I want to start trading options, I've heard there is some good software for beginners?

Question

I don't have much cash to invest to start with, what would be the absolute minimum I should outlay at the beginning? and I've heard there is some good beginners software that allows you to do virtual trading for a few months so you can get the hang of it before you outlay any real money, anyone know of any good ones?

Answer 1

Thinkorswim.com is a great option centered broker. They have lots of good tools for option traders free with the account. It's $3,500 min to open an account. and they provide a papertrading account to practice in if you need it.

CBOE has some great online classes. You can also learn a lot just by reading some option trading blogs, websites, etc.

I would recommend staying away from option investment services until you get a good understanding of option strategies first. Otherwise, you won't really understand what they are recommending for the trades. When you can tell a buddy the difference between a bull put spread vs a bull call spread, or an iron butterfly vs a call butterfly, or what an increase in volatility will do to a position and how you would counter it; THEN look at an option investment newsletter.

Answer 2

Binary options let users trade in currency pairs and stocks for various predetermined time-periods, minimal of which is 30 seconds. Executing trades is straightforward. The system uses user-friendly interfaces, which even an 8 years old kid, can operate without having to read any instructions. But winning trades is Not easy.
Binary trading is advertised as the only genuine system that lets users earn preposterous amounts of money in ridiculously short period of time. Advertisers try to implicate as if you can make $350 every 60 seconds; if it was true then binary trading would truly be an astonishing business.
However, does it make any sense? Can every trader make tons of money in binary trading? Who is actually paying all the money or the profit to traders?
The first challenge is finding a trustworthy binary broker; secondly, you need to find a binary trading strategy, which you can use to make profits consistently. Without an effective trading strategy, there is no way you can make money in this business.
Learning a profitable trading strategy is possible, You should watch this presentation video https://tr.im/16635
It's probably the best way to learn how to win with binary option

Answer 3

First, do NOT spend a lot of money on advisory services or software. Everything you need to know is available for less money.

As far as how much money you need, Lawrence McMillan (author of the best selling book on options trading ever written) was asked if $20,000 was enough to start trading options. He said no, it was not enough.

My opinion is you might be able to trade successfully with less, but you would be starting with one strike against you.

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To learn about options trading I suggest you start with the CBOE Learning Center at

http://www.cboe.com/LearnCenter/default.aspx

Take the free on-line tutorials and classes. Look through the rest of the material there as well.

Then read one or two good books on option trading. If you stick to the books in the bibliography at

http://www.cboe.com/Institutional/Bibliography.aspx

ou can be sure they are good books. My favorites are are "Options as a Strategic Investment" by Lawrence McMillon and "Options Volatility & Pricing" by Sheldon Natenberg, but that does not mean they are the best books for you. I suggest you browse though several of these books at a large library, a large bookstore, or at amazon.com and pick out one with which you are comfortable.

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As for software, the options toolbox and options calculator at

http://www.cboe.com/LearnCenter/RCTools.aspx

are both free and helpful. Although I have never used it, I have heard nothing but good reports about Peter Hoadley's options software at

http://www.hoadley.net/options/options.htm

which was less than $100 the last time I checked. It does not teach you how to trade options, but it assists you one you know.

For virtual trading, the CBOE has a new virtual trade tool at

http://www.cboe.com/tradtool/virtualtrade.aspx

Once again I have not tried it, but given the quality of the web site I have some confidence recommending it.

Answer 4

A lot of interested traders are asking themselves the question if you can really make money with binary options? The answer is that you can indeed make money in binary options trading. Learn here https://tr.im/QP3Xa

Obviously this is a perfectly legitimate question considering that most people have not traded binary options in the past and generally believe that investing is a very difficult activity.

However, you will have to put an effort into it. You will have to learn money management, reading of charts as well as the usage of indicators.

Answer 5

The secret word of trading success is "organized". You can't be successful without a strategy, a plan and some kind of technological support. I use a software called "autobinary signals" that is helping me a lot. There are plenty of them on the market. I recommend this one because it's very easy to use (you don't have to be an expert or have special skills to make money with it).

Check it out here. It's worth it: http://www.goobypls.com/r/rd.asp?gid=551
Hope it helps.

Answer 6

If you are in UK, there is a good book called Trading in options by Geoffrey Chamberlain. I introduced someone to this book some years ago, he is now earning £50k+ trading options with futures hedging in his spare time!
I know you said software but this is the best I can offer.
Also look at US options called LEAPs. For example i have been trading Conoco phillips (COP) Jan 2009 $75

Answer 7

You can make good money like me with this binary option signal software ( http://forexsignal.kyma.info ) Binary options trading has always been popular, however, this investment fad globally exploded around 2008. Originally known as digital options, binary or the name "two values" was added to give a simpler explanation for trading options. Binary is defined as two values or up and down movements. Binaries rely on underlying assets or derivatives. You can trade in commodities, the forex (foreign exchange market), commodities as well as stock indices.

Answer 8

Trading options can be profitable if you get off to a good start. I would recommend that you subscribe to an option advisory service. That will allow you to learn how to pick the winners.

Do a Google search for something like: option trading advice.

Answer 9

THIS IS NOT SPAM.
This is what I KNOW:
In the U.S. is a software company, GlobalTec Solutions.

They have a software program,
"WizeTrade for Options"

The program has red lights and green lights
The red lights represent Puts. The green lights represent Calls. It works - when you pay attention as to what else is going on.

Go to http://globaltecsolutions.com

you can get information about the software and the other programs. The WT for Options is under the "Products" tab. THEN its the 3rd one, down.

GlobalTec also has live-in-the-market, computer generated, subscriber-supported [through a monthly fee] TV programming, On Demand Training AND MY personal favorite: User Groups for GlobalTec software.

Its terrific!

There are other software programs.

Thanks for asking your Q! I enjoyed answering it!

VTY,
Ron Berue
Yes, that is my real last name!