Episode #58: Options Trading Expert Shares the Roadmap to Options Trading Every Business Owner Needs to Follow to Succeed
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Options Trading Expert Shares the Roadmap to Options Trading Every Business Owner Needs to Follow to Succeed Do you find Options Trading too complicated? Don’t know how to get started? In this podcast, Trading expert, Kirk Du Plessis reveals what startup trading tricks and must-haves in order to succeed once they get started with trading off.

Key Questions Asked:

Does he teach people about Options Trading? How does Kirk make money with Options Trading? What are the roadblocks that he encountered when he was starting out? From a business perspective, what can he suggest for anyone who is getting started with business right now? Why do options trading? What are the steps every business owner needs to take with Options Trading? What areas would you ask to focus, for people not into Options Trading yet?

Highlights of the Lessons Learned:

In order to address the traders’ needs, behavioral factors should be considered in options trading like:

What time do these people do trading? How much time do they need to dedicate for it every day? How are they doing it?

Note: When traders’ challenges are not resolved, trading options business will not succeed.

Advantages of Options Trading:

As per Kirk, when you look at Options Trading, you look at a system's probability, math, principles, and its statistics behind. Meaning, you can have wise decisions (an intelligent guess) which actually could be based on the math itself. With that, you could have 70% to 80% winning in the trade. Based on data analysis, you could build a system in consecutive trades or in a course of the year – that you will know it has 80% or more winning potential. Options trading gives you the ability to allocate a little bit of money towards strategy. Can work for small to huge investment – depending on preference. The high success rate in options trading can be best achieved in creating a strategy wherein you have at least 70% of winning.

How to Promote Awareness to Non-traders:

Show them the numbers; Cite a Billion-Dollar maker; Help their manners; Show them how high the probability of trading works; Comprehensive training of the trading process; Maintain transparency of the trading day-by-day.

How Business Owners Can Develop Expertise or Start with Options Trading:

Every business owner needs to learn a covered call strategy – as the very basic and conservative ways in options trading. They need to actively trade in the market consistently. Consciously scaling up and wrapping up the activity that works. Once figured out what best works, they need to keep on doing the same thing.

Biggest Mistake of Business Owners in Options Trading:

It is when they over-allocate their positions on trading. 50-50 does not cover the risks involved in rolling the business.

How to Avoid the Mistakes in Options Trading

Spread the risks across – do not ever over-allocate your investments. Have the perfect mindset – realize that you have no control and you don’t know everything.

Insights On Overcoming Roadblocks

Direct assumptions caused Kirk to face roadblocks in starting out his options trading – which misled his business in getting the right clients, and hampering the potential growth instead. Different assumptions include:

Direct assumption that people wanted to learn things that he wanted to learn; Not ascertaining what these traders are really looking for in the market; Not understanding what the consumer or traders need in the products and services the business offer; Not identifying who are the right clients – the ones who will benefit from his products and services; Assumptions that he can do all by himself – not hiring the right team.