Swimming boot camp

Having never really learned how to swim up till recently, I attended a $1950 swimming seminar over a 3 day weekend. (bring a friend or spouse for free) I initially went to their free intro session at a local hotel and they were very convincing on how easy I should be able to handle myself in the open ocean once I go thru the weekend boot camp. Over the weekend we were even taught steps to take to rescue ourselves in unforeseeable events, i.e., shark, tsunami, storms etc. I came away from the weekend seminar with mind boggling amounts of techniques and info. While I feel confident if I just follow the steps taught and “land” swim for several months I should be able to feel good enough to dip my toes in the kiddy pool. Its been 3 months and I heard there is a sequel to the boot camp class with secrets to more exotic swim techniques. That’s a $10000 one week course with the head trader from xxxx guru firm…….
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The reality is, I did take one of those boot camp seminars in late 2001 and paid $3495 for the experience. I don’t quite remember what was all taught that weekend (and I sold the class manual to some guy for $500 a year later). I did remember how difficult it was for my buddy and I to conceptualize calendar spreads as newbies. $3495 was well spent in that it was “commitment” money that kept us plowing forward to this day.

Today, with the amount of free options info and tools available to anyone, the same problem exists for new comers to the game - too much information all at once. For that problem, I offer this bit of advise:

• Have access to a risk graphing tool like the one built into Thinkorswim.
• Your very first goal would be able to (on the fly) give examples of strike selection and reasons for trading single long/short options, explain pros and cons of each position in relation to simple delta and time concepts.
• Once the above is mastered, venture onto simple vertical spreads, then combinations of verticals.
• Once the above is mastered venture onto vega sensitive spreads such as calendar spreads.
• Any other exotics should be last to consider.

Just as swimming takes time in bite size chunks of learning, learning options is best to start from the ground up, one stage at a time, with each new stage building on the prior stage. I see too many people asking about spreads when they have no clue even how time and delta work on single options!!! Take the time and be patient. We are here to help but you have to meet us half way by doing your part.