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Hi all I am new to trading any advice would be helpful :0)

Võ Thiên Phú
vothienphu93
Apr 11 2014 at 13:33
26 posts
maxim777 posted:
Hello, everyone. I am newbie here. It's so interesting topic I wanna start with my first message. I am interested in vanilla option. Never heard about that. How does it work? Is it really to get profitable trading with this option?


I think option is best for trading the news only. You can read about option contract on investopedia.com website to have a general knowledge about this trading instrument. I primarily use the cover call strategy to reduce the risk when trading spot forex.
However, the premium is a little bit high when you trade with the bank and the bank doesn't offer an instant execution system. When I find a good opportunity, I have to call to my personal manager in the bank, then, they call to the Financial Institutional Division to make a contract. The period often lasts about from 2 - 5 min. So you won't have the best price that you want. It's my experience with vietnamese bank. I don't know if there is any differences in another banking system.

Thank you.

Macro Man (chalieman)
Apr 14 2014 at 21:38
4 posts
Hi Phú,

I would recommend you to get some literature first to figure out what trading styles, markets and instruments fits your personality best. I would strongly discourage you to start trading options cold turkey. If i may recommend a few books that will aid in your quest:

* All the market wizard books by Jack Schwager: Great for getting a feel with all the different approaches. I especially like Hedge Fund Market Wizards for its contemporary relevance.

* Trade your way to Financial Freedom by Van K Tharp. Great for the psychological aspect of Trading.

* Technical Analysis by Kirkpatrick and Dahlquist. John J. Murphy's book is also very interesting, but a bit outdated.

* The Black Swan by Nassim Nicholas taleb. Not directly a trading book, but very insignfull for navigating in the uncharted domain of the unknown.

Happy reading and happy trading :-)

The markets can stay irrational far longer than you can stay solvent
Bob LLewellyn (ForexAssistant)
Apr 14 2014 at 23:31
465 posts
Hey, How about 'Robotic Investing', by Bob LLewellyn?

😄

Bob

where research touches lives.
Võ Thiên Phú
vothienphu93
Apr 15 2014 at 08:41
26 posts
chalieman posted:
Hi Phú,

I would recommend you to get some literature first to figure out what trading styles, markets and instruments fits your personality best. I would strongly discourage you to start trading options cold turkey. If i may recommend a few books that will aid in your quest:

* All the market wizard books by Jack Schwager: Great for getting a feel with all the different approaches. I especially like Hedge Fund Market Wizards for its contemporary relevance.

* Trade your way to Financial Freedom by Van K Tharp. Great for the psychological aspect of Trading.

* Technical Analysis by Kirkpatrick and Dahlquist. John J. Murphy's book is also very interesting, but a bit outdated.

* The Black Swan by Nassim Nicholas taleb. Not directly a trading book, but very insignfull for navigating in the uncharted domain of the unknown.

Happy reading and happy trading :-)


Thank you for your recommendation,

By the way, I'm not a newbie in option trading :)), I think you misunderstood, I just want to help the thread starter find a safe path to trade profitably.

Thank you,

Macro Man (chalieman)
Apr 15 2014 at 13:08
4 posts
vothienphu93 posted:
chalieman posted:
Hi Phú,

I would recommend you to get some literature first to figure out what trading styles, markets and instruments fits your personality best. I would strongly discourage you to start trading options cold turkey. If i may recommend a few books that will aid in your quest:

* All the market wizard books by Jack Schwager: Great for getting a feel with all the different approaches. I especially like Hedge Fund Market Wizards for its contemporary relevance.

* Trade your way to Financial Freedom by Van K Tharp. Great for the psychological aspect of Trading.

* Technical Analysis by Kirkpatrick and Dahlquist. John J. Murphy's book is also very interesting, but a bit outdated.

* The Black Swan by Nassim Nicholas taleb. Not directly a trading book, but very insignfull for navigating in the uncharted domain of the unknown.

Happy reading and happy trading :-)


Thank you for your recommendation,

By the way, I'm not a newbie in option trading :)), I think you misunderstood, I just want to help the thread starter find a safe path to trade profitably.

Thank you,


Yes i figured that after i pressed the'send'button :-) What kinda options do you trade? I have also been thinking about adding Options Trading into my repetoire once i properly master these futures..

The markets can stay irrational far longer than you can stay solvent
Võ Thiên Phú
vothienphu93
Apr 15 2014 at 16:52
26 posts
I trade the vanilla option. I primarily buy a naked call or a naked put option to trade the news. Sometimes, I use the covered call option to reduce the risk. Thanks.

Bob LLewellyn (ForexAssistant)
Apr 15 2014 at 18:54
465 posts
Oh... too rich for my blood, about the only way I would trade naked is to sit at my desk with no cloths on.

Bob

where research touches lives.
Macro Man (chalieman)
Apr 16 2014 at 14:53
4 posts
ForexAssistant posted:
Oh... too rich for my blood, about the only way I would trade naked is to sit at my desk with no cloths on.

Bob


Bob Lol

:-)

The markets can stay irrational far longer than you can stay solvent
AlekseyKGD
Apr 18 2014 at 12:47
11 posts
ForexAssistant posted:
Oh... too rich for my blood, about the only way I would trade naked is to sit at my desk with no cloths on.

Bob

 Best way))
Adam welcome to forex trading club:)

Bung Tobing (bungtobing)
Apr 23 2014 at 06:16
45 posts
a lot of advice here, very usefull for newbie like me.
thank you

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