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Michael C. Thomsett is a widely published options author. His "Getting Started in Options" (Wiley, 9th edition) has sold over 300,000 copies. He also is author of "Options Trading for the Conservative Investor" and "The Options Trading Body of Knowledge" (both FT... More
My company:
Michael C. Thomsett, author
My blog:
Thomsett Options
My book:
Getting Started in Stock Investing and Trading
  • Education – Learning In Both Directions 0 comments
    Mar 23, 2014 11:01 AM

    Education: sharing knowledge and working to help others gain the skills they need to trade options successfully and, in the process, learning as much from those you help.

    I have learned a lot about the markets and trading over many years, and I have come to realize that my greatest desire is to make a difference in how other traders understand and succeed in the options market. This is why I have spent my career writing books for traders and investors with one core theme: "I make the complicated simple."

    So I have developed five guidelines, and these are the core of what I believe. Here they are, the guidelines I recommend for improving your trading experience:

    1. Never stop learning. Especially in the options industry, everything changes daily, and you can never stop learning about new twists on old strategies.

    2. Be willing to change your mind. I recently changed my views on the meaning of risk and diversification - after trading for more than 35 years. It amazes me how this change opened my eyes to so much.

    3. Teach others. Pass it along as you master it, whatever it is. You lose nothing by enlightening your friends and fellow traders, and we all owe it to one another to share information.

    4. Enjoy your successes but learn from your failures. Every trader misses now and then, but don't let that destroy your attitude. It's true that success feels better, but where do you learn the most? From those trades that go very, very wrong.

    5. Respect others. Even if someone puts forth a message that is clearly ridiculous or unrealistic, don't ridicule it. Always be respectful and look at this as a chance to share your opposing view, and to make your case.

    These five suggestions are common sense in my opinion and might even seem trite to some people. But we can all improve in all of these ways and make it easier for those less experienced and less certain, to gain confidence and to master those skills you already have. We are all teachers, and the most rewarding action I have discovered is passing along information to my fellow traders.

    To gain more perspective on insights to trading observations and specific strategies, I hope you will join me at ThomsettOptions.com where I publish many additional articles. I also enter a regular series of daily trades and updates. For new trades, I usually include a stock chart marked up with reversal and confirmation, and provide detailed explanations of my rationale. Link to the site at ThomsettOptions.com to learn more. You can take part in discussions among members on the site at the Members Forum.

    I also offer a monthly newsletter subscription if you are interested in a periodic update of news and information and a summary of performance in the virtual portfolio that I manage. Join at Newsletter - I look forward to having you as a subscriber. Please also check out my other site, ThomsettStocks.com

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