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biggeemac

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Does anyone have a favorite Youtube channel/educational route that I can look into to walk me through buying options to protect my stock purchases? I would think that with the right options plays, it could help reduce the amount of risk that I am taking. I have played around with ThinkOrSwim, but I am not comfortable throwing money at things that I don't fully/mostly understand.

Thanks in advance.
 

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MJ DeMarco

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I've been trading daily for nearly ten years. Some good resources:

 

Martzee

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Does anyone have a favorite Youtube channel/educational route that I can look into to walk me through buying options to protect my stock purchases? I would think that with the right options plays, it could help reduce the amount of risk that I am taking. I have played around with ThinkOrSwim, but I am not comfortable throwing money at things that I don't fully/mostly understand.

Thanks in advance.
I can help you with that.

The best way to protect your stock gains is to sell the stock and buy an equivalent amount of LEAPS calls. In that way, you cash out the profits but keep participating in any future growth. Once you have the LEAPS you can start selling covered calls against it to lower the cost basis and further protect your position.

But be aware, there might be tax consequences for doing this.

Also, if you are collecting any dividends, with this move you will not be receiving the dividends.

If you want to retain the stock position but monetize it, then the best would be to use the wheel strategy.
 
Last edited:

afrankmore

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Does anyone have a favorite Youtube channel/educational route that I can look into to walk me through buying options to protect my stock purchases? I would think that with the right options plays, it could help reduce the amount of risk that I am taking. I have played around with ThinkOrSwim, but I am not comfortable throwing money at things that I don't fully/mostly understand.

Thanks in advance.
I used option alpha then I moved onto my brokerage company. TD Ameritrade has great EDU content. Then I started networking online and connected with a great trader in canada. Between TD ameritrade and that group, I get about 80% of my edu. The biggest thing to master is your trading psychology. You can be the smartest guy trading but if you dont have discipline you will blow up your account.

I recommend Option Alpha and a reputable broker for EDU... You MUST STAY AWAY FROM most FB groups, you will find yourself gambling and keeping up with others.

You have ToS? Papertrade!! Backtest!! TD has great tools
 

biggeemac

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You can be the smartest guy trading but if you dont have discipline you will blow up your account.
This is something I'm well aware of. I realized this.....being that I lost 12k effing around with crypto. I'm not looking for sexy. Just want to start out making a little money and go UP from there, instead of the other way around.

Thanks for the tips.
 

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