NOTE – 2/1/2016: It looks like this course is no longer for sale and hasn’t been updated.
You can see all current reviews of any options trading courses I have tried at this page(CLICK HERE)
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ORIGINAL POST BELOW-
I thought I would do a follow up to my last post on Trading Pro System (see post).
It have been pretty focused on learning everything I could about income option trading as the information/technology is there now for the general public to be able to trade on a level playing field with professional option traders.
I opened an account at ThinkorSwim because they seemed to have the best technology/tools to evaluate your positions(they also offer free papertrading account if you want to test it out).
Trading Pro System will explain option basics including explaining all the greeks, how to adjust trades, how to manage a portfolio of option position, and then provides details about various trading strategies like credit/debit spreads, diagonal spreads, calendar spreads, ratio spread, understanding how to use protective puts and more.
The main strategies that Trading Pro System goes into lots of detail on are Iron Condors and Double Calendars and how to adjust them by managing your greeks.
The videos are very detailed and do a good job explaining the strategies.
It is a series of videos and a guide that explains how to evaluate your positions, how to adjust/exit your positions, and a detailed understanding of how professional option traders evaluate/trade options.
At the bottom of this post is the summary of Trading Pro System training modules.
The more I read other options websites, books,etc….the more I find that I reference back to my notes from Trading Pro System as it does a very good job covering a lot of information in a understandable way(You could re-watch the videos after you have digested the basics and learn more the next time re-watching the videos.).
I will say that you will have to put in some effort to really have a good understanding of “The Greeks” which are the components that determine an options price and how they move relative to each other.
The unique thing about options is that you can adjust your position to stay in the trade and not have to take losses just because the position goes against you like you would with trading stocks/futures and the goal is to have the underlying index/stock stay in your profit range so you can collect a profit on the time decay of the options you sold.
Also, when I was researching for additional information about option income trading after going through the Trading Pro System course I found that most option mentoring services or day seminars cost over $5,000 so the content that you get in Trading Pro System is very well priced.
You can also watch free webinar archives on the education section of many of the option brokerages like trademonster, thinkorswim, tradeking,etc..(The best webinars I think are everything you can find by Dan Sheridan of SheridanMentoring.com and Don Kaufman webinars at ThinkorSwim brokerage) but you will find that the free content doesn’t explain how to adjust positions and manage the greeks as clearly as Trading Pro System.
If you decide to make a commitment to option trading and want a complete mentoring/training for option investing then my research found that Sheridanmentoring.com offered the best quality(I’m not a member though because I didn’t have $6500 for it right now). I also looked at optionsanimal.com but they teach similar strategies and were a little too sales-pitchy and they are about the same price as Sheridan Mentoring.
Anyways, after all the research I have done looking around at available free and paid options training I still highly recommend Trading Pro System as a solid way to get a detailed understanding of option trading but it is important to keep learning, trade small initially(or papertrade) to learn how to adjust your positions, and have patience.
You will though have a new outlook on investing after going through the course and realizing the benefit that options can have on your investment strategy.
Trading Pro System creator does offer an additional service called Daily Market Advantage for his take on the market and direction which I have tried for 2 months which I thought was OK but I don’t really need another service providing market analysis. You can try the first month for only $10.
The Modules in the course include:
| INTRODUCTION TO TRADING AS A BUSINESS & TRADING WITH CONFIDENCE This Module is designed to introduce you to a new way to trade stocks and options – as a business. Emphasis is on risk management and building a portfolio of trades that can be managed ‘by the numbers’. Learning the craft, acquiring the skills required to be successful in this business. This Module contains over 4 hours of great teaching! |  |
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THE GREEKS – MANAGING BY THE NUMBERS The ‘greeks’ play a critical role in your trading business. I totally de-mystify them and tell you exactly what the greeks are and, in practical, easy to understand language demonstrate how they impact your business. The greeks are the numbers you need to understand to manage your portfolio profitably. Special report included! I’m also including the most comprehensive, yet easy to read 5 page CONFIDENTIAL REPORT on how to profit from “The Greeks” available in the world (yes, the world, and no, I’m not kidding). |
| TRADE SELECTION AND STRATEGY We’ve set the stage, now it’s time to get on with the work at hand. This is where things get good and interesting. What positions do we take? How do we determine when and how? Do ‘charts’ matter? What is the big picture behind what we’re doing? This Module goes in depth with FIVE videos covering EEM, ADSK, DIA, SPY, and IWM (Don’t worry, you’ll understand it all later!) | |
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PORTFOLIO BUILDING Build a portfolio by putting on positions that work together. This is where many traders go wrong – they put on individual positions and do not understand how they affect your overall portfolio. You’ll discover why diversification in time frames, prices and strategies is a key to making money. This is simply fundamental to being a good investor. |
| THE TOOLS OF THE TRADE ThinkorSwim (TOS), in my opinion is the best broker and has the best trading platform available. If you had to pay separately for the kind of analysis tools they give you as an account holder it would cost you many hundreds of dollars a month in fees – with TOS they’re free. I take you inside the TOS platform and help you access the power you have at your finger tips.(There are other programs/software that you can use to analyze your trades, but TOS is also free when you open an account.) | |
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PORTFOLIO MANAGEMENT BY THE GREEKS, ADJUSTMENTS, VIX and More… Now that we have built our portfolio, how do we manage it by the numbers? We learned the greeks, so now it’s time to put them into action. The key to success is knowing how to look at the numbers and know, without a doubt, what they mean and what to do with them if anything. This module includes 5 killer videos with real life examples as I manage a portfolio. |
| THE ART OF ADJUSTMENTS – THE SECRET KEY What happens when our numbers don’t look good? This is where 99% of all traders get killed in the market… they have no clue what to do when a position goes against them and they lose money. It’s too bad because most trades can be saved to make a profit! Imagine making one small change to your position and increasing your odds of making a profit by 80%! That’s what adjusting can do for you! In Trading As A Business, we KNOW what to do. We trade with confidence. We know and understand that when a trade goes against us it’s an OPPORTUNITY to add to our portfolio by adjusting. I call it Smart Allocation of Capital. The art of adjustments is the missing link in trading options and stocks that almost no one teaches. | |
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CLOSING POSITIONS How and when to close positions, and how to close them for maximum profits. The risks of holding positions into expiration week. When and how to ‘buy’ short-term insurance to protect your profits and increase your wealth in expiration week. How to close positions and get free trades left over that, although small, have a chance of DOUBLING our profits. This module contains 5 videos, and the key theme here is MAXIMIZING our profits! |
| THE BIG PICTURE – TECHNICAL ANALYSIS What kinds of technical analysis help us in our business? There are only a few key analysis tools that can help you determine the probabilities of market direction and I tell you exactly what those are. I’ll give you insights into why the market moves the way it does. I’ll also give you a historical perspective on market movements going back to 1900 and give you a realistic plan of attack for determining future market direction based on factual evidence. In the 2nd video, I dive into short-term indicators that can sharpen your edge in the markets to better time your trades. Then I tell you about an indicator I stumbled on, that predicts short-term and opening market direction with an amazing degree of accuracy close to 95% of the time as well as how to determine intra-day movements and how to tell whether money is flowing into or out of stocks and what it means for intra-day price trends. This module contains well over 3 hours of solid teaching. | |
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ADVANCED TECHNIQUES AND EXPLOSIVE WEALTH BUILDING STRATEGIES Not even one of these strategies requires any knowledge of ‘technical analysis’ – it can help, but it’s not required. These make money whether the market goes up or down. These are strategies you can manage based on ‘the numbers’. One important thing I should mention: There are ways to make money that are NOT obvious. For example, Strategy #1 is something I have been studying for years, and it works every time and cannot fail to work. |
| Explosive Strategy #1: Using this one method I turned a $14,000 trade into a $75,000 profit in just 8 months. The most money at risk? Just $650. That was the total amount that was at risk when this position was initiated and NO more money was ever put into the position. Amazing profit/loss ratio. And it doesn’t matter if the stock goes up or down but does require an longer time frame- 6 to 8 months.It is not uncommon for these trades to create the profits you can brag about. Want to make a killing in the market? It doesn’t get any better than this. | |
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Explosive Strategy #2: Another method I call “Flipping Stocks” let’s me buy stocks cheaper than anyone else and if the market does not cooperate with my plan – I get paid lots of money for waiting until it does! This is for bigger players with more capital… but when you have $15k or more to put to work, these longer term trades generate explosive profits. I teach it to you in a nice 52 minute video. |
| Explosive Strategy #3: This new strategy that has unlimited upside or downside potential and only $50 or so of risk! This strategy is extremely powerful and one of the biggest real ‘secrets’ that no one has ever discussed that I know of. Wait till you see the power of this strategy. I have made $1000’s with a total risk of $50 or so. It’s extremely powerful. Think there’s no free-lunch on Wall Street? This isn’t one either but it’s as close as it gets to one! This is the perfect strategy for playing earnings reports, takeover news stocks and any stock you think will move big in any direction with little risk. | |
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Explosive Strategy #4: If you want to be more active in stocks but hate the risk, you’ll love this. Day trade without the risk normally associated with day trading. Can be setup to be an ‘semi-automated’ trading system. Very powerful and again another low risk, high earning strategy for more active participants. This strategy includes 9 videos, and I take you through some real life trades over the course of 7 days and show you exactly how I make thousands of dollars with these trades. I’ve also included 3 worksheets (Excel spreadsheets) for your convenience! |
| Explosive Strategy #5: If you liked the idea of the monthly income trades but were wondering how to ‘turbo charge’ them to make a fortune, then you will love THIS. When I first started using this strategy I saw a huge difference. Instead of $1000-$2000 a month, I started generating an income in the $5,000 to $40,000 a month range, and with a lot less stress!This last strategy is the ‘icing’ on the cake… the peak moment in all your hard study and will be worth 100 times what you paid for this course – maybe even more. Why didn’t I reveal this until the very end of the course? Simple: You would not be able to use this strategy without a good foundation that was laid out in the earlier Modules. Everything we have learned thus far has been leading up to these explosive strategies. | |
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Hi, I was just getting ready to buy The Pirate’s Weekly Option program and you mentioned the Trading Pro system was better. I did not see a specific weekly option program listed and am really interested in learning more about trading these weekly stocks. Any further feedback would be appreciated.
Hi Dan, sorry i’m late getting back to you(I get tons of spam and your email got lumped in with them). I just posted a summary post on weekly options . Essentially weekly options are no different from monthly options except your time value is shrunk and the time decay starts happening pretty quickly. Weekly options are great if you have a good grasp on identify stock direction and have an understanding on adjusting a trade if it goes wrong(like rolling your short strike to the next week/month or converting a call credit spread into a covered call,etc…..) My main problem with Weekly Options Windfall is that its really general and just quickly covers some methods for trading weeklies(the same methods you normally do with monthly options like vertical or horizontal(time) spreads or covered calls or ratio spreads) but the main thing hyped up in weekly options windfall is expiration day pinning. Also there is minimal support so lots of new traders in the forum kind of lost and some lost big money on pinning trades. Pinning is risky as heck because you are getting something like $100 premium per spread for a 10point wide spread(risk $1000) so your risk/reward is 10:1. That is fine if you are willing to have the put credit spread put to you or really are understanding that you are taking potential big loss but the Weekly Options windfall program makes it sounds like pinning is easy and some secret….Go look up any book from Jeff Augen on expirations and its similar stuff….Weekly options fastest time decay on weekend prior to expiration and on expiration day after 1st 90minutes trading and last 2 hours of trading……
Trading Pro System isnt focused at all on Weekly Options but it will give you the understanding and methodology for controlling/managing positons and having a clue on how to understand options. The same trading strategies mentioned in Trading Pro system can be used with weekly options if you find the right setup.
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The Trading Pro System by David Vallieres & Eric Holmlund , aka options income system by “Dave” (never gives his last name and which is also marketed under “weeklyoptionsvideos, although weeklys are never mentioned in the course), aka Barefoot Trading by Bryan Sullivan, all appear to be the same program, just marketed under different names. I bought the optionsincome system, which was helpful, but the promise of how to adjust the double calendars was never covered. They never responded to my email question about this.
for weekly options calendars i like being long in the money option and selling weekly against it….the farther in the money then the less time decay you experience(ie- long call delta over .80)………so i guess it more like a covered call….
yeah i think they sold the rights to some people to rebrand the course i guess but Tradingprosystem.com is the original/main site so they will provide support vs. those other ones are just internet marketers…..like that weekly options site i just looked at that you mentioned is a joke(nothing to do with weekly options)…….the lessons taught in Trading pro system for the price are still excellent. it does mention adjusting dbl calendars i believe…. ..focus on volatility for spread so you dont want to be short low volatility and long high volatility because if volatility drops you will loss big on long volatility.(look for volatility in lower range of historical volatility)… .for adjustments you can adjust when price gets halfway between short strike and Breakeven price…..you can adjust by selling half of the calls or puts if price gets close…..mainly just test some trades against your position in the P/L graph to see what it does to your position………for weeklies you can use calendars much shorter duration but pay attention to volatility…….google some dan sheridan webinars for adjusting double calendars……..he adjusts 1/2 way between short strike and b/e – his goal on trade is 15% with risk 20%…….when volatility on long option drops 7% then custs position in 12 to reduce vega for single calendar and if volatility drops on boudle calendar then he changes position to iron condor)……..starys in trade only 14-17days………..
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thanks for the thorough trading pro system review. seems a lot of the sites reviewing it are junky so I had a hard time finding a real site with real thoughts on it.
Hi, I just found your site….
This options course by Dave Vallieres was originally called “tradingology.” He sold the marketing rights to it to Eric Holmlund (for a 2 year period). I think it’s been almost two years since he sold the licensing rights and Dave has implied that he would update the course once they expire.
The thing I wonder about though is if Dave Vallieres is doing as well trading options as he suggests, why does he spend so much time promoting internet marketing systems?
P.S. – I hope that Dave Vallieres does update his course because the original one is so long and rambling that it can be a challenge to stay awake while listening to it, other than that, it is a good course though.
I think for the money its a good course and I agree it is a lot of information that I had to rewind some stuff but I find that he did a good job explaining a ton of option strategies and concepts that weren’t really clear to me before.
Hi Tim, sorry for late reply(been on vacation). Yes, I soon found that there were other people selling courses with similar names to Dave’s course that I guess were marketers. There are so many options courses and products on the market it can get overwhelming. I think trading pro system for the money is worth it(people will lose a lot more on 1 trade than the cost of the course). I tried Dave’s stock service for a couple months and he was too biased as a bear that I stopped membership. I think he does more futures trading nowadays but the concepts in Trading Pro System(aka “Tradingology”) are still solid but people have to understand when to apply the strategies covered in the course(Example- don’t sell Iron Condors when Vix is under 20). There are some traders that are very successful with options that don’t follow the Greeks at all and some that follow it religiously like Dan Sheridan. Overall, I think its a solid course and information is still applicable.
Kinetic, Have you used Dave Vallieres’ “Market-X-Factor” software for trading? If so, how useful was it? Thanks
I didn’t use the market X factor but when I did create a similar version in ThinkorSwim and it was hit or miss for me. I am sure if you really analyzing ever tiny move it might work but I never really spend enough time on it. It really just follow the main advance/decline data that other indicators follow.