There are a lot of online tips and web sites for building wealth, however it is very difficult to find honest information on these sites. The best way to build wealth depends on each persons likes and dislikes, tolerance for risk vs reward and many other factors. Before you decide to build wealth for your early retirement or for extra income in your retirement years, you must understand what each opportunity entails. What is the cost, time required by you and many other factors? In this blog we will review online options trading courses, stock trading, stock option basics and investment basics. Additionally, we will review other methods of making extra money and building wealth like affiliate programs.
Stock & Options Trading Advice Services
There are literally hundreds of internet advisory services and online options trading courses. Each with a different strategy and different approach to the market. The cost for these ranges from free to thousands of dollars a year. And of course, there are scams, misleading information and there are many legitimate players that can show many ways to build wealth through stock and options trading.
The Basics of Online Options Trading Courses
We will review the different services and names that run them one at a time in my next few posts – the good, the bad and the ugly for each. And from what I have found (I have been directly involved with or a paid member of at least 6) each one has its positives and negatives. Some approach developing clients forthright and up front and others… well, not so much. But first let’s talk about the many offerings and what you should know and consider.
To start I will assume that anyone reading this has at least a beginner options trading knowledge. If not, there are plenty of free options trading for beginners out there. I encourage you to at least to have a basic options understanding and knowledge.
Each service has their own approach to the market. You should understand that ALL options trading advice services and strategies have some risk! Some are very low risk, like writing covered calls. Some are very high risk for example, uncovered puts.
You will need to open a trading account or have a broker to work with. The best options advisers will even explain how and where to open an account, which brings me to the free training that all the online trading brokers offer. TD Ameritrade, Charles Schwab, Fidelity and many others, including platforms like Robinhood.
Stock Options Trading Services
I expect that I will discuss one or two that I know well in the next few posts on the site. Some names, if you are wondering, are: Jeff Clark options trading and newsletters, Preston James Money Press Method, Chuck Clark has several levels of membership, which a part of the problem that you should understand before you start. We will discuss each later including as Bill Poulos Profits Run, Wendy Kirkland P3 Method, and Bryan Bottarelli & Karim Rahemtulla from Trade of the Day.
All of them will offer either a free Options Strategy “book” or course or charge a small fee like $7.00. But get ready, because that is when the up sale starts and the never ending onslaught of emails! They are all different services with different levels of trading advice and different strategies which will cost more, most of the time a lot more. Some are very transparent from day one and some have a clear plan to get you excited about what you are missing.
So far I have not really encountered any outright scams. However, in several cases I would say they simply are not good at explaining (or purposely misleading) about what you are buying when you upgrade.
The Best Stock Options Strategy
In my opinion there isn’t one. Sorry to disappoint all of you who wanted a fast and easy way to build wealth. There isn’t any, but if you are willing to learn, work hard and risk just a little money you can make it work. The best options trading strategies are the one you understand and enjoy from the person or persons that run the advice website. Each and every persona behind the website and the website itself has a different style.
What do I mean? Take Chuck Clark for example. I am pretty sure he has a very large operation that he oversees that uses his techniques developed over the years. On the other hand I can tell you that Jeff Clark Trader newsletter is written by him or under his direct supervision. He also has a higher level offering called Delta Report and Delta Direct that he clearly writes the daily updates for. Jay Soloff Investors Alley is also clearly involved and even offers a weekly video on one of his services.
Very soon I will give my unbiased view (or at least point out when it is) on each an every one of the services I know. I will research what I don’t know and share my experiences from start until today. I wish I had found information like this when I started and if you feel it is worthwhile leave me a comment, suggestion or refer Wealth Adviser Reviews to a friend or family member. Good luck and big profits.
By Scott – founder