Updated: Apr 9, 2019
I have been on this journey before and for all intensive purposes, I am still on this journey together with you. I can speak to what led me to almost completely lose everything in my first options account, and how learning from those mistakes helped me to rebuild a small but well managed portfolio going forward. I welcome you to join me in the adventure but first lets get you outfitted with what you will need:
Step One: Education
There are literally thousands of options education sites out there but below are a couple of my favorites:
1. Shameless plug for my Youtube channel - https://www.youtube.com/watch?v=1bhfDJOUbqc
2. or you could check out the tastytrade network.
Step Two: Market Awareness
In order to be an effective trader it helps to start understanding the way the market moves and how certain things influence trading behaviors. Think about checking out sites that you feel present the Market information in a way that resonates with you.
Step Three: Chose a Platform that interests you!
There are hundreds of platforms and there is no telling how many you will use as you grow more sophisticated in your trading. I only recommend that you try more than one and that you keep an open mind as to what features actually provide any real value to you. Some platforms are so advanced that the beginner trader won’t need or use half the technology that is built into the platform but you would end up paying a fortune for it. Think of like buying an expensive JEEP fully kitted out and lifted for off roading and mudding but all you ever do is drive it on side streets. Why waste the money when what you really need is something with a few less bells and whistles and a much easy learning curve.