ICT Options Trading Course?

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COflyfisher said:
Did Michael say what time of year the big set ups are more likely to occur? I may have missed it while he was chasing rabbits

It's that normally 1-2 fairly major rallies or sell-offs happen. Time of year just depends on what drives the event. In the case of Hogs, it's actually a virus killing piglets. With coffee, it was some really bad storms last year.

Though for farm products in the USA, I imagine the setups would be during the Winter, as that "sets" the "Range" for the growing year. :)
 
sqa said:
While many Rabbits are dead, ICT has given his Options Teaching. >:D

Edit:

And it's really simple, even if it takes him 1+ hour to get through.

Purchase Cheap Options via OTE & Order Block retracement off the Weekly Chart. Every year, there is at least 1 or 2 massive moves.

I missed this part yesterday (pretty much everything at the end). I figured we would be looking at weekly charts; OTE's; and order blocks. Yeah, count me in!
dougl
 
Here's my notes from the session.

---------------------------

Teaching:

Higher Time Frame -- Weekly Charts -- for the Market.

You have a very limited risk exposure.

- When applied Volatility is Low, Options markets get really quiet.

- You'll purchase "Call Options", if it's going Up.

"Call Up" / "Put Down" for remembering the terms.

Go to the Options change, Out of the Money, that's at least 1/2 of the previous range.

Premium + Cost is your Risk.

Look 12 months out, looking at costs. Go through the "Options Chains".

- If you search, you can get Options that are very, very cheap.

Don't purchase beyond 50% Retracement level, from the 62-79% level.

Looking 6-12 months out.

This is just Price Action for Huge Moves.


When going down, Calls are over valued
When going up, Puts are over valued

It's a "bang for your buck" style of trading.

COT data helps, but we're already at 4 hours.

--------------------------------

There's obviously more of the "standard ICT method" study behind it all. You're effectively hunting the really cheap Options off the Weekly chart. Some commodities, however, don't seem to do major moves, over a year, except every few years. Which is why you have to hunt a lot of COT data.

Oh, and the moves start *before* news starts talking about them, unless you're a fundamentals researcher, hehe.
 
sqa said:
Here's my notes from the session.

There's obviously more of the "standard ICT method" study behind it all. You're effectively hunting the really cheap Options off the Weekly chart. Some commodities, however, don't seem to do major moves, over a year, except every few years. Which is why you have to hunt a lot of COT data.

Oh, and the moves start *before* news starts talking about them, unless you're a fundamentals researcher, hehe.

cool, can't wait to see the video? I know ThinkorSwim has a good site for checking how options worked in the past? Wouldn't it be funny if we can all find a good trade and ride it up together? haha. Definitely would take the pressure off having a small forex account too.
dougl
 
Come on folks, get a grip. I know this post won't be popular but I'm prepared to risk offending people because I think this is important. I'm an experienced and successful futures options trader and as I read this thread I just sigh. Options is a whole different can of worms and you need to approach it in a very professional way. I don't see that approach here. I'm not saying that Michael's technical approach to underlying instruments isn't a good foundation for developing an options trading strategy, just that this is not something to be gone about here in this way. Michael reports prior experience with futures and options and he naturally is intimately familiar with his own methods so he can do whatever he likes, but it appears that he practices what he preaches -- that is, he is focused on his FX trading.

And that brings me to my main concern: have you been learning anything from Michael? Really? Because he is not just teaching a range of technical methods of trading for various market conditions. That is the easy stuff, the area that most people mistakenly think is all they need to know. What makes the difference is how much of the values and attitudes of a real pro trader you can absorb.

If you have been paying attention you will have noted many things and especially the importance of:
  • commitment
  • focus
  • patience
You should also have heard Michael disparage the widespread unfortunate presence in the trading world of what I'll summarize as marketing hype. Don't believe most of what people trying to "sell" you on the idea of options trading tell you.

So, at the risk of offending and sounding like your grandfather, get some focus. Concentrate on learning Michael's range of techniques and then specialize (like he advises, remember?) and when you have mastered FX trading you should hopefully be wise enough to know what else, if anything at all, that you could add to your trading skills set.

Seriously, if I have offended I apologize. I do not however retract one iota of this advice and I trust you will be mature enough to take it well.
 
@AudDoc:

No offense taken, but I think you missed why ICT was asked about this. Canadians can get a *tax-free* account, for trading Options. (Note, I'm not Canadian, but for anything but a full-time trader, using a Weekly Chart trading style, that would be preferable)

Now, as for the Options themselves, they are a different asset class. However, they still functionally respond as Price Action (concepts of which are simply the fundamental way natural systems operate when confined in the way they are), but each asset class simply has different ways of looking at the underlying data.

I also typed "[t]here's obviously more of the "standard ICT method" study behind it all" because Michael did talk about it a little. Call:put ratios, next contract premiums and COT data. Plenty of deep study is needed along with the asset class. ICT's standard method derives from his earlier works. And it is *extensively* detailed in approach. Which is why he teaches it all in a lot more simple terms now.

ICT isn't saying getting into Options. He's cross applying the methods (though more refined now) about how he long-term traded Options. It still requires extensive study (and patience) of a trader to make those types of trades, but they're definitely there. It's just the patience & skill to know to take them.
 
@sqa

I'm relieved to know you're not offended. Thanks for that. :)

No, I didn't miss that point about the fortunate Canadians. Good luck to them and I wish them well should they decide to capitalize on their options related tax advantages. As you demonstrated though, not everyone reading this thread who may be excited about applying ICT insights to options trading is Canadian.

In any event my advice stands, for Canadians and non-Canadians alike. [1] Focus on acquiring a sound grasp of ICT's concepts and apply them principally where he does, in spot FX. [2] Avoid being seduced into options trading until you have proven successful with [1].

Spread-too-thin syndrome is a stealthy enemy. By the time it is recognized it can be too late. All I can do is offer an opinion based on my knowledge and experience in the hope that it helps. Ultimately, the principle of The Parable of the Sower applies.
 
I am so bothered that I missed that session and Michael hasn't been able to post the video from the session. Hopefully he can do another session sometime that I'm actually able to attend!
 
Aarnog said:
I am so bothered that I missed that session and Michael hasn't been able to post the video from the session. Hopefully he can do another session sometime that I'm actually able to attend!

he said that is working on the webinar (''removing stuff, adding stuff'') still, so lets hope he'll finish it soon...
it was really, really loaded with priceless information.

tnx
 
Adamant FX said:
...in meantime I opened an Futures&Options account, will fund it on Monday and I'm ready for rock 'n roll, baby! :)

Who'd you end up going with?
 
Jack said:
Who'd you end up going with?

since, I'm in the UK and here the choice is very, very limited (found only 3 and they all want £10k deposit!), so I looked at the US brokers and from those who accept overseas customer at all, the 2 that ended on my shortlist where optionsXpress and tradeMonster. I went with the first one as they dont have minimum deposit requirement at all, tradeMoster's minimum is $2,000, but they are a bit higher in the rankings and shall be my second choice if OX let me down.

here is the the top 20 brokers for 2014:


got few bits of information for almost everyone on the list, so let me know if you're interested and I'll share what I've gathered.
 
Adamant FX said:
got few bits of information for almost everyone on the list, so let me know if you're interested and I'll share what I've gathered.

Sure, I wouldn't mind giving it a gander. :p

Question: Did you cross off Interactive Brokers from your list due to the minimum deposit requirement?

Thoughts on OptionsHouse?
 
Jack said:
Sure, I wouldn't mind giving it a gander. :p

Question: Did you cross off Interactive Brokers from your list due to the minimum deposit requirement?

Thoughts on OptionsHouse?

yes, precisely, IB are voted number one in almost every review, but I'm not prepared to put in this $10k just now, so I'll go to them when I grow the account, lol.

optionsHouse - had chat with them, no UK customers allowed so crossed them right away. $1,000 min deposit.

some of the others on the list:

- E*TRADE – no UK accepted.

- optionsXpress (= Charles Schwab) – free platform (very basic); No min Deposit; yes for UK, Android app available. $30 wire out fee.

- TradeStation – too expensive, $5,000 deposit; Has UK branch; $100 monthly feed & charting;

- tradeMonster – UK cust. allowed; $2,000 min deposit; free platform; $50.00 outgoing wire.

- TD Ameritrade – free ‘thinkorswim’ platform; Live audio from Futures Pit (cool!); mobile trading; Higher commissions; $25 wire out; only for US citizens (gutted!)

- Lightspeed Trading – $5,000 Deposit; very low charges; Pay extra for feed, quotes, routing, etc.;

- Trading Block – $50 Int. Withdraws; $2,000 Deposit;

- MB Trading – Deposit: $1,000; No UK acc.; eSignal platform;

- TradeKing – $2,000 minimum deposit; no futures options available; no UK acc.

- AMPclearing* – $500 minimum deposit; UK yes; very good feeds and platforms, the choice of many pro and semi-pro traders; positive reviews; $30 wire out; huge choice of platforms and feeds; CME Market Data Bundle: $15/month; but no Options trading available at all, just Futures contracts.

- Mirus Futures – $2,500 minimum deposit;

- Fidelity – $2,500 deposit, no futures options;

- eOption – lowest commissions; UK yes; $5,000 min deposit; bad reviews.

- Scottrade – no UK accepted.

- placetrade – $5,000 minimum deposit;

- Deep Discount Trading – UK acc. yes; $5,000 deposit.

hope this helps a bit.
 
forgot to add link to the actual Barron's publication:

http://online.barrons.com/news/articles/SB50001424053111904628504579433251867361162
 
In the May 9th Webinar, ICT laid out his future teaching plans. More Price Action stuff is dropping at the end of May, he's off June through mid-July, when the Webinar's start up. Full teachings are in October (Stocks + Price Action) and November (Commodities).

So ICT will give his more in-depth teaching, but it'll be a bit.

As for his 1 hour chunk on it, realistically, it's just Price Action on Weekly Charts. You find Order Blocks and OTE confirmations during very low volatility periods. Then you buy "Out of Money" Options.

BUT! You need to have a good grasp on the way commodities operate and other aspects of them. It's still an asset class with its own nature, so be mindful.

The upside, and the reason ICT was talking about this, is that this style of approach lets you put 100-500 bucks into a trade and potentially make a whole lot. If you can wait for it to show up. The fixed risk, high potential reward aspect is key here. It goes along with some of his other teachings for doing FX trading with a very small account, at a repeatable methodology.
 
Hi everyone,

was wondering if someone knows where CRB Index chart can be found online (and for free >:D)?
barchart.com had it before, but now they have it on dedicated site and is paid service.

best alternative I've found is this:
http://www.bloomberg.com/quote/CRY:IND
, but its not as good.

best case scenario is to be available on MT4 platform, but thats too much to ask I guess :)

anyway, if anyone have an info, please share.
 
...oh, forgot to share what a sweet little tool I found while searching for the above:
http://www.mrci.com/special/corr030.htm

in case you wondering, thats Futures Markets Correlation table, you can change the time span from 30 to 180 days.

enjoy! :thumbsup:
 
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