I am trading options since 35 years and not a technology savvy guy. Can't handle even Excel.
I consider financial trading world as an Ocean and I believe there is no secret way as such to fish there.
I teach finance students FREE who want to have a career in trading sector. In addition to teaching job seekers, I also train retirees FREE of COST.
In fact, I would love to transfer my experience of 35 years experience to anyone free of cost as long as they are serious and highly motivated.
Learners would rather pay $$$$$ for courses or mentoring fees in order to get "effortless success". Trainers exploit this weakness to sell their services. Brokers provide free paper trading platforms or colorful video games to lure them knowing well 99% will lose.
Programmers who as well believe in "effortless success" turn signal provider or EA makers to cover their losses from trading adventures. Having traded untested ideas and strategies by investing their time and money, they now want to recover the money. Running a business needs investment. Which they don't have and they get disillusioned.
Options trading trainers don't know how to tame the Theta (time-decay) Beast which needs a few years of regular practice turn to teach selling. Financial Advisors are sourcing deep pocket clients and promote selling a quick income channel. Brokers are happy that trainers are promoting trading of multi-leg options.
For me Buying is the key to the riches.
This is my Quick Lesson for option learners. Just focus on buying options for at least 5 years.
Just like any profession you need certain skills and need to gain experience. Options trading is no different from it.
I am basically a currency futures options trader but the futures options market just covers a fragment of the total currency options market. OTC options data is not accessible to a retail trader and so I use Spot FX trading tactics to trade CME fx futures options using Interactive Brokers platform.
As against CFDs, the Index futures options market provides a levelling field. Most of the data is known publicly. I am now trying to find out about the data for major 12 markets .
Since I have access to live Open Interest and volume data and charts, I have been able to turn it into a profitbale business.
Buying Index options to my mind, provides a chance to grow small accounts in big levels in 2 years. 2000% proift from 80% of wins and 1000% deficit from 20% of losses is good enough to make 1000% profit in a year.
Big problem with buying options is you start with a negative 25% probability of making it. Sellers of options enjoy 25% positive probability of making a profit.
Basically, I need graphs of Open interest and volume like this to help take trading decisions.
Treat the strike price attracting the largest volume of Call options as Resistance Line and the Put with the largest volume of Put Options as Support Lines.
And then see the tug-of-war between the sellers trying to save their skins.
Options buying is simple but needs discipline and use of skills rather than hopes. It is a boon to retail investors as long as they stick to trading of one leg only. Buy call or Buy put. Full stop
IB tools are designed for professional and not user-friendly for retail traders. So make a new interface or dashboard to work on the pulled live data and produce same data but in a differerent easy to understand and easy to take decision upon format.
The intention is to use IB live data (free through my paper trading account) , its sample application, its analytical tools to develop a simple dashboard that can help make quick decision while trading manually.
IB provides three different interfaces for analysis of options and Futures Options.
Pre-trade Start 1
Pre-trade Start 2
Pre-trade 3, to get scenario to know margin requirement as well
Some 35 years ago I was a business journalist and the last job was with Asian Wall Street Journal before I turned entrepreneur. It is easier for me to use Google websites and its auto-formatting features than store text virtually. I store free educational material sharing my actual experience with ZERO monetary consideration. Anybody who is serious and willing to invest at least 1 hour a day for 5 years can be real good profitable trader. But looks like people would rather pay $100,000 to attend a course looking for "effortless success formula" than invest time.in learning and doing together or find a financial advisor to manage their money.
My teaching methods : I conduct training laboratory style which means you learn and do together. I am a trader and content with my trading income.I force my students to produce online courses. In fact it mimics the way I learned financial trading 35 years ago as part of rapid learning process.