Have you started to trade options? Are you intrigued by the power and creativity of options trading? Want to learn from and collaborate with others?
The overall objective of this group is to trade options, mostly credit spreads, with the purpose of generating small, consistent gains while limiting and managing risk at all times. This group is geographically located in the western GTA; meetings are held just north of Square One in Mississauga.
You should join IF: * you are already trading options or are seriously considering trading options * you want to discuss your own trading ideas, strategies, and results with others * you want to learn from others about their ideas, strategies and results
You should NOT join IF * you have no idea what options are or believe that option trading is too risky or scary * you don't want to share your own trading ideas * you don't think you have anything to learn from others * you have a service or product you want to pitch or sell to this group
This group is open to anyone who is already trading options or would like to trade options and want to learn how others are doing it. We can all learn from each other and, regardless of your experience or skill level with trading, we all have valid ideas and concerns and we will all benefit from hearing what each of us has to say. The #1 rule is - the Golden Rule - Treat others as you would like to be treated. While the main purpose of this group is to learn from each other, meetings are held in a social setting where everyone can feel comfortable and relaxed. Ideally, members will find it worthwhile to collaborate and get together beyond the meeting dates of this group. After all, if we're not having FUN, then what's the point?
Meeting format: Meetings are expected to last 2+ hours and will follow an agenda that will be distributed to members beforehand. It is expected that 1 or more topics of interest will launch the meeting and there may be a presentation followed by discussion among the group. Minutes will be taken during each meeting, then distributed to all attendees via email. Everyone attending will be encouraged to suggest ideas for future meetings; anyone can present. Initially, meetings will be held at the home office of the meeting administrator.
Meeting dues: Attending the 1st meeting is free. For all subsequent meetings, members are requested to make a $2.00 payment via cash, bank e-transfer, or PayPal to help cover admin costs. Any member not paid-up will not be able to attend subsequent meetings and will not receive any materials.
Some topics that are intended for future meetings include: • Why option trading is safer than buying stock • Basic option strategies • Advanced option strategies • Comparing strategies, e.g. Ratio Credit Spread vs. Bull Put Spread • Commodities and Futures • A Trading Plan to Get Rich Slow • Trading platforms and commissions • Implied Volatility and the Greeks • Standard Deviation • Why Delta-neutral is important • The benefit of Option trading education sites • The myth of Option trading advisory services • Tracking and categorizing your trades
Meeting administrator: Al Baker I’m in my mid-60s, live in Mississauga (about 10 min west of the airport), and I have an Excel services and consulting business. I started trading options in 2018, using the Thinkorswim platform with TD Ameritrade. My trading philosophy is risk averse; accepting a lower rate of return for lower risk. I have traded several types of options, including directionals, verticals, iron condors, strangles, and butterflies but I’m leaning towards trading mostly vertical credit spreads. As an Excel-junkie, I’ve created a trading log which allows me to keep track of every trade I make, including full risk and profit parameters, as well as evaluating my trades so I can see how successful, or not, any particular strategy is. I like to think I trade almost mechanically, following a precise set of rules regarding when and how to enter and exit every trade. While I like to think that, I know I’ve made a few mistakes and have paid dearly for them. I won’t make those mistakes again. I strongly believe in the “2 heads are better than 1” approach. By collaborating with others on trading and sharing ideas and results, a better experience should be had by all.