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Kim

Mentoring Program

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We are pleased to introduce a mentoring program where experienced members will help newer members to get up to speed. The mentors will provide guidance and answer questions on the forum. This program will provide new members with more diversity, more opinions, and let older members to contribute from their experience.

Traders who have been SteadyOptions members for considerable period of time, have a good understanding of options and the strategies we use, and are willing to help, are good candidates to become mentors. Potential candidates would need to build some history of contributing on the forums and responding to members questions.


Mentors will have "Mentor" title and brown color.

Please note that this is NOT one on one mentoring. I encourage members to post their questions on the forums so everyone can benefit and learn, instead of PM the mentors.

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For members, there is no change - you post your questions on the forum. You will just have the mentors answering them, and you will know that those are members you can trust. Of course I'm still here and will be available as well, but it will allow for more active and prompt responses (in case I'm not near my computer, there will be a mentor to provide a prompt response). And members will get more diverse responses.

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My experience starts in the 90's when I used to do phone trades with commodities.  With the internet and such I passed the Series 7 and started trading stocks with Bright Trading in 2001 for a few years in their heyday.  That tapered off a few years later with the introduction of high frequency trading.  I just couldn't compete. I traded both stocks and options on my own after that with mixed success.  Good enough to keep going but not making much.   I have tried many services and am surprised when we actually get openings for new members, as Steady Options is easily the best out there for retail option traders from home.  I hope to contribute by answering questions from these new traders as they come on line with us.  The regular newbie questions that get asked again and again, whenever spots become available. I trade and understand the official Steady Options strategies and will help there as much as possible (allocations, how to get well priced fills, some of the whys), although there are obviously quite a few very advanced and knowledgeable people here.  I trade full-time and am usually available, however I have been traveling the past few weeks. 

 

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Wanted to write a short bio as well.

I trade options since about 20 years. I started very young with the idea to double my money every few weeks :)  needless to say I burned my account a few times back then. Thankfully very low amounts but it still hurt as back then that was a good chunk of my (non existing) savings. It still inspired me to pursue a career in option trading. So for 12 years I traded options for a number of banks. I survived the financial crisis while trading bank stocks and options (fun times). But I left years later when banks got out of trading due to more regulation, compliance and margin pressure. From that time I think I have a very good technical option knowledge.

I traded my own money full time for a year after that. I was surprised how different that was from trading at a bank. I learned more about position sizing, discipline, psychology and myself as a trader than in the years before and I found that SO helpful for that.  I had time to do extensive research on every trade Kim suggested and find my own trades and I would have my own timing and entry levels. I was quite active on the forum in that time and many of the well over 1,000 comments/posts I made are from that time. I’m back to a ‘normal’ day job since a few years now so have a lot less time for all of that and scaled my trading back to a few systematic, low maintenance trades – Steady Condors is one of them (I have my own setup and timing but its not too different what SC does). I’m trying to add a few single stock earnings trades back into the mix so I’m getting a bit more active again on the forum as well and will try to be helpful when I  come across a question and as time allows. I will tend to pick up question that are option or trading specific (Greeks, assignment, trade setup… etc) as I will only be in a handful of trades a quarter so will have little to say about the specific setup of a particular trade unless I’m in it.    

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I am a newbie to S.O. and would like a bit of tutoring: (1) I have read thru the opening of this topic Mentoring and the various Bio clips for the Mentors and now (2) How does it work? (a) do I post a question or situation here or (b) do I try to find a more specific heading per se ?  For starters I have an already open IB account and (i) I signed up for the $5.00 data bundle (do I really need that?) (ii) I am thinking I should have OptionNetExplorer (ONE) and how does ONE get data from IB? Thanks and standing by. 

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13 minutes ago, 4tach said:

I am a newbie to S.O. and would like a bit of tutoring: (1) I have read thru the opening of this topic Mentoring and the various Bio clips for the Mentors and now (2) How does it work? (a) do I post a question or situation here or (b) do I try to find a more specific heading per se ?  For starters I have an already open IB account and (i) I signed up for the $5.00 data bundle (do I really need that?) (ii) I am thinking I should have OptionNetExplorer (ONE) and how does ONE get data from IB? Thanks and standing by. 

Just ask your question under the related topic, not here. Yes I take the bundle. Yes I would recommend ONE and it gets its feed from IB.

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14 minutes ago, 4tach said:

I am a newbie to S.O. and would like a bit of tutoring: (1) I have read thru the opening of this topic Mentoring and the various Bio clips for the Mentors and now (2) How does it work? (a) do I post a question or situation here or (b) do I try to find a more specific heading per se ?  For starters I have an already open IB account and (i) I signed up for the $5.00 data bundle (do I really need that?) (ii) I am thinking I should have OptionNetExplorer (ONE) and how does ONE get data from IB? Thanks and standing by. 

Welcome 4tach,  I would also recommend reading more than once the articles Kim has posted regarding the strategies we use.  These articles will give a good understanding of what we are doing.

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For example Kim just posted a discussion of the upcoming NFLX trade.  Follow the discussion and after reading up on the strategy, post to that forum if you still have questions.  As a newer member, I would follow along and take the trades as they are posted.  You have to follow all trades and discussions to get email alerts.  Set up a twitter to receive trade alerts as they are faster.

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@Paul Thanks for the reply. Not be flippant but I have read over 50+ hours on this site during the past two weeks. Also I have a carefully crafted hand written notebook of some of what I have attempted to retain.  I deeply appreciate the caliber of traders and intellect found here and I appreciate finding this group and I appreciate being able to join. In the sense of economy of effort: when I spend half an hour looking for something and cannot find an answer it seems to me to make sense  to inquire here. And yes, I both read and re-read articles by Kim and others but again in the interest of economy the question becomes for me: is this a purely intellectual enterprise or one of practical skill and familiarity with tools, techniques, and trading.

Edited by 4tach

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Would any of the mentors be willing, with Kim's approval obviously, to do webinars on different topics related SO strategies.  It would be great if we could watch and learn and then have the ability to ask questions on a regular basis in a more concise setting.  They could be recorded and we could repeatedly go back to the topics when we have forgotten something or had missed something.  Also new members could be directed there and would help get them up to speed quicker.  The webinars that Kim have done in the past were great and i have watched them several times.  I have found new info i had missed or wasnt able to comprehend at the time but when i returned i was able to digest.  I think this would be a real asset to allot of less knowedeable members.  

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Only 1 month with SO and I've been trying to follow Kim's trades. The start of the year has had some significant losses what will require a number of profitable trades to get even. Is it typical to suffer these kinds of setbacks? 

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Just now, mrw02536 said:

Only 1 month with SO and I've been trying to follow Kim's trades. The start of the year has had some significant losses what will require a number of profitable trades to get even. Is it typical to suffer these kinds of setbacks? 

Don't get discouraged....be prepared to lose it is part of trading.  Look at the performance page it speaks for itself.

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3 minutes ago, mrw02536 said:

Only 1 month with SO and I've been trying to follow Kim's trades. The start of the year has had some significant losses what will require a number of profitable trades to get even. Is it typical to suffer these kinds of setbacks? 

i have gone thru those phases and ended up profit. btw, when you say "significant" it depends on individual mindset. we cannot say how many number of profitable trades to break even unless we discuss more in detail.

Things to do is, do not do same mistake, and do with paper trade as kim always say. 

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3 minutes ago, mrw02536 said:

Only 1 month with SO and I've been trying to follow Kim's trades. The start of the year has had some significant losses what will require a number of profitable trades to get even. Is it typical to suffer these kinds of setbacks? 

Our recommendation is always to start with paper trading for at least one month. But I can only lead a horse to water... At the end of the day, it's your money and your decision.

That said, I'm not sure what "significant losses" you are talking about. Those are all 2018 closed trades:

 

image.png

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12 minutes ago, mrw02536 said:

Only 1 month with SO and I've been trying to follow Kim's trades. The start of the year has had some significant losses what will require a number of profitable trades to get even. Is it typical to suffer these kinds of setbacks? 

@mrw02536 With only 1 month in, you should at least see the opportunity and value SO has to offer. My first year with SO was not good, BUT I could see it was going to take a change in myself and my own trading to make this happen. 

 

At this point, you should not have significant loses. You will make mistakes, which is fine, but you are going to have to have a different mindset on how your trading can be better going into the future. Do not over leverage, do not chase prices, do not close trades early for the the quick profits, and let the losers run. Some of these are just bad habits all traders have. Expect to NOT get every fill Kim gets, but by learning the strategies, you will get the opportunity to get better fills than Kim by anticipating the trades.

 

You're equity curve will not go straight up. You will have some drawdown with ANY strategy. 

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Please accept my apologies if this is the wrong place, but I'm merely looking for guidance. I have been trading various option strategies for many years so I am not new to trading. My trading funds are discretionary and not a large part of my savings. I agree the number of losses have been small. UAL was an exception and today the SVXY loss will be $750.00. I like Kim's trading strategies and have already benefited from his trade ideas. I was merely pointing out that dollar wise the few large losses take work and time to make up.

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My advice remains the same: learn first, trade later. And it applies not to new traders only. I'm pretty sure that many of the strategies we implement are new to many traders even with many years of experience. 

Yes, UAL was our biggest calendar loss since inception, and SVXY loss is not pleasant. But we all know the risks of SVXY trades (they are clearly outlined in the discussion topic), so if you used the right position sizing as recommended, it is around 3% loss on the whole portfolio, well within our parameters. This loss comes after 6 winning trades streak, with average win of around 35-40%. I understand that most of them were before you joined - this is why it is better to stick around and wait for the next winning streak.

trying to get back to even is the worst thing you can do. It will lead to increasing position sizing, overtrading and taking more risk. The best thing is to re group, trying to understand the source of the losses and start over, with much smaller allocation. Prove yourself that you can make money with 10k account, then increase it gradually. 

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For my 2 cents worth, I think SO is an excellent service.  I've only been a subscriber for 5 months, but have had 5 winning months.  I love being able to sleep at night knowing that most of my trades are non-directional.  The SO system seems very consistent.  And I've used a number of option trading systems in the past.  I've never been consistent on any of those, and it's not always because they lose money, as much as I can't stomach some of the trades and exit too early and lose money.

To me, the main point I would emphasize on any trading system is to keep your trade sizes consistent.  You can lose money even when SO makes money if you oversize the one or two losing trades out of 10.  For me, every trade I make Is close to the same size because that's the only way to have consistently winning months/years.

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3 hours ago, Kim said:

Please welcome our new mentor @luxmon

He has been with us since 2013, decided to take a break and recently re joined Creating Alpha.

@luxmon will be responsible for mentoring on the Creating Alpha forum at this point.

Congratulations to @luxmon... he is a great contributor and his knowledge and guidance helped me tremendously when I first started with SO. 

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I am honored to be asked to help mentor the CA PV forum.  A little about my background:  I started self-directed investing in stocks 25 years ago and augmented that with covered call selling and collaring about 10 years ago.  I wanted to get more serious about trading options and spreads, so after a lot of research I decided upon SteadyOptions forum in 2013.  It was here I really learned the importance of key principles like position size, portfolio balance, risk/reward planning, and often overlooked trade execution skills.  I still trade a few pre-earnings names I follow when conditions setup and time allows.
 
In the last few years with the air getting thin in stock market valuations I began to work on long equity portfolio hedging techniques.  I focused my learning time (with the help of a mentor)  to establish a background in taking advantage of market conditions to create low cost ways to add long gamma and vega positions to offset the risk with long equity exposure.  I’m excited about the strategies in the CA forum and continuing to learn amongst the members there.  
 
-Tim
 
I use (not intended to endorse any of them, just fyi):
Tools:  LVX, ONE, TOS, VolatilityHQ, custom Excel/Python tools for scanning, and more recently testing out TradeHawk
Brokers:  TDA, Tradier, IB
Stock research services for fundamental analysis:  Stansberry Research

 

Edited by luxmon
CA service discontinued May 2019

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Great News @Kim and @luxmon!  I'm new to SO and am truly a newbie to more complex and structured option strategies.   I'm very experienced in the world of stocks and futures - have learned the good, bad and ugly of it over the years.   So - I'm very happy to be here - am learning a lot and am very impressed with not only HOW Kim has structured this site and various groups, but also with the amount of talent, experience and knowledge that folks bring to the table.   This is exactly what I need - and I am doing the work to absorb the education that is available.  Good Luck Luxmon!

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4 hours ago, Kim said:

Please welcome two new mentors @krisbeeand @rasar

I'm sure most our members know those two members very well. They helped hundreds of members, are well respected in our community - we just making their status "official".

Fantastic - this group has such talent . . .  I have a long ways to go, but am putting the work in.   Thanks for all the mentoring guys!

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