Want a more hands off options trading strategy that puts the odds in your favor ?
Well, I came across a course recently called “How I Get Paid $1,000 Every Friday Trading Options” (Note- The course name changed but it is still the same course…) where the instructor Jeff Tompkins shows his exact system for how he has been generating consistent returns for over a decade using a specific options strategy that is relatively easy to implement.
I bought the course(and his other courses) and here are my thoughts.
(Picture to the right is from the course showing the instructor’s profit in one account using this strategy)
Jeff Tompkins teaches various methods on option income trading through his “The Trading Profit” courses and services.
His teaching style is to keep things simple so you don’t have to watch the market intraday. The course content is easy to implement and the support is excellent. The instructor personally answers every single question that students have, which makes this course an absolute bargain ! (Just 1 profitable small trade pays for this course)
Essentially, the course shows how the instructor uses the Iron Condor options trading strategy to generate consistent returns in any market. I wrote about Iron Condors a while back in this post.
The big issue that people have with Iron condors is how to adjust the trade if the underlying stock makes a big move.
An Iron Condor is just an option strategy name for selling a call credit spread and Put credit spread on the same stock at the same expiration with the goal that the stock will stay within a price range that allows both credit spreads to expire worthless so you can keep the option premium credit.
You can profit with this strategy if the stock goes down, up, or doesn’t move at all as long as it stays in a certain range.
The main mistakes that people make with Iron condors are:
- Picking wrong stock to sell Iron Condors on.
- Not understanding option greeks and volatility pricing.
- Not knowing how to adjust the trade and therefore having poor risk/reward.
If the above list sounds confusing to you then don’t worry as this course lays out exactly how to trade the iron condor and how to keep the odds in your favor. Even if you are a complete beginner !
The instructor has been trading this strategy in every market cycle for over 10 years and has significant experience on how to consistently profit following his system.
Overall, I thought this course was terrific and he does a good job of simplifying the strategy and gives you a specific system to follow so you know how to adjust trades, which stocks and expiration periods to sell Iron condors on and more.
Typically information on Iron Condors is either very confusing or it is too general so you risk having the odds against you. You can’t totally rely on option probabilities and never adjust or else the risk/reward will work against you.
The unique aspects of Iron Condors are:
- You don’t have to pick a stock direction since you profit in either direction is the stock stays in a range.
- This strategy uses up very little buying power in your account despite selling 2 credit spreads at the same time. This allows for greater ROI.
Tip – You can use Iron Condors in retirement accounts.
I don’t recommend many trading courses but this is a great value. Also, it is backed buy a no questions asked 30-day guarantee.
The cost of the course is less the profit on just 1 trade(even if you only trade 1-2 iron condor contacts per trade) which puts into perspective how low priced this course is.
The goal with these trades is 15%+ return on your money each trade which typically lasts a couple weeks and you don’t have to watch the market during the day. No, you won’t make 15% every 2 weeks but you are profitable a high % of the time following what is taught.
NOTE – You will have some losing trades and you have to stay disciplined following the trade selection and adjustments taught.
The cumulative profits of trading this strategy consistently can be significant by the end of the year. More important though is learning how to adjust trades that aren’t working and making them profitable.
My favorite part of this course is the continued support that the instructor provides. He answers every question that the students ask and you can also review other questions from students so that you have a solid understanding no matter what experience level you are at.
Required Disclosure: No claims are being made about guaranteed returns and you should understand the risk characteristics of Trading and options before ever trading real money. Take time to papertrade and learn the risk/reward of options.
Affiliate disclosure: I receive a small referral commission on some products mentioned in this post if you buy thru my link, but this compensation does not affect my review/opinion. The opinions are my honest experiences and observations of these programs and I never get paid to write reviews.