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Careful and detailed explanations take time to explain. If you require instant gratification and the ability to attend one webinar or lesson and then immediately begin trading, I cannot help you. Details? What does that mean? I stress the details that help you reach a better understanding of the lesson material. Unless the topic is risk management (and that's a big topic) there is no reason to bother with details of events that are extremely unlikely to occur. My job is for you to come away from a lesson with something of value for your trading career. And that's true for the trader who devotes only two hours per month to his/her investments as well as the full time trader. There are trading tidbits that you will accumulate and points of view that you, the trader, will develop over the years. Rather than wait for traders to slowly gather insights on certain more advanced topics, I prefer to see that you get an inkling of the importance of certain features of options – even when it may be soon for some students. One example is the idea that two very different-looking positions can be equivalent, i.e., they produce identical profits and losses under all market scenarios. Most beginners don't get introduced to that concept until they are well into their trading. I believe this idea is so important to an understanding of how options work that I introduce it early. If anyone does not see the importance, or does not yet understand how equivalency works, no harm done. The idea has been mentioned and soon enough, as specific trade ideas are introduced, the 'eureka' moment arrives and the concept becomes clear. Accelerating the date of that moment makes better traders of those in the class. We all wish we had understood something more clearly, or recognized the true risk of an innocent-looking position earlier in our trading careers. For example, I believe the successful trader must concentrate on risk as his/her primary focus. Many others prefer to concentrate on profit and loss, and do anything in an attempt to achieve that profit. That is dangerous for reasons that may not be obvious. When you grasp the 'little extra stuff' early in your career, it often makes a big difference in whether you succeed or ultimately give up the game. The very first rule to understand is: Don't go broke. It seems obvious, but it's something ignored by too many traders – until it's too late. I help traders learn how to minimize the chances of going broke. It's not as simple as: "Don't take a lot f risk in one trade." Some traders lose their accounts slowly and end up just as broke as the person who blew up over a single trade. When I clarify some previous misconception held by a student, that is truly hitting the jackpot (for me). Trading is a business that punishes mistakes. Everyone tells us that we learn from our mistakes. That's true ONLY when the mistake is recognized. If a trader repeatedly acts on a misconception, those mistakes are difficult to discover – and hence, are going to be repeated. I love the breakthrough when something under discussion results in an 'aha moment' for the student. As a writer, I never know when that happens, unless you let me know. So what do I mean by that introductory statement – to teach something you don't already know? Here are some examples that appear frequently in my writings: Explaining something from a different perspective Including extra details, just in case they can provide a better understanding Including information to answer questions before they are asked Explaining the rationale behind my opinions. 'Why I believe it's true' Outlining a philosophy based on common sense, and not on traditional rules Being willing to take a minority stance – but always telling readers when most others have a different point of view Encouraging readers to think for themselves before making decisions Emphasizing the risk of ruin and how to minimize it Continuously stressing the importance of risk management Explaining that choosing a good trading strategy is just the beginning Why trading near-term (front-month) options is more risky that it appears Why it's easier to make money by selling, and not buying, option premium Why selling naked short options is too risky for most traders (unless you sell puts with the intention of owning stock) Sharing the opinions of other option writers and bloggers One on one When working with a trader one on one, my philosophy is to help with specific topics of interest to that student. I don't have 'lessons' prepared in advance. I don't have any specific number of lessons planned. These sessions are designed to answer your specific needs. Risk Management Concerned with capital preservation? At Options for Rookies we live and breathe risk management. I stress the importance of controlling risk from the very beginning of your trading education. This is not a topic suitable for experienced traders only. Why? When dealing with the stock market in any capacity, you are dealing with statistics. You must be alert for unlikely events. By being aware of the probabilities of winning and losing, you can trade only when the reward justifies the risk. You will have many winning trades by doing just that. However, long shots have their day and black swan (unexpected) events do occur. Your task as a trader (and mine as a teacher) is to see that you are prepared for the unlikely event. As a premium seller, gigantic market moves represent the enemy. Portfolios can be protected against disaster, if you are willing to pay the price of insurance. One alternative is to be very careful when sizing trades. Be aware of the worst case and you can limit losses to an acceptable amount. It's all part of risk management. Mark Wolfinger has been in the options business since 1977, when he began his career as a floor trader at the Chicago Board Options Exchange (CBOE). Since leaving the Exchange, Mark has been giving trading seminars as well as providing individual mentoring via telephone, email and his premium Options For Rookies blog. Mark has published four books about options. His Options For Rookies book is a classic primer and a must read for every options trader. Mark holds a BS from Brooklyn College and a PhD in chemistry from Northwestern University.