YES, this is the class in which you learn how to ADJUST your trades!

  • 12 online classes (listed below)
  • Classes are pre-recorded and students with a premium membership can access the recordings for one year from the day membership begins.
  • All questions pertaining to the webinars will be answered via e-mail. If a question happens to be really good, I may do a topic on it.
  • PDF document containing all of the slides from each class

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Lesson 1: Vertical Spreads

OK, you know what they are, but do you know when to use a long vertical spread vs. a short one? What changes when you decide to trade an in-the-money spread instead of an out-of-the-money spread? What is an at-the-money spread and when would you use it? Can you adjust a position when it goes against you, and if so, how?

Lesson 2: Butterflies and Condors

From the Foundation class, we learned that “flies” and condors are natural extensions of vertical spreads. This lesson goes much deeper into the topic as we evaluate what happens as we use longer or shorter-term options. We now begin to move the strikes around such that the trades are unbalanced. This leads to some interesting “new” strategies.

Lesson 3: Time Spreads

In this lesson, we spend very little time with the traditional time spread and instead concentrate on double time spreads and on the notion of the diagonal spread (and for that matter, the double diagonal). This is a fairly intensive lesson that may require a review at a later date. Good thing we record these puppies!

Lesson 4: Volatility

At this point in your education, it is important to consider volatility as it relates to the probability and statistics inherent in option pricing. We will immerse ourselves in the notion of standard deviations, expected returns, and how these things differ based on different time frames and on different stocks.

Lesson 5: Option Greeks

You know the basic definitions and uses. We will now cover the greeks in far more detail, explaining why they behave the way they do as stock prices, volatility, and time to expiration change. Understanding this behavior becomes extremely important as we prefer certain strategies and dismiss others depending on the greeks that we see!

Lesson 6: Early Exercise

As you are well aware by now, american style options can be exercised at any time during the life of the option. Of course, a savvy option trader will only exercise an option when it is financially beneficial to do so. In this session, we explore what those financial benefits are so that we can better anticipate when we may be assigned on an option.

Lesson 7: Collars

It’s one thing to put on a collar trade. It’s a whole other thing to manage it and that’s what this session is about. We will aggressively cover the notion of rolling the options up and down in strikes, as well as in or out in time. All of these combinations help a trader to make optimal adjustments to collar positions, thus making this a can’t miss lesson.

Lesson 8: The Box

It seems like a strange place to put the box, but after all of the detail we have covered with vertical spreads, it’s time to define it and to show how we use it. Understanding the box can literally save a trader thousands of dollars by recognizing a better way to trade vertical spreads. This is a session that you must attend to believe!

Lesson 9: Ratio Spreads

In this session, we will briefly cover the backspread version (the one where you are long more options) and spend the majority of the time discussing the benefits of the standard ratio spread. Yes, this is a strategy where you are net short an option. However, we have a simple fix that we think will make your day!

Lesson 10: Gamma Scalping

What do you do when you bought a straddle and the stock refuses to move as much as you expected it to? Well, you lose money, that’s what you do! However, gamma scalping represents a defensive technique that helps alleviate the pain that time decay causes to a position. This session explores how and at what point to gamma scalp.

Lesson 11: Reverse Gamma Scalping (RGS)

We should really call this topic a lesson in trading psychology, as there’s nothing that defines a trader more than the ability to reverse gamma scalp. Seriously, this is NOT simply lesson 10 in reverse! While lesson 10 focuses on trading straddles and strangles, this lesson focuses more on short straddles and on iron condors. Furthermore, there are some serious psychological considerations that apply to RGS that we must cover in detail.

Lesson 12: Pre- and Post-Market Preparation

In the 8-plus years that I’ve been involved with the financial education industry, I have found that hardly anyone covers the basic pre- and post-market preparation. As Abraham Lincoln once said (and I paraphrase), “If you give me 8 hours to cut down a tree, I will spend 6 of those hours sharpening the axe”. This lesson walks you through the necessary steps before the market open and through the things you should be doing once the market closes.