thanks!

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Options alpha and TastyTrade are great suggestions. The Tasty guys focus on short optima strategies that generate income. It’s a very different way of thinking and you should probably do some options buying before getting into to that type approach. Risk management becomes more important with those strategies. Two books well worth your time are: 1) The Rookie Guide to Options Trading - covers some of the basic strategies and gives many worked examples of how to think about setting up positions. Easy to read. 2) The New Trading for a Living - this is a great handbook to help you think about psychology, your trading system, and risk management. You can downsize some of the processes he uses, but you really should think about how you do trade sizing and keep a trading log to monitor performance. Three other ideas for references: 3) The Options Edge for getting into the nuts and bolts of options pricing at an intermediate level 4) Japanese Candlestick Charting Techniques - you’ll want to get some technical analysis understanding and this has been helpful for me. There are other methods and approaches, I like this one but you may find something else. The point is technical analysis of some sort should be part of your prepress - even if WSB is were you get your ideas. 5) Option Trader’s Hedge Fund - this looks at running an options book as a business. It’s more of a TastyTrade approach to the market, but still useful for keeping yourself from getting blown up.

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Watch some YouTube videos to understand the basics including the greeks

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Tasty Trade is good, though I prefer Think or Swim. They have a ton of trading videos that also teach how to use the tools. Learning the basics of the Greeks is important. You also need to know your objectives before picking the strategy you want to focus on.

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Excellent replies - thank you folks!

YouTube. Start small with something you are willing to lose just to learn the mechanics.

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