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Guys,I'm at the "1/ Unconscious Incompetent" stage of learning Options trading for fun, pleasure and excitement. I've read a few books, most of them were recommended on this forum and never attended any seminars to keep the purity of my soul.What concerns me is that I could not find any Australian option trading step-by-step kind of guide that would help me through the basics. I still don't understand how someone finds a cheap option, monitors it on a daily basis, etc.Is there any software that can download Options data from ASX or from data providers and run pre-set rules on the data to filter out meaningless noise from value?Or is it a fully manual process to collect the data of all the avail. Options, the IV, etc. from ASX and other web sites?I heard about some applications like OptionVue that can be used for something like that, but the pricing has scared me away.Can you please recommend some books, training materials, etc. that would explain me these steps? What I learned so far about the process is the following in some simplified steps:1. find a stock that is trending and sends a buy signal2. check the ASX web site for available options3. GAP here4. buy the option5. monitor the stock6. use your exit strategy to get outI have a big gap in my knowledge at step 3. I have read books about Options, but they are only about the theory and not about the physical selection process especially on the Australian market (not if it was any different to other markets I guess).Thanks in advance.
Guys,
I'm at the "1/ Unconscious Incompetent" stage of learning Options trading for fun, pleasure and excitement. I've read a few books, most of them were recommended on this forum and never attended any seminars to keep the purity of my soul.
What concerns me is that I could not find any Australian option trading step-by-step kind of guide that would help me through the basics. I still don't understand how someone finds a cheap option, monitors it on a daily basis, etc.
Is there any software that can download Options data from ASX or from data providers and run pre-set rules on the data to filter out meaningless noise from value?
Or is it a fully manual process to collect the data of all the avail. Options, the IV, etc. from ASX and other web sites?
I heard about some applications like OptionVue that can be used for something like that, but the pricing has scared me away.
Can you please recommend some books, training materials, etc. that would explain me these steps? What I learned so far about the process is the following in some simplified steps:
1. find a stock that is trending and sends a buy signal
2. check the ASX web site for available options
3. GAP here
4. buy the option
5. monitor the stock
6. use your exit strategy to get out
I have a big gap in my knowledge at step 3. I have read books about Options, but they are only about the theory and not about the physical selection process especially on the Australian market (not if it was any different to other markets I guess).
Thanks in advance.
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