We all need help, especially when we are venturing into new territory. For a newer player in the options market, and even for an experienced vet, a stock option advisory service can result in tangible benefits. But how do you choose a good one? How do you separate the good from the bad? We’re going to answer those questions right now.
The Difference: Stock Pickers vs. Advisors
What you really want is an advisor, not just a stock picker. This doesn’t mean you’re going to necessarily spend an hour a week on the phone with somebody. The knowledge can be imparted online via a website, blog, or email, but either way, an advisor is what you want. A stock picker is an inferior choice. Let’s examine why.
The Problem with Stock Pickers
Stock pickers are good for some kinds of trading, but not really for options trading. The main reason is because the strategy behind choosing an option to invest in has several factors that can only be understood if the trader is properly educated about each choice. For instance, if the move is to go long on Apple, there are a whole host of reasons to do so. There are also a nearly equal number of reasons to do the opposite. If you have a stock picker, all you’re hearing or reading is “Go long on Apple,” perhaps followed by a brief explanation. When the position either succeeds or fails, you may not understand why. Therefore, you will need a true advisor for your stock option advisory service.
The Advantage of an Advisor
An advisor is an educator. There are reasons why people have long term success with trading options. It’s not because they are making good guesses for 10, 15 years in a row. It’s because they have concrete, actionable knowledge. The stock option advisory service that’s best for you will have real advisors that teach you the ins and outs of options trading. You may have to spend an hour or more reading or listening in order to understand the reasons behind a trade that takes 10 seconds to execute. If so, good. In that hour, you learned how to become a better trader.
Regardless of the kinds of options you trade, be sure to select a stock option advisory service with real people who are invested in your success. In addition, you’re going to need some tools, and these can be found with the professionals at Trade Genie. They make trading simple, and they make sure you are well-informed. At MyTradeGenie.com, you will find what you need to get off to a strong start.