A second opinion is a good idea

A second opinion is a good idea

Recently a student emailed to let me know they had started a trading group. The group is going to use some free software I suggested and they know of other
free software. They do not live in the same area. They don’t live in the same state. They don’t live in the same country. They don’t even live on the same
continent. How about that? Yes you can have a meaningful discussion without even having met each other. I know one of my favorite people is a person I’ve
traded with for over 5 years and I’ve never met!

I hear lots of people clinging to the thought that you have to meet people face to face to really know them. You will not hear that from me. Remember who
one of my favorite people is? Never met them. They love my mother, they have never met her either. I once negotiated a very important contract between two
large companies without us meeting face to face until the deal was set. Two nations negotiated a treaty without them meeting. They did it all over video
conferencing. Trust me you can trade together without meeting the other parties.

Now I’m not suggesting you meet someone online and start showing them your account and sharing passwords. Use a virtual account to look at charts and
options chains. Set up trades and discuss how they work and if you would place them. Bounce trading ideas off the group to see what they think and how they
might modify them. Discuss how trades work and how they are best used. Discuss equities and the best way to trade them.

Having a trading group can help you have confidence in what you are learning and the trades you want to place. A trading group is a second opinion. A
trading group is a larger knowledge base to watch what is going on in the world. It is more eyes watching the news and understanding what is going on with
an equity and the market in general.

A trading group can also help you develop your trading plan. They can give you a second opinion on how you intend to trade. They can help you make use it
is realistic. They can make sure you have enough detail. They can help make sure you are honest with yourself about your chances of being successful and
being able to follow your plan.

So start or join an online trading group. I strongly suggest it be made up of OA students/graduates. You will learn faster, get a second opinion and you
might just make a friend or two for life that understands options. Who knows, you might even have an impact on international diplomacy.

Ken Bailey
OptionsANIMAL Instructor

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