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Income stream #1 - Options trading

I had always wanted to learn how to trade options. IMHO, I like the leverage that options trading give and it's also cheaper than stocks, forex and futures. I attended options trading workshop previews, read books about it and I have a very basic idea of how to buy and sell them by doing some paper trades (trading simulation) at optionsxpress.com, but from the trades I made using the simulation... it was pure gamble because I had no system whatsoever...

I had no idea which stocks to choose, when to buy them, when to exit the trades. I just bought whichever stocks I like (and for most trades, it was Google (GOOG)). I did pretty good too. It dawned on me that I really need a system, the profits I made on GOOG was just pure luck and gamble.

I took up a 30-day mentorship at Masters 'O' Equity. It was a recommendation by a friend who also took up his course. The mentor is Jason Ng, a Singaporean, who retired at the age of 28 and is now touring the world (the last time I e-mailed him, he was in Korea).

The "Star Trading System" requires the Telechart 2005 software, it's a subscription based charting software.

When I first purchased the system, I was surprised and a bit angry to see that the manual was only about 30 pages!

"I spent $160 for this!?"

ahh.... but it was the mentorship that was priceless. Jason personally replies his e-mails and gives tutorials every weekday. In the 30 days he mentored me, I learnt more than the books out there. It was also a simple system, he guided me on how to read candlestick charts to find evening and morning stars, determine which stocks are qualified to trade, taught me when to enter trades and at what price I should put my stop loss.

Telechart 2005 from Worden is a required software for you to get started in the Star Options Trading System, this software saves you time and helps you scan all stocks for the ones that meet the system's criterions.

Patience is a necessity too. With the amount of students Jason has, he takes quite a while to reply your e-mail.

I started paper trading using this options trading system since December 2005. I'll be posting monthly trades I make, so keep monitoring my blog to see how I make my simulated money grow (if otherwise, learn from my mistakes =) )

If you are interested to start investing in options, I highly recommend you try out Jason's course at Masters 'O' Equity

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