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MARKET MENTORS

From Amazon.  By John A. Sarkett, developer, Option Wizards®: software and author of Option Wizards®:  real life success stories from the financial markets, Option Wizard® Trading Method, Extraordinary Comebacks: 201 Inspiring Stories of Courage, Triumph, and Success (Amazon category best seller).  300 pages, ©  2008, 2012

A new cottage industry has sprung up on the financial landscape:  options, and trading education.  It started some 20 years ago, gained popularity 10 years ago, with large seminars, and since then has grown rapidly.  This new book surveyed the field initially several years ago, and then again in 2012, to catalog changes.  Market Mentors covers programs whose fees range from free to $25,000, and points in between.  As with other professions, there is a vast range of approach from mentor to mentor.  A newcomer to markets and options can benefit from mentoring.  The author recommends:  study the field, then ask questions.  And then be prepared for hard work, lots of it.  Trading is not an easy way to earn money, those who tell you it is should have one mark against them from the outset.

 

1.               Introduction:  the importance of due diligence

I started this project in 2008.  A distilled version appeared in the September, 2008 SFO as “Back to School:  Choosing your options mentor.” 

Several years had passed by now since my initial survey of the mentoring business; someone suggested an update, especially since so many changes had taken place.  I was curious myself to take another look at the field.  So here it is.   In my opinion, it is all the more interesting to show the 2008 state-of-the-industry, and then the 2012 update, and then again 2017, to see how the various firms and players have progressed, transformed, changed.

The bell curve has surely widened: the leaders have increased their lead, and some have kept pace, and others have fallen behind.  Some mentoring firms have expanded, some have acquired others, some have been acquired, and some have, sadly, gone out of business, and some without a trace, calling to mind this quote:  Dying is nothing. You have to know how to disappear. Dying comes down to a biological chance and that is of no consequence. Disappearing is of a far higher order of necessity. Baudrillard

Some go up and some go down, and some go sideways, and so there is a lot to learn here, in this study of the mentoring business, about options, people, education, business, life.  I know I learned a lot.   I am glad I could share what I learned and put this volume in your hands.  If you are thinking of investing hundreds, even thousands in mentoring, this book can be part of your due diligence.  This, or something like it, is a must read.   I draw some conclusions at the end. 

But we can’t overemphasize:  do your due diligence.   Don’t rely on bold claims or charisma or dreams.   Look into some free services first perhaps (CBOE, etc.);  see our chapter on that (although see the chapter here from Steve Lentz, Optionvue;  he tackles the limitations of “free”).  Then, if you feel you need a personal mentor, talk to at least 3 to 5 mentors before hitting that credit card for thousands of $$s of instruction.  Develop your own criteria, e.g. does the mentor himself trade?  Does he have a track record for all to see?  Is he responsive?  (That latter point is not inconsequential.  Some don’t answer emails, some post no phone numbers, how can that be, you ask?  Yet it’s true.)  How long has he been around?  Add some questions of your own.  Stick to your guns.  Don’t be swayed by charm.  Remember, mentors make their money by talking, after all.

So here goes, the original material from 2008, and then, most interestingly, the update 2012.  Only a very few publications follow up on their recommendations, Forbes and Barrons come to mind.  The follow up is the most interesting part of the presentation, in my opinion.

So we begin..........................

 

MARKET MENTORS
by John A. Sarkett, developer, Option Wizard®

 

TABLE OF CONTENTS

QUOTES III
TABLE OF CONTENTS IV
ACKNOWLEDGEMENTS IX
1. INTRODUCTION: THE IMPORTANCE OF DUE DILIGENCE 10
One, maybe two, maybe three million men on the march 11
The 1% to 2% 12
Caveat emptor 13
2. CONDOR OPTIONS (WOODARD, JARED) 15
Risk-defined market-neutral 16
Published results 17
2012 UDPATE 20
2017 UPDATE 23
Global Investment Strategist 23
Featured Contributor 24
Senior Equity Derivatives Strategist 24
CTA & Principal 24
Founder and Principal 24
Fordham University 24
Fordham University 24
University of Edinburgh 24
3. COTTLE, CHARLES 25
2012 UPDATE 33
2017 UPDATE 38
4. HARVEY, DAN 39
2012 UPDATE 62
2017 UPDATE 64
5. INTERACTIVE BROKERS 65
2012 UPDATE 68
2017 UPDATE 70
6. KAPLAN, PETER 71
2012 UPDATE 74
2017 UPDATE 74
7. LOVVORN, KERRY 75
2012 UPDATE 80
2017 UPDATE 82
8. MARKET NEUTRAL OPTIONS (ANG, GARY) 83
Advisory performance, track record 84
Example Trade: RUT Iron Condor 85
2012 UPDATE 88
2017 UPDATE 89
9. ONLINE TRADING ACADEMY 90
2012 UPDATE 98
2017 UPDATE 101
10. OPTION PIT 102
2017 UPDATE 104
11. OPTIONVUE (LENTZ, STEVE) 106
Futures options 107
How the program works 108
Strategies 109
Customer feedback 110
Free for prospects 110
Additional background on Steve Lentz: 112
OptionVue software 112
2012 UPDATE 113
2017 UPDATE 116
12. OPTIONETICS 117
2012 UPDATE 121
2017 UPDATE 122
13. OPTIONS LINEBACKER (SEVERSON, CRAIG) 123
Newsletter 124
Seminar 124
1:1 webinar 124
2012 UPDATE 135
2017 UPDATE 143
14. OPTIONS MENTORING (ONDERCIN, JOHN) 145
Why should traders consider mentoring? 146
How the program works 147
Strategies: low risk 149
Testimonials 151
2012 UPDATE 152
2017 UPDATE 153
15. OPTIONS STRATEGIST (MCMILLAN, LARRY AND FREIFELD, STAN) 154
2012 UPDATE 159
2017 UPDATE 162
16. OPTIONSXPRESS 163
2012 UPDATE 165
2017 UPDATE 166
17. PARNOS, MIKE “COUCH POTATO” 167
A PARNOS TESTIMONIAL 170
April, 2007 THE PARNOS TRACK RECORD 171
THE IRON CONDOR 175
Criteria for Creating an Iron Condor 175
Choosing the Underlying (Index or Stock) 176
Iron Condor Example 176
Target Profit 177
IRON CONDOR REVIEW – PART II 177
Iron Condor Maintenance Requirements 177
Our Exposure – Cash at Risk & Maximum Loss 177
Break-even Points 178
Adjustments 178
2012 UPDATE 179
2017 UPDATE 180
18. SHERIDAN MENTORING (SHERIDAN, DAN) 181
CALENDAR SPREADS 182
HOW DO I MAKE MONEY? 182
TWO KINDS OF CALENDAR SPREADS: GUERRILLA AND CAMPAIGN 182
CONVENTIONAL WISDOM: TWO VERY MISTAKEN NOTIONS 183
(MINDLESSLY) SELL OUT-OF-LINE HIGH IMPLIED VOLATILITY AND BUY LOW IMPLIED VOLATILITY? NO! 183
(ALWAYS AIM TO) LET THE NEAR MONTH EXPIRE WORTHLESS? 186
SPECIAL TIP: GO WITH WHAT YOU KNOW 188
WHEN DO CAMPAIGN CALENDARS? 188
WHEN DO GUERRILLA CALENDARS? 188
THE RULES: CAMPAIGN CALENDARS 188
FIND CALENDAR CANDIDATES 188
FILTER CAMPAIGN CALENDAR CANDIDATES 189
PLACE THE CAMPAIGN CALENDAR 193
MANAGE THE TRADE 195
THE RULES: GUERRILLA CALENDARS 200
FIND GUERRILLA CANDIDATES 200
FILTER GUERRILLA CANDIDATES 201
PLACE THE GUERRILLA CALENDAR 202
MANAGE THE GUERRILLA CALENDAR 203
THE REAL WORLD: A GUERRILLA CALENDAR -- BK 204
FIND CANDIDATES 204
FILTER CANDIDATES 204
PLACE THE GUERRILLA CALENDAR 205
MANAGE THE TRADE. 206
THE REAL WORLD: A CAMPAIGN CALENDAR -- HD 207
FIND CANDIDATES 207
FILTER CANDIDATES: 207
PLACE THE CAMPAIGN CALENDAR 208
MANAGE THE TRADE 209
A CLOSING WORD ON ADJUSTMENT: IT’S NOT ALL IN THE WRIST IT’S ALL IN THE TIMING 210
VOX POPULI, THE VOICE OF THE PEOPLE: DAN’S STUDENTS ON DAN, IN THEIR OWN WORDS, A to Z, AND THEN SOME 211
2012 UPDATE 248
2017 UPDATE 249
19. THINKORSWIM (SOSNOFF, TOM AND KINAHAN, JOE “JJ”) 250
70 coaches on staff 252
More on Red Options 253
2012 UPDATE 254
2017 UPDATE 258
20. TASTYTRADE.COM 259
2017 UPDATE 261
21. TRADE THE MARKETS (CARTER, JOHN) 262
2012 UPDATE 264
2017 UPDATE 266
22. OTHER MENTORING SERVICES … 267
23. FREE MENTORING 268
24. OPTIONS INSTITUTE, CBOE LECTURER BIOS 269
2012 UPDATE 272
Options Institute Plus 272
Beginner Level Syllabus 274
Intermediate Level Syllabus 275
Advanced Level Syllabus 276
Seminars 278
A Professional Approach to Trading SPX - OI Alumni 278
A Professional Approach to Trading SPX - Option Pit 278
A Professional Approach to Trading SPX - TheStreet 278
Index Options: Trading and Managing Spreads 278
Money Smart Week - CBOE Tour 278
NEW Seminar Series 2012 - Be a Successful Retail Options Trader! 278
Options Extreme 278
Options for Portfolio Management & Institutional Investors 278
Options Institute Plus - Level 1 Beginner 279
Options Institute Plus - Level 1 Beginner CS 279
Online courses 279
Basics of Spreading: Butterflies and Condors 279
Basics of Spreading: Ratio and Backspreads 279
Basics of Spreading: Straddles and Strangles 279
Basics of Spreading: Time Spreads 279
Basics of Spreading: Vertical Spreads 279
Covered Call Writing 280
Fundamentals of CBOE Index Products 280
Fundamentals of Equity Options 280
Fundamentals of Index Options 280
Index Options 280
Tasks 280
Trading Tools 280
Strategy of the Week Discussions 280
Strategy of the Week Webcasts 280
2017 UPDATE 281
25. OPTIONSINSIDER.COM 282
2017 UPDATE 283
26. CAPITAL DISCUSSIONS 284
27. INTERVIEW, STUDENT, OPTIONS MENTORING 287
28. SOME CONCLUSIONS 289
TRACK RECORD 289
COMMUNITY 289
DUE DILIGENCE 289
SHOP AROUND 289
KNOW THYSELF 289
START SMALL 290
2012 and 2017 UPDATE 290
Afterword 292
Background 294
ABOUT THE AUTHOR 294
REVIEWS FOR OPTION WIZARD® TRADING METHOD VOLUME I 295
29. INDEX 301



 

 

Just $25.95 in the store at Option Wizard®.  Includes shipping.

 

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