Options Trading Club

Posted on November 2, 2008
Filed Under Stock Market |

We had our first meeting of our a href=http://www.tradeking.com/ target=’_blank’online trading/a group. It was a diverse crowd, with men and women of all ages. Our knowledge was all over the board, too. A number of us had been trading for years, and some had never even had a brokerage account.brbrJim was the organizer of the group, but was not going to necessarily be the leader. That task went to Sarah and John.brbrSarah was a new trader, and John was experienced. He referred to himself as a dinosaur and not very good on the computer but getting better. Sarah was all gung-ho and had recently set up accounts with a couple of brokers.brbrShe thought that this was the best time to buy, but was exercising care because of the instability of the market. One day it was up and one day down.brbrSarah had copied some information from a government web site, which outlined some precautions to take for anybody considering online stock trading and a href=http://community.tradeking.com/ target=’_blank’online options trading/a.brbrBasically, the site reminded traders that they are not directly linked to the market, and that when you click to buy or sell, you may not be doing so in real time.brAlso, to go along with that, we should make sure that the quotes and account updates are in real time, too. If not, how long is the delay?brbrSome other things to do are to research the firm for stability on a number of different levels: financial and operational. You donrsquo;t want to get involved with a brokerage that canrsquo;t prove its financial status, and you donrsquo;t want to be working with a company whose web site and computer operations are not state of the art, or are shutting down.brbrWe decided to have an election of ldquo;officersrdquo;, so somebody could take charge. Sarah was elected president, and John was to be the vice president. I offered to be the secretary and keep the minutes of the meetings. I thought this would help me to pay attention.brbrThe meetings were to be every other Saturday morning at 6:30-am, at least while the markets were so unpredictable. br

Tags: Stock Market

Options Trading Club

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