Sheridan Options Mentoring Review

[Guest]

Hey guys new here but have been trading for about 2 years now.

Has anyone ever tried or heard of this guy Sheridan Options Mentoring?

Are these classes any good I am looking to refine some of my Iron Condor techniques.

 

Thanks!!!

[Kim 7,943]

There are some members here who took Sheridan options courses. Just do a search and you will find many topics mentioning him.

 

Here is some more info about Sheridan Options Mentoring program:

 

Sheridan Mentoring reviews

Sheridan Mentoring Administrative Fee

 

I myself went through the program. It's a good program, but pricing has changed significantly since then. I would pay attention to a small print. 

 

Here is another good discussion comparing different options and alternatives: http://forums.capitaldiscussions.com/threads/looking-for-guidance-sheridan-options-mentoring-smb-u-or-john-locke.366/.

 

My biggest concern would be if you currently get good value for money. The program used to be 6k for lifetime membership including 12 one on one mentoring sessions and ALL new and old courses included, with no extra fees. Today all programs are limited in time (no lifetime membership anymore) and the gold program is much more expensive.

 

Overall Sheridan Options Mentoring is a good options program. They always have been saying that options trading is a hard work and you need to practice the craft a lot before you can become successful. They don't promise any shortcuts, only hard work. I share this philosophy very much.

 

Unfortunately the community is not what it used to be. Many veteran members left and the discussions are much less intense than they used to be. So you need to decide if 7k is a good value for mentoring only, without the added value of the community.

[tnTrader 2]

I recently took a live Sheridan mentoring class titled "Weekly Options for Income".  It was very good for me.  I've been working on my options trading for about 18 months now, including study time before real trading.  I've been a member here since last summer. 

 

I've not followed up with Sheridan mentoring or community, but might do so after I get a little more experience.  I do continue to watch a number of the videos they release.  I'm convinced there are a number of successful methods one can follow.  The trick is to find what fits your comfort zone.

 

There is also a great community of knowledgeable people here.

Hugh

 

 

[pintodave 86]

On 5/27/2016 at 5:12 PM, smorsey said:

Hey guys new here but have been trading for about 2 years now.

Has anyone ever tried or heard of this guy Sheridan Mentoring?

Are these classes any good I am looking to refine some of my Iron Condor techniques.

 

Thanks!!!

I'd also vouch for Dan's work, like Kim said he is very honest in his assessment of things. Lots of free stuff on youtube to watch, I've done a couple smaller paid courses/events over the years and if I traded full time or with a larger acct I wouldn't hesitate to add more of his paid educational stuff to my toolbox.

[Guest James]

It is important to mention that Dan doesn't trade his own account. He is a very good salesman and teacher, but I wouldn't take mentoring sessions from someone who doesn't actually trade.

[RapperT 336]

On June 17, 2016 at 8:17 AM, SteadyOptions said:

Here is another good discussion comparing different options and alternatives - http://forums.capitaldiscussions.com/threads/looking-for-guidance-sheridan-options-mentoring-smb-u-or-john-locke.366/.

 

There is no doubt that this is a good program - my only concern would be if you currently get good value for money. The program used to be 6k for lifetime membership including 12 one on one mentoring sessions and ALL new and old courses included, with no extra fees. Today all programs are limited in time (no lifetime membership anymore) and the gold program is much more expensive.

Kim do you have an opinion(s)  you are willing to share about the programs in the link you provided (outside of sheridan as you already provided good feedback)?

specifically Locke..I know you have referenced him in the fly trades

[Kim 7,943]

I'm not personally familiar with other programs. I know that SMB has solid reputation.

 

I would like to share my latest experience with Dan Sheridan.

 

Yesterday I visited Sheridan online forum. To my surprise, the forum is very inactive, with about 20 new posts per month (to compare, we have more than 40-50 a day). I posted three comments which disagree with Dan's opinion. All three comments have been deleted. Dan then emailed me and asked to call him. I replied that I'm a bit busy (which I was - unlike Dan, I'm actively trading). Then I get the following email from Dan:

 

"

Kim,

 

I asked you to call me to discuss this. Since you are to busy to talk, for now, I have taken you out of the community."

 

 

 

I'm posting a screenshot of the email because some people might be skeptical that this is even possible. I paid $6,000 for a lifetime access, and now I'm banned because I was too busy to call him.. 

 

It turns out that this is typically what Dan does if he perceives someone as a competitor. He did it with Seth Freudberg, Mark Sebastian, Tony Sizemore, John Locke, Kerry Given (aka Dr. Duke), Casey Platt and I’m sure quite a few others. So I'm in a good company..

 

Regardless of my personal case (which is a good reason by itself not to join the program), I feel that at this point I cannot recommend Sheridan Mentoring anymore, for the following reasons:

1. It became too expensive, and covers only 12 months of membership, compared to previous lifetime membership.

2. One of the main benefits was the community, and the community is pretty much dead right now.

3. The courses became very repetitive and don't provide much value anymore.

 

The only reason to join this program might be the mentoring. But paying $7,000 for 12 mentoring sessions sounds a bit expensive to me.  

[RapperT 336]

ouch.  good feedback.

Edited June 22, 2016 by RapperT
spelling

[Kim 7,943]

I registered to Sheridan Mentoring program in 2012. Like others, was told that my $6K fee includes lifetime membership. Then in 2014 I got the following email from Dan:

 

"I love teaching and helping the Community and I wish I could provide this for free, however, in order to maintain and improve our Community a small annual administration fee of $300 will be implemented. 

In order to maintain your access to the live and archived content, please pay by, October 31, 2014 (use below link)."

 

Which basically means that if you don't pay the fee, you will be banned from the community. Obviously the $6k fee that he collected from 2,000+ members over the years was not enough.. (that's $12M total fees, not including all the extras he charges for single courses and seminars). 

 

To me, it was breach of trust and breach of contract, and enough reason to leave the community. Kind of explains why the community went down the hill in the recent couple years..

 

[DavidR 1]

This is a sad end to once great community. You have to give credit to Dan Sheridan for being a pioneer in this area, but he became a victim of his own success. Sheridan Mentoring is slowly dying. All great members started their own businesses or moved to other communities.

[Aeromir 8]

I was a student at Sheridan Mentoring in 2006 and built Dan's web site, then worked for Dan from Jun 2007 through Nov 2013. After I left SOM, I did some work with other firms such as SMB and Option Elements (Tony Sizemore) and ended up creating Capital Discussions.
 

Dan has a long history of deleting posts or kicking people out of his community that he doesn't like or deems a competitor as Kim mentioned earlier. Many of us have moved on. Dan is good for teaching the basics but he doesn't trade so you can only go so far with him. In a typical week, Dan used to teach 30-35 mentoring sessions. Now it's 0-3 per week. It's kind of like learning to be a surgeon from someone who hasn't operated in 12 years.

As far as the admin fee goes, anyone who paid for mentoring before 2012 does have lifetime access, but you have to ask them to waive the annual admin fee. They sent one email out about this, but only 30% of people open emails on a good day, so the majority of mentoring students are likely unaware of this fact. I'm sure there are people who should get the admin fee waived but are paying it as they are unaware they are entitled to a waiver.

I'm attaching the Sheridan Student Agreement from 27 March 2010. Paragraph 7 outlines "Termination of this Agreement." They can terminate your account if you "breach the terms of this agreement" but it never says anything about posting messages that Sheridan doesn't like or approve of or if Sheridan perceives you are a competitor.

It is sad to see the SOM community dying as it was once the only game in town and quite active with many traders interacting with each other, similar to the Steady Options forums or Capital Discussions forums are now.

Mark Fenton does trade and does nearly all of the mentoring. It should probably be renamed to Fenton Mentoring.

 

SheridanMentoringStudentAgreement.pdf

Edited June 29, 2016 by Major Tom

[Kim 7,943]

Thanks for sharing Tom.

 

Got the following response from Dan:

 

"In Dec of 2012 SOM changed our program from lifetime access to year-to-year. Our users simply have to pay $300 per year to maintain full member access. When we rolled out this new policy we did not strictly enforce it to all members. Because Mr. Klaiman was on the cusp of the change we grandfathered him in without having to pay those additional fees. We could have forced all members to pay, but we did not feel that was the right way to conduct business. Mr. Klaiman has not had to pay this annual administrative fee for the last 4 years, that an additional $1200 of savings that we have passed on to him beyond his original savings."

 

This is definitely not accurate, since the fee was introduced in 2014 and not 2012, and it was not legal to implement it to existing members, only new ones. 

 

They also have a new clause in their agreement:

"Sheridan reserves the right to terminate site and materials access to anyone whom it deems to be a competitor in options education."

 

This clause was not in the agreement that I signed, but they use it now to ban everyone whom they consider competitors.

 

 

It must be frustrating for Dan to see his community going down the hill, but I guess he has only himself to blame.

 

[Guest James]

Changing agreements for existing members is a really bad business practice. I liked the program but I thought the $6K was for a lifetime membership. I felt ripped off when they changed the membership to have a 12-month duration. I guess now Dan is eating what he cooked. It is very hard to build a solid reputation, but very easy to destroy it.

[IncomeTrader1 6]

It's unfortunate, but I have to agree: Sheridan Mentoring is not what it used to be. Courses became repetitive, the program itself is now way overpriced, especially considering the extra annual fee. There are much better options now, Capital Discussions is probably one of them. And Dan Sheridan defending Karen Supertrader is very disturbing as well. No wonder they are now in conflict with most of their former partners, including OptionNet Explorer. 

[Guest James]

Here are some interesting comments from other forums:

 

"Dan IS NOT A TRADER, in fact he made his living at the CBOE teachiing DR.J's 'ol Mercury traders. I have ZERO respect for him and I have lifetime license there !!"

 

"I think it is criminal what Sheridan is doing. When I signed up there was no discussion of future fees. It was sign up and you can use it for life. To me this is nothing but greed. I did not sign any agreement that allows Sheridan to charge fees in the future."

 

I would be very careful before signing for Sheridan Options Mentoring. Based on feedback from too many people, it is overpriced program run by dishonest person who has zero tolerance for dissenting voices. In addition, the person doesn't actually trade, and as one of the posters mentioned, it's like learning to be a surgeon from someone who hasn't operated in 12 years..

[Kim 7,943]

I would like to address a comment posted by one of the members in another topic:

 

"And mentoring for 200 to 300 a session. I can assure anyone doing this type of service is a shitty trader. Those people are snake-oil salesman. Snake oil salesmen always show their true colors."

 

There are all kinds of mentors and mentoring programs. As I mentioned, I personally went through Sheridan Mentoring program and considered it beneficial. But you need to judge the program for what it provides. If a program is $7k for 12 mentoring sessions and access to the community, but the community is essentially dead, then you are basically paying $580 per mentoring session. Is it a good value? It's up to you to decide.

 

As for snake-oil salesman comment - I'm not sure why it's okay for university professor or high school teacher to give private lessons, but when it comes to options mentoring, it is considered snake-oil salesman. Each mentor should be judged on case by case basis. I know many mentors (or subscription service providers) who are "shitty traders" or don't trade at all. But there are also some who are excellent traders with proven track record. This is why it is important to do your research and select someone who actually trades and who you trust. 

[Amos 4]

13 minutes ago, SteadyOptions said:

I would like to address a comment posted by one of the members in another topic:

 

"And mentoring for 200 to 300 a session. I can assure anyone doing this type of service is a shitty trader. Those people are snake-oil salesman. Snake oil salesmen always show their true colors."

 

There are all kinds of mentors and mentoring programs. As I mentioned, I personally went through Sheridan Mentoring program and considered it beneficial. But you need to judge the program for what it provides. If a program is $7k for 12 mentoring sessions and access to the community, but the community is essentially dead, then you are basically paying $580 per mentoring session. Is it a good value? It's up to you to decide.

 

As for snake-oil salesman comment - I'm not sure why it's okay for university professor or high school teacher to give private lessons, but when it comes to options mentoring, it is considered snake-oil salesman. Each mentor should be judged on cases by case basis. I know many mentors (or subscription service providers) who are "shitty traders" or don't trade at all. But there are also some who are excellent traders with proven track record. This is why it is important to do your research and select someone who actually trades and who you trust. 

Well I agree and disagree. A university or high school just does not die leaving the community. With those types of schools you are able to take your credentials with you and continue your education. In Options and in trading general, if a community dies you pissed away 7k in your case.  So not only did you get screwed if you paid 7k, you got screwed by a snake-oil salesman and lost your credentials. Sure you may have gained some knowledge but the network is gone and no credentials to bring to another service besides knowledge gained. Then knowledge obtained is a stretch for a lot of these clowns in this service. I can point out 100's of pieces of shit, and yes I am saying that, who  rob and steal from people trying to make a living in a world economy that is shrinking due to a massive bubble created by parasitic bankers.

 

The trading world is one of the worse industries on the planet that thrives on individuals with "hope". They didn't coin the terms smart money and dumb money for nothing and throw in retail and institutions as other words.

 

Now is it good value then that is up to you. You do a good deed here by allowing a free trial. That is plenty of time to see if this place is for you. I applaud you for it and which is a reason I am giving this service a fair shake.

 

We will either agree or disagree. That is fine but I have my feelings towards these types of services and it is ok if you have yours. At the end of the day it is my money and it is your money. Some may find value with certain services while others do not. That is quite alright in my book.

[Kim 7,943]

Same here - agree and disagree  Agree that if you paid good money and the community is gone, you feel felt ripped off, especially if the membership has been changed retroactively. However, I personally still feel that I gained a lot from the mentoring program, and this knowledge is not gone. Whether it was good value for money considering that part of the program is now gone is another question.

 

But if you went to a program that charges half of that, and also provides you with some extra perks, that might be good value for money. I definitely agree that "knowledge obtained is a stretch for a lot of these clowns in this service". And I also agree that the trading world is one of the worse industries (the diet industry is probably in the same league because it also thrives on people with hope). But that doesn't mean that there are no exceptions. I hope many people consider SteadyOptions as one of the exceptions in this highly corrupted industry. This is why I would not call ALL mentors Snake oil salesmen, and it's important to do the homework before joining any mentoring program (or subscription service).

[Amos 4]

3 minutes ago, SteadyOptions said:

Same here - agree and disagree  Agree that if you paid good money and the community is gone, you feel felt ripped off, especially if the membership has been changed retroactively. However, I personally still feel that I gained a lot from the mentoring program, and this knowledge is not gone. Whether it was good value for money considering that part of the program is now gone is another question.

 

But if you went to a program that charges half of that, and also provides you with some extra perks, that might be good value for money. I definitely agree that "knowledge obtained is a stretch for a lot of these clowns in this service". And I also agree that the trading world is one of the worse industries (the diet industry is probably in the same league because it also thrives on people with hope). But that doesn't mean that there are no exceptions. I hope many people consider SteadyOptions as one of the exceptions in this highly corrupted industry. This is why I would not call ALL mentors Snake oil salesmen, and it's important to do the homework before joining any mentoring program (or subscription service).

And I do feel you have a legitimate complaint about what happend to you. You were extorted for more money and he banned you. That is terrible and one of the reasons I am hesitant about any paid service in this industry. And diet industry I swear I lost 3000 pounds total in my life but you couldn't tell lol.

 

Again I like this service and have already got my money's worth. I did gain more knowledge and was able to meet good people. Maybe didn't meet some how I envisioned, but we all got to know each other a little better.

 

IF you ever do mentoring program just be sure to allow potential clients to test the waters. Hell, maybe make them join the forum first for a few months then decide. We agree this world is too hard for others especially after they were promised castles made of gold by the many clowns of CNBC .

[Guest Isaac]

I did Sheridan Mentoring program few years ago, and I can share some insights.

First, the one on one mentoring is probably the only thing that can be a reason to consider it. It did include also access to community and unlimited courses (not anymore). But community is pretty much dead now, and courses became very repetitive. I mean, how much you can squeeze from iron condors? They have a new IC course about every year, but if you took one, it's pretty much enough. So if you consider to learn say 4-5 strategies, you can cover it with probably less than $1,000 (and Sheridan in my opinion is not the best).

 

Now to mentoring.

I took mentoring sessions with 3 mentors: Dan, Mark and Jay. Dan is pretty much useless as a mentor. He likes to give you a "big picture", but not too many useful information. And this is to be expected as he is not actively trading. Mark is okay. But Jay was the real value. If I would consider the program again, he is the only one I would go with.

Overall, mixed feelings. It is not completely useless, but for 5k I paid, there are much better programs. And today it is much more expensive and gives you less (no lifetime access, only one year etc.)

Just my 2 cents. 

[Der08 0]

Hi All!

I am planning to buy 1-2 option strategy courses from Sheridan Mentoring but first I wanted to be sure that It is worth it. I have just read this forum and I am not sure that this is the best option. Can you mention better course for calendar spread, iron condor or possibly diagonal spread? I have a basic knowledge and I just want to get more information about non-directional experience with these strategies.

[Kim 7,943]

Personally I believe you won't find a better value than SteadyOptions.. but I'm biased of course.

I mean, an average course from Sheridan (or other providers) is around $300-500. Most of those courses are for beginners. But they typically teach you theory only. And today there is a lot of free stuff on the internet. 

If you want to learn about diagonals for example, you can subscribe to our Simple Spreads program for only $575 for a full year. You will gain a practical experience and watch professional traders managing their trades. Learn as you go. 

[SureTrader 40]

7 hours ago, Der08 said:

Sheridan Mentoring but first I wanted to be sure that It is worth

They are nonsense, IMO. Beware.

Most people trade against themselves too by not following a plan or not even having one when they begin. SO fixed that for me and I am very grateful for that.

These courses are similar to online colleges. You'll get a degree but that's about it.

[Ringandpinion 1,657]

For the mechanics and basics of trading, go to the OIC courses or Thinkorswim.  Once you want to learn to apply the knowledge, I agree with @Kim, best bang for your buck is SO.  None of it is of any use unless you apply yourself.  Getting shot at is easy, shooting back while being shot at is a little harder, but hitting what you shoot at while being shot at is the real trick.

[t'pee 541]

8 hours ago, Der08 said:

I am planning to buy 1-2 option strategy courses from Sheridan Mentoring but first I wanted to be sure that It is worth it. I have just read this forum and I am not sure that this is the best option. Can you mention better course for calendar spread, iron condor or possibly diagonal spread? I have a basic knowledge and I just want to get more information about non-directional experience with these strategies.

I have nothing to add about the quality of SO, there is simply nothing like it, its worth its weight in gold (at elevated gold prices). SO is demanding (it was/is for me at least) because this service wants you to understand and expects you to put in the work that is required to understand how options work, but it is effort more than well spent. I am not sure courses on strategies are the best way to get an under-the-hood understanding of how options work (and act as part of a risk managed portfolio) I think there is no substitute to (re)reading and studying the following important books, apart from the last couple these are recommendations I got from SO:

• The rookies guide to options - Mark Wolfinger
• Trading Option Greeks - Dan Passarelli
• Options as a Strategic Investment - Lawrence McMilan
• The Volatility Edge in Options Trading - Jeff Augen
• Option Strategy Hedging & Risk Management - Brian Johnson
• Optionsplaybook - Bryan Overby [good reference to all the major strategies]

[Kim 7,943]

2 minutes ago, t'pee said:

I have nothing to add about the quality of SO, there is simply nothing like it, its worth its weight in gold (at elevated gold prices). SO is demanding (it was/is for me at least) because this service wants you to understand and expects you to put in the work that is required to understand how options work, but it is effort more than well spent. I am not sure courses on strategies are the best way to get an under-the-hood understanding of how options work (and act as part of a risk managed portfolio) I think there is no substitute to (re)reading and studying the following important books, apart from the last couple these are recommendations I got from SO:

• The rookies guide to options - Mark Wolfinger
• Trading Option Greeks - Dan Passarelli
• Options as a Strategic Investment - Lawrence McMilan
• The Volatility Edge in Options Trading - Jeff Augen
• Option Strategy Hedging & Risk Management - Brian Johnson
• Optionsplaybook - Bryan Overby [good reference to all the major strategies]

This is my list of Recommended reading - I believe most your books are there.

[Der08 0]

Good to see how fast the answer is. Inferring from the comments I will try the SO. I will be wondering how much and what knowledge it will give.

[Petr 25]

@Kim after all that was written here, Dan offered a new Pro plan https://www.sheridanriskmanagement.com/subscription/pro here. Do you think it is worth subscribing? Thank you. for your opinion. Petr

[Kim 7,943]

I think the first question to ask when considering a subscription service is: do they actually trade?

If they do, do they track their live trades? Do they publish their track record? If yes, is it honest and transparent?

If they don't trade, how do you even know that the methods they teach are profitable?

 

As Tom Nunamaker mentioned, it's like learning to be a surgeon from someone who hasn't operated in 12 years.. (now it would be 20 years).

I think the fact that they now charge monthly subscription instead of one time fee doesn't change all previous comments. The essence is the same.

[Petr 25]

46 minutes ago, Kim said:

I think the first question to ask when considering a subscription service is: do they actually trade?

If they do, do they track their live trades? Do they publish their track record? If yes, is it honest and transparent?

If they don't trade, how do you even know that the methods they teach are profitable?

 

As Tom Nunamaker mentioned, it's like learning to be a surgeon from someone who hasn't operated in 12 years.. (now it would be 20 years).

I think the fact that they now charge monthly subscription instead of one time fee doesn't change all previous comments. The essence is the same.

Makes sense @Kim. Thank you for your honest response. I appreciate it.

[Pinkwolf3 1]

It's crucial to note that Dan doesn't trade using his own account. While he excels as a salesman and teacher, I wouldn't seek mentoring sessions from someone who isn't actively involved in trading themselves.

[falkor 254]

Dan Sheridan is still running webinars for IBKR. I attended one a few months back, where someone asked a question about gamma scalping and he gave a completely incorrect explanation. Just entirely off base. Since then I have assiduously avoided any of his content.

If you are the kind to watch IBKR webinars, I would also advise caution if it is a session hosted by Dan.