Trading Options is a losing game. You will not get rich off trading options period. When I say options is a losing game I'm speaking from several angles and a decade of experience. I'm not some bitter loser trader (I've been a market-beating trader since 2012). This article is written from my experience, as I naively thought it could be possible to trade options profitably, almost going broke several times.
The Trading Option Service Scam
I was that guy who thought trading options were the answer to making my dreams come true. Start with a small account, and win big and fast. I was inspired by all the traders on social media who brigaded about making a killing trading options. Conveniently enough, those who bragged were also selling costly subscription services. I joined a ton of them.
My experience with these services involved hemorrhaging money as the services would erratically trade options. As they claimed victory, I and others in the services could never replicate the trades. After moving from service to service and never replicating the touting victories week in and week out, I thought enough was enough!
I began closely looking at these fake traders (FURUs) and noticed they were just making stuff up as they did nonsensical buy-and-sell entries claiming profits that never existed. Some are better liars than others. I also learned that those who follow are lazy and must be more competent to hold these FURUs accountable. They just go worship one FURU to another, until they go broke. Expecting these people to make them rich just because you give them $80+ monthly (seriously?).
If this isn't convincing enough, remember the ATLAS Trading Group? Wondered what happened to them? Well, they are going to jail for defrauding people on social media with their pump-and-dump scheme.
Options Are Dangerous
If you have followed me and my website for the last decade, it's no secret I have made it known Options are dangerous. Making one wrong move in options will cost you all your gains and your entire position.
They are priced for you to fail, and it's even trickier to sell options. As monkeys see as monkeys do, retail traders are often stubborn and want shortcuts, they don't stop until they go broke. Sometimes they will win a bit back, which gives them false confidence in what they are doing. Sometimes hitting it big. Thinking I can trade, I know what I'm doing. Then to proceed to lose every time after that, blaming their losses on "getting greedy", or "breaking down psychologically."
Don't get me wrong I am sure you are greedy and don't have the mental discipline. But what you need and probably never have is a winning trading system. Even if you did, have an amazing system, there really is no such system to consistently make money trading options. That's how difficult and rigged they are against you. The Market in the short term is random, options require you to be correct with precision, which is the opposite of being RANDOM!
That is how hard options are, everything almost always has to go your way or you will lose.
Putting It Together
Let's put it together now. If someone seriously has a winning trading system where they can consistently make money leveraging the power of options, do you think they will spend the time to teach you or hold your hand with a subscription trading service?
With the power of leverage, you would make millions of dollars in trading options. You don't need the distraction of a service. You are being scammed. Why bother with petty little subscription services?
I know why, because...those said traders don't make money trading options, they put on an act giving you confidence they are great and trying to help you. Then bam, it's charging time!
Not only that, options volume isn't the greatest it's not as liquid as stocks. Any surge in trading volume will result in a price increase of options. So when a service says they are buying and you proceed to follow, you are literally pumping their position (assuming they actually do buy the options they say they are).
In other words, they are front-running you and making money. So not only are they taking your monthly fee, but your buys following them results in them getting guaranteed profit as soon as they purchase said option! And yes, this is illegal and yes some eventually get in trouble with the law, especially if they end up bragging hard enough on social media ( ahem ATLAS Trading Group).
Conclusion
Please use common sense, when it comes to your money and trying to build wealth. There is no shortcut, and certainly, no one on the internet will help you make it big. Trading options, let alone weekly options is a losing game. It is pure gambling. If you see someone selling an options trading service, RUN!
Someone who is consistently profitable with options, could not be more bothered by micro-managing sub-services.
If you had an edge trading option, you are guaranteed to be a millionaire, just a matter of time. That is the power of leverage trading options, after all right? So ask yourself, if a person has an edge trading option why would they distract, or reduce their trading to help others? Because you think the person is nice? Well then, let them put their trades for free! It's because they aren't really profitable and it's a way to make money off you.
Remember those who can't trade sell trading subscription services.